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Despite the gloomy economic climate casting a shadow over UK business, entrepreneurial spirit continues to bloom. A recent report found that 204,361 start-ups sprang into life during the first six months of 2010, more than at any other time during the previous decade*. If you're a budding entrepreneur about to launch your own start-up, careful planning is a key element to success. With that in mind, consider these essentials so that you're as prepared as possible from Day 1.
Finances
If you're about to start a company, you'll doubtless know how important proper bookkeeping is. Even if the thought of crunching numbers and keeping accounts turns you sour, you'll need a disciplined approach to company finances if you want the business to run smoothly. If there's already someone on your team with experience of tax and accounting matters, then you're off to a good start. However, hiring a qualified accountant is your best bet at keeping the financial side of things in order.
Current tax rates and tax thresholds are something you will need to keep abreast of. Changes are made in the Budget and come into effect at the start of the next tax year. To stay up to date, check out the HM Revenue & Customs (HMRC) site, where you will find lots of tax advice for entrepreneurs who are just starting in business.
If finance itself is an issue, i.e. you don't have any - and certainly not enough to hire an accountant, then make sure you get yourself a good accountancy software package for your computer. This will help until things get to the stage where you can afford proper accountancy help. For free help and advice on tax matters, check out the 'Starting in business' area on the HM Revenue & Customs (HMRC) web site.
Employing Staff
If you've never taken on staff before, you'll need to be aware of the many statutory requirements that will have to be satisfied. At the very least you'll need to decide on what basis you want to employ people, i.e. temporary, permanent, part-time, full-time or contract. Other things that will need to be taken into account are: minimum wage compliance; payroll matters such as provision of proper payslips, national insurance contributions and tax; health and safety compliance; and ensuring that you have adequate staff insurance. For free and comprehensive help and advice on employment issues, visit the government's Directgov and Business Link web sites.
Know your IT needs
Having IT and infrastructure in place that meets both your current and future needs is vital to the continued smooth running of your business. At the planning stage of your new company, you should consult an experienced IT professional to ensure that your systems and hardware will be up to the job from day one. You'll also want to be sure that your IT and infrastructure will be able to adapt to potential future expansion, such as increased staffing levels or being able to connect with additional remote premises across private networks.
It's also vitally important to introduce a strict IT security policy in order to protect personal and business data. IT security measures need to include such things as firewalls, anti-virus software that's regularly updated, continually backed-up data (with the backups stored off site for extra security), and the implementation of system access restrictions supported by regularly changed staff passwords and logins.
Finances
If you're about to start a company, you'll doubtless know how important proper bookkeeping is. Even if the thought of crunching numbers and keeping accounts turns you sour, you'll need a disciplined approach to company finances if you want the business to run smoothly. If there's already someone on your team with experience of tax and accounting matters, then you're off to a good start. However, hiring a qualified accountant is your best bet at keeping the financial side of things in order.
Current tax rates and tax thresholds are something you will need to keep abreast of. Changes are made in the Budget and come into effect at the start of the next tax year. To stay up to date, check out the HM Revenue & Customs (HMRC) site, where you will find lots of tax advice for entrepreneurs who are just starting in business.
If finance itself is an issue, i.e. you don't have any - and certainly not enough to hire an accountant, then make sure you get yourself a good accountancy software package for your computer. This will help until things get to the stage where you can afford proper accountancy help. For free help and advice on tax matters, check out the 'Starting in business' area on the HM Revenue & Customs (HMRC) web site.
Employing Staff
If you've never taken on staff before, you'll need to be aware of the many statutory requirements that will have to be satisfied. At the very least you'll need to decide on what basis you want to employ people, i.e. temporary, permanent, part-time, full-time or contract. Other things that will need to be taken into account are: minimum wage compliance; payroll matters such as provision of proper payslips, national insurance contributions and tax; health and safety compliance; and ensuring that you have adequate staff insurance. For free and comprehensive help and advice on employment issues, visit the government's Directgov and Business Link web sites.
Know your IT needs
Having IT and infrastructure in place that meets both your current and future needs is vital to the continued smooth running of your business. At the planning stage of your new company, you should consult an experienced IT professional to ensure that your systems and hardware will be up to the job from day one. You'll also want to be sure that your IT and infrastructure will be able to adapt to potential future expansion, such as increased staffing levels or being able to connect with additional remote premises across private networks.
It's also vitally important to introduce a strict IT security policy in order to protect personal and business data. IT security measures need to include such things as firewalls, anti-virus software that's regularly updated, continually backed-up data (with the backups stored off site for extra security), and the implementation of system access restrictions supported by regularly changed staff passwords and logins.
About the Author:
Ortegra builds internet businesses. They work with committed UK entrepreneurs or startups to grow their business idea into a profitable online business. Ortegra guides entrepreneurs through business planning, business funding and online marketing. For several articles and startup advice go to Ortegra.com.
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