How much money is needed to set up a business?
This totally depends on your business and the type of setup you have. If you are an incorporated company you need as little as £1000, if you are looking for investors then the amount will change again. What’s most important is to construct a business plan and work out the costs before seeking funding from anywhere, personal or professional.
How can I fund a business venture?
Friends and family may be able to help you out if you have no previous track record in business, banks may be unwilling to help unless the loan can be secured against assets. Investors is another route to go down but they will want a significant return and you will have to prove the potential profits to them. Grant funding and personal savings are also an option.
How much should I pay myself/my employees?
Any money you make at first should be nearly wholly reinvested back into the business for further growth and development. Prepare budgets for your business plan with extra for growth and take reasonable personal income from any left over. Review and update regularly. Also remember to pay a salary as a minimum and have any other income paid as dividends from profit, make sure you know tax banding and tax years to make sure you are within the law.
Conduct employees salary considerations in a similar way and establish whether they will work on an hourly or salary basis.
What do I do about marketing/advertising?
Invest in a solid marketing plan, as a key area of business it pays to put effort into this area. Don’t underestimate the power of powerful marketing and consider its ability to generate and maximise sales and exposure.
Do I need outside help?
There will always be someone with more expertise and a better business sense than you, get ahead of the crowd and consider business coaching and consultancy to maximise your ability in the cut-throat world of business.
Where can I find information on business legislation?
Business, accounting and tax legislation are one of the most important factors when it comes to being a business owner. Keeping on top of legislation changes and strictly adhering to them is paramount to good business practice. As for where to find this information, visit your national government’s website and search for tax laws. Alternatively, speak to a business consultancy firm (such as us) and they can guide you through best business practices.
How can I increase my sales?
There is a never-ending list of ways in which you can increase the amount of products/services being sold. Improving your marketing campaigns, improving your stock and enhancing your social media visibility can all help to encourage more traffic to your shop or online space. Keep up to date with our blog for more information and methods.
Do I need to keep my website updated once it is set up?
regardless of the nature of your business, a well designed and frequently reviewed website can help drive traffic and visibility for your brand. Modern businesses are nothing if they don’t have a high quality and high functioning website, they help to add legitimacy to your name and build a trust between consumer and brand.