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5 Things To Consider Before Setting Up Your Business

When it comes to business, there is no guarantee that it’s going to succeed and there isn’t any way of fully being prepared for the inevitable obstacles you’ll encounter along the way. However, in spite of the many challenges that entrepreneurship presents, pursuing a career in this field can be hugely rewarding, and in some cases, life-changing.

If you’re at the stage where you’re seriously considering going into business, then take a look at some of the things that you will have to factor in during the planning stages. If you want to make a success out of everything, you need to ensure that you’re turning to the right resources to start with.

Arrange a business bank account

It’ll be much easier to keep your personal and business finances completely separate. You could opt for a second personal account for your business if you wish, but if you’re planning to expand your company at any point, or borrow money for it in the future, it’s worth starting out with a business account. You can also save money by using your company bank cards at trade-only suppliers.

Find an accountant

You’re going to want to start off on the right track and by finding an accountant from the outset, will put you one step ahead. It’s important to try and keep costs down where you can, but the hiring of an accountant is one outlay that is worth the expense. Unless of course you are particularly good with finances and taxes, you could end up costing yourself money too. 

Get insured

You need to make sure that you have the right insurance policies in place. No matter what your business does, you have to ensure that you have that level of protection there to cover you. You may need general liability business insurance for your business. Just make sure that you’re researching what you need to keep your business interests protected.

Online storage

Your online data will be very important to you and you will want everything to be easily accessible.  A lot will depend on the nature of your business, but there is no denying that you will need to be accessing data and resources online. Think ahead to how your business will grow and then you will see the benefit of storing information on the cloud, that can then be accessed remotely and without the need for a physical hard drive.

Marketing essentials

You may have the best business in the country, but if no one knows you exist you’ll never make it a success. Marketing materials can be as simple as business cards or flyers to post through doors. And while a website of some description is a must for most businesses today, if your finances are really tight, you can establish a web presence for free with a Facebook company page. Other social media platforms such as Twitter and Pinterest also offer the opportunity to reach out to new customers without investing anything more than time and effort.

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