Stock5 Things to do When Setting Up a New Business

November 5, 2021

Starting a new business creates a seemingly endless list of things to do, plan for, re-do and tackle with little to no warning. Whether you’ve done it before or not, it pays to return to basics and review the most essential items on any new business owner’s To Do list.

So, here’s five things you’ll want to tick off as soon as possible.

Perfect Your Business Plan

There’s no denying the fact that you have a vision for your business – a vivid collage of ideas, objectives, strategy and plans, and aspirations for the near and distant future. Getting that vision onto paper, though, is not always as easy as you think it’s going to be – and, if that turns out to be the case, that’s a sure sign that a business plan was exactly what you needed.

Getting it on paper may seem like a pedestrian approach to launching your brainchild, but you’ll regret skipping this step sooner than you might think.

Find Mentors and Inspiration within Your Industry

It’s easy to launch yourself into the deep end. More than that, it’s a tempting prospect – not only because you feel you have the motivation and drive to manage the challenge, but also because it gives you the reassurance of keeping your ideas and plans under wraps, and away from potential competitors.

But the business landscape – even a highly competitive one – doesn’t need to be viewed as a battlefield if you want to succeed. Gaining knowledge and insight from role models in your chosen industry could represent a pivotal moment for you.

Sort Out Your Marketing Strategy

It may be that you’re ready to tackle your business’s marketing strategy yourself but, with so much on your plate, turning to the expertise and creativity of a marketing advisor could be your best bet.

There are plenty of reasons to hire a marketing consultant, from the ability to make those initial waves as your business goes public, to building a long-term relationship that will continue to support your business as it grows, it pays to rely on the experts in this arena.

Put a Shareholders’ Agreement in Place

It may not seem like it right now but, in any business, the potential for shareholder disputes to open up further down the line is one that will forever hang over your head – unless you start on the right foot, of course, and understand the importance of drafting a shareholders’ agreement that clearly states the roles, expectations and ownership rights of everyone involved.

You’ll want to work with experienced corporate solicitors on this, or there could be the risk of turmoil further down the line where plans are not carefully thought through or documented.

Find a Good Accountant

Even if you consider yourself to have a head for numbers, keeping on top of tax returns and accounts while tackling myriad other tasks and issues is more than a headache – and doing so puts you at risk of making some major mistakes.

Just as you need legal and creative support to launch a new business, you’ll also need someone capable of devoting the time and knowledge into keeping your business tax efficient from its inception to its continued growth and development over the years.

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