The Essential Checklist for Starting a Business

If you have a great idea for starting a business, and have done your homework and are convinced you are onto a winner, there is much to consider. Once you have established that there is a market for your product or services, you can begin to crunch the numbers and see what kind of a profit lies in this venture, and if that looks promising, you can move ahead with some confidence.

Obviously, there are many aspects to consider for starting a business, and with that in mind, here is a checklist to ensure that nothing gets overlooked.

Company Formation

There are many ways that you could set up your business, and with a local expert who facilitates company formations in Vanuatu, you can benefit from the advice of an expert, as to how you form your new business. You might, for example, be better off as a sole trader, or if you have big plans, perhaps a limited company is the best route to take, and by discussing your options with a business expert, you can make an informed decision.

Digital Marketing When You Starting a Business

Whatever your chosen industry when you starting a business, the Internet will be your main platform for marketing, and by compiling a digital marketing plan, you will have a clear idea of how you will generate enquiries. Social media is a very powerful marketing tool, and you should create accounts will all the major social media sites, and by posting informative and engaging content that is relative to your industry, you will gradually build up a following.

Start-Up Capital

It is essential that you have adequate funds to launch the business, and by crunching the numbers, you should be able to come up with a conservative figure. It is always a good idea to be conservative when looking at funding and to have some money put aside that would cover you for the first 6 months, with zero income, is a wise move. There are many online finance companies that specialize in business start-ups, and they would likely want to see a business plan before making any decisions.

Don’t Forget Insurance

It is essential that you have adequate cover when starting a business, which would likely involve public liability insurance, as well as coverage for vehicles and business premises. If you are going to hire people, then employers’ liability insurance is a must, and by talking to an established business advisory service, you can be sure that you are covered for every eventuality.

Business Plan for Starting a Business

This should be your guideline, on which everything is based when you starting a business. And once you think your business plan is finished, ask a few good friends to try and find fault with it. A good business plan covers every aspect of the business, and without it, your chances of success are greatly reduced.

You are advised to talk to a chartered accountant prior to actually implementing anything, and with their expertise, your business accounting will be straightforward.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan