Have You Got These Five Key Foundations In Place For Your Business? August 24, 2015My BusinessOff

You’ve got an amazing idea that will change the world. You’ve already planned out your marketing strategy and targeted your ideal buyers. Your business is ready to go, right? Well, not quite. Just hold up a second. We know you’re keen to get started, and turn your dreams into reality. There’s nothing more frustrating than holding on to a brilliant idea. But, if you’re serious about making a success out of your business, there are a few admin things to sort out. We know it sounds boring, but trust us, you’ll want to build a strong foundation. When things start kicking off, you’ll be ready.

  1. Business structure – Every business needs to register with the tax man and make their business official. If you’ve got income trickling in or you’re spending money on assets and expenses, it’s time to choose a business structure. In many cases, a lawyer or accountant will help you with this. You’ll set up as a sole trader, partnership or a fully incorporated company. Each have their unique tax requirements and legalities, so choose carefully.
  1. Intellectual property – How much do you know about trademarks, patents, and copyrights? Not much? No, we didn’t either until we started our first business. Now, it is all ingrained in our memory. When you start a business, it’s imperative that keep control of your ideas and concepts. After all, they’re your most important asset in those early days. All it takes is a bigger company with a bigger budget to steal the idea and run with it. Lock your ideas behind strong patents and copyrights.
  1. Accountancy – Hopefully, it won’t be long before you’ve got thousands pouring into your business account. You’ll also have thousands going out for expenses and costs. You need a better way to manage all this money. And no, scribbling it on the back of a napkin doesn’t count! We use xero accountants, Accountancy Anywhere, to manage our money. It’s a cloud service, so you can access the data anywhere, and keep track of your finances.
  1. A website – Nowadays, if you don’t have a website, you don’t exist. It’s the first place that any prospective clients look to find information. It’s also where most of your sales and customer interactions will take place. It’s essential to set up an online hub for all your information and products. But, don’t worry, it’s easier than you think to set it up. You can even make it yourself using templates. Get started on WordPress or Tumblr.
  1. Business Plan – Finally, you need a powerful road map to success. A good business plan provides the blueprints and direction for your company. Take some time to sit down and plan a complete business strategy. Taking the time to do it early will save you months in the future.

Now that you’ve taken care of the admin essentials, it’s time to let you loose! It’s time to get creative, and unleash your company on the world. Best of luck with your new venture!

Share this Article

Recommended

See all
CLICK TO SUBSCRIBE to Your PINK eNewsletter.

What’s Hot
See all

Little Pink Book