So you have the big idea and want to get started with your new business, but not sure how to go about it?

At NSG we’ve created a checklist of areas to consider when starting a business. You’ll no doubt have lots of excitement and energy to charge out of the blocks, and with some careful planning underpinning this it will be channelled in the right direction. This list is not exhaustive as it depends on the type of business you choose, but with some guidance it will put you in good stead. NSG can help you every step of the way.

• Why are you unique? Be clear on what differentiates your business from its competitors – this could be something unique you have created, a better service, cheaper product for example.
• Find a business advisor/ accountant – Hire a great accountant/ advisor. What you need is an accountant that is there for your business every step of the way, ensuring you make the right decisions as you go, guiding you to reach your goals. They should be an extension of your business, and that is what we do at NSG.
• Create a business plan – this doesn’t need to be a huge project; however, a good plan will detail the initial business setup and how you will develop this over time. This should also include some financial information about projected income and expenditure, detailing when you foresee the business to make a profit based.
• Business structure and how to record accounts –Use your business advisor accountant to help guide you on matters including business structure (sole trader or Ltd company) and how best to record your business accounts e.g., cloud accounting software such as Xero, QuickBooks or FreeAgent.
• Business bank account – You don’t always have to have a separate business bank account; however, we believe you will find it far easier especially as you grow to keep them separate. Your accountant should be able to provide some assistance here.
• Website – No matter whether it’s a basic one-page site or a complex setup, a website is a must today. If you don’t your competitors will have an advantage.
• HMRC – Its worth registering for taxes early, register a government gateway and from here you can add the relevant taxes specific to your business’ setup.
• Business insurance – All businesses need insurance – your accountant/advisor should be able to point you in the right direction.
• Business expenses – If you want to be on the front foot, understanding what business expenses are allowable will put you in a good position to understand your tax position from day one. An accountant will happily advise here.
• Extracting money – Understand how you can withdraw money from the business depending on what type of business you are e.g., sole trader, partnership, or Ltd company.
• Shareholders agreement – If you decide to setup a Ltd company with others, we feel a shareholder’s agreement is invaluable. This sets out the structure of the business and what happens in all scenarios including a shareholder leaving/ joining, disputes, and any sale of the business.
• Software – If you pick the right software and apps this will provide efficiencies ranging from managing customer data, invoicing, marketing, and producing accounts, leaving you more time to grow your business.
• Equipment – Decide what equipment your business needs and how you will finance this. Again, talk to your accountant to discuss possible options.
• Handling data – As a business you need to keep customer data safe, decide the best platform for this i.e., the cloud and ensure you have controls in place to manage this. You may need to register with the ICO.
• Marketing – How are you going to do this and what budget do you have. Allow time for this in your working week if you aren’t enlisting help to do this.

Employing staff – If you are planning on employing staff then making sure you get the right people in place will help your business grow. They should fit in with your business ethos, and attention should be paid to ensure you have the correct underlying setup and that working conditions and procedures are clear. Help can be sort here through a business advisor, accountant, or HR professional. A bit of time spent on the correct setup early on will save a lot of time further down the line.

At NSG we are here for you. We can advise on the best structure for your business, help with business plans to document your ideas, enable you to get the right bank account and tech setup, ensure you’ve registered correctly with HMRC, support you with the accounts, advise on the best forms of finance and employing staff and so much more. We’re here to take the stress out of these decisions, contact us we’d love to hear from you.