If that crazy idea that was kicking about in your head has now become doable, there is much to consider. Like all things of value, creating a money-making business is hard work, and with some careful planning, a little good fortune and loads of determination, success awaits. Supply and demand must always be the right balance and if you have put together a good business plan and can’t find any holes in it, there’s no reason why you can’t go on to become a household name. Here are a few areas that require special attention when launching a business.
- Tax Liabilities – Like it or not, all businesses are subject to paying taxes and ideally, you want your company to always be in compliance with the tax office. This is best achieved by joining forces with an established business tax accountant, who can also help you to plan future taxes, thus ensuring that you are fully compliant and paying as little as possible. If you search online for small business consultants, you will find a list of local specialists who can take care of your accounts and submit your tax returns in a timely manner.
- Marketing – Without some form of marketing, your business is very much a hit and miss affair, and with everything digital, you need to enlist the services of an established digital marketing agency. Your web design should reflect your company, with high quality content that contains images and video, and with SEO services, customers can find you with a Google search. Of course, we cannot overlook the awesome power of social media sites, and by creating accounts with Facebook, Twitter and Instagram, you can regularly post informative and engaging content. Your marketing plan could be the difference between success and failure, so make sure you involve an established agency.
- Employee Liability – Once you become an employer, you are taking on a lot of liabilities and unless your business is established, you should outsource your needs. Should you ever need to directly employ people, deal with a well-known recruitment agency, who can do all the hard work for you and the candidate is likely to be suitable. Outsourcing is a cost-effective way of getting things done and with no liabilities, you simply pay for the services you use.
- Insurance – As the owner of the business, it is your responsibility to minimise the risks and by taking out adequate public liability insurance, you are covered for any eventuality. If, for example, you should spill your coffee over a client’s laptop, your PLI insurance would cover the cost of a replacement, and we aren’t talking about the coffee!
- Customer Service – If everything is great, except customer service, the business is doomed. You really must focus on the customer experience and you can best do that by outsourcing everything, which leaves you free to focus your energy on improving the customer experience.
Your business plan should be your focus at the very outset and by involving a small business expert, you will receive the very best advice when you most need it.