The Small Business Checklist
Whether you are after a team of two, three or four; starting up a business takes a lot of work. No matter what your industry, the methodology of setting up an enterprise remains the same and at Calculated Accountants we know just how difficult this can be.
We want nothing more than to make life easier for our customers which, is why we have decided to put together our own small business check list. You may not need to take this as gospel but it is an agreed structure approved by our specialists. If followed correctly you can be sure to start your business on the right foot.
The Check List
- The Brainwave- Whatever your business idea, take it and develop it into a solid business plan. Highlight your short term and long term goals, your operating procedure, your financial structure and your aims. Knowing just how you are going to sell your products and services is key.
- The Legalities- All businesses will need a legal structure so begin by determining the number of owners for your business, your tax structure and any legal protection you may need. A qualified lawyer is possibly your best aid and will help you get a legally sound structure in place.
- Registration- Decide on your business name, check whether the name is one that can be used and determine whether you wish to be classed as a corporation and so on. Once your business has become official you can begin putting together any legal documents you may require i.e. licences, insurance etc.
- Finances- Once the initial stages have been completed you can then begin planning your business finances. From payroll to bookkeeping and even VAT returns, an impeccable and well documented financial record is essential to success. Seek professional accountancy advice to ensure you have the right support when needed.
- Location/Employees- Once all the necessary legal and financial hurdles have been crossed and your business is officially registered you can finally begin being proactive. Source your choice of location and employees but take your time as one wrong move on either part could prove disastrous.
The above is the agreed structure and often the main, most crucial points you will need to consider when setting up your small business.
The basics are covered however you will need a greater understanding of the legalities. Consider taking on board professional advice where possible as even the slightest mistake can make the biggest difference.
Has your small business been successfully set up?
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