6 things to have prepared when starting your business

15-February-2018 - onrec.com

First of all, congratulations on taking such an accomplished step towards your career in business. Now we’ve got that out of the way, let’s get discuss the importance of these key 6 things you’ll need to prepare. Posted in News archive on 15 Feb 2018 We will go through these key points: HR Offices Legalities Finances Get advice Check out competitors Human Resources HR or Human Resources is made up of the employees who plan, direct and coordinate the admin of an organisation. To put it bluntly, you need an HR manager to be the coordinator between employees and the organisation.   Owning an office If you are yet to buy your first office; Buy Rent Commercial is a highly recommended commercial property finder. For those of you who have already got an office, you should make sure it is always well maintained to avoid any costly issues that may damage your business. Legal requirements Registering your business with the Government is essential, and you can do so by following this link on how to set up a business . There are different rules depending on your type of business, so make sure you check - and double check - all laws and regulations on the Gov.uk website. It is also important to read about your responsibilities if you are going to employ people. This is because you’re going to have to sort out a running payroll, provide workplace pensions and more. Financial planning You can apply for a Start Up Loan for your business, or get other financial support from the Government. Of course, these are all things you should consider extensively and plan for. The last thing you should do is take out a loan that you don’t believe you’ll be able to pay off in time. Advice As much as we all like to think we can do things on our own, the fact is that starting a business is a massive task. It has many risks (and benefits), which is why you should never shy away from the advice of any and all who offer it. Obviously, not all advice is going to be actionable or correct, but it’s good to get a wide span of advice so that you can pick out the good from the damn right awful. Competitor research Again, you need to broaden your knowledge by any means possible. Your competitors are a great place to start. They have been where you are and they are succeeding; but how? Find out what they do to succeed and what they’ve done in the past which has had a negative impact on their business. This doesn’t mean you should dig into their personal lives, of course, but learning as much as you can about how their business runs will significantly benefit you. Have you got any thoughts on this? Help us to improve our understanding of starting up a business by letting us know your advice and thoughts on the subject. Good luck and don’t hesitate to tell us how your business is thriving!