When entrepreneurs get a new idea, they are unstoppable. The sheer power of ideas and creativity is a wonderful thing. As a budding entrepreneur yourself, you’ve probably already got your business idea mapped out. You can’t wait to get started, and you’re already starting to put your plans into action. That’s great! But, just hold up a second. Before you get too far down the line, there are a few essential bits of groundwork you need to put in place.
They might be dull admin jobs, but unless you take care of them early, you’re in trouble. Think of it like building a strong foundation before creating a beautiful new house. You need a reliable structure beneath your feet before you execute all the creative ideas. Let’s take a more detailed look.
A business address and phone number
If you’re starting a business, you’ll need to put all the legal groundwork in place. That all starts with a business address and phone number. You can’t use your home address because it’s not licensed for business. Low cost numbers are easy to find; plus, they make you look more professional. As for a business address, if you haven’t got an office, look at the options for a virtual office. They provide a real business address. All mail and correspondence will be passed on to you.
Register with the tax man and decide your business structure
It’s a good idea to speak to an accountant about these two aspects. You’ll need to define your business structure and open your gates in the eyes of the law. There are a few main options here including sole trader, partnership, LLC, and corporation. Each structure offers a different tax structure, regulations, and personal liability, so choose wisely. Your accountant will also help you register with the tax man.
Consult a lawyer
You’ll find there is a fair bit of legal work in the early days. Drafting initial contracts, looking at lease documents, and advising on business structure, for example. While you don’t need to hire a full-time legal counsel, it is worth having a good lawyer on your speed dial. Some will offer some free work while you get on your feet. They’re hoping to remain part of the team as the business expands.
Without a website, your business doesn’t exist online. You need a dedicated hub and home where people can find you. Whether it’s customers or clients, their first move is to look at your website. You can build a simple design yourself, or bring in a professional web designer to take care of it.
License and permits
Finally, speak to your local authority about what restrictions and licensing laws are in place. If you’re trading from a leased property, there may be permits required. Every business and every town is different, so find out how it affects you and your business.
Once you’ve taken care of these tricky problems, you’re free to unleash the creative part of your brain! Good luck with your new venture.
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