- 30 Oct
New Startup Business Checklist
The following business startup checklist is a high level list of the issues and items you need to think about when starting a new business.
It is not in any order of importance and some of the items on the list are at a very high level, so there may be a number of subsidiary issues that you have to address under any of the following points.
However, it should give anyone starting a new business some general guidance as to the issues that they should have considered and addressed where they are relevant.
Business Startup Checklist
Consider the following items:
- Product proposition designed.
- Is your idea unique or does it have something unique about it?
- Target market and target market segments identified.
- Confirm market demand via research or testing.
- Pricing tested with your target market.
- Competition assessed.
- Business plan written.
- Business ownership, investors and partners agreed.
- Shareholder or partnership agreement in place.
- Business name decided and website and name for corporate structure available.
- Business structure decided and corporate entity established.
- Stationary arranged e.g. headed paper, compliments slips and business cards.
- Sales and marketing plan written. Including consideration of the use of the following: Advertising; newsletters and social media, direct marketing, telemarketing, networking and business contacts, internet based marketing, customer mining, public relations & exhibitions.
REQUEST MARKETING HELP
- Staff requirements established and recruitment planned. Also consider the need for: Payroll, health and safety, premises, staff benefits, pensions and data protection.
- Premises requirements. Also consider need for building and contents insurance, in addition to public liabilty insurance.
- Equipment requirements addressed e.g. IT, telecoms and other equipment, plant and machinery.
- Financial projections prepared. Variation scenarios modelled and acceptable.
- Cash flow forecast prepared and sufficient funding in place to meet peak requirements.
REQUEST BUSINESS FUNDING
- Bank account set up.
- Funding needs addressed.
- Accountants and solicitors engaged.
- Do you need to register for VAT? (Value Added Tax).
- Bookkeeping arranged and accounting package set up. Including invoicing format.
- Insurances considered e.g. premises related, liability related e.g. public liability, employers liability and professional indemnity.
- Website and printed marketing materials in place.
- Licencing and regulatory requirements addressed. This could include sector specific trading licences and data protection registration and data protection processes.
Please note that this checklist is guidance only and is not necessarily comprehensive for your business. You should take advice from an accountant and/or solicitor
Navigate to any of the other sections of this free business startup guide:
- Product proposition designed.
- 14 Mar
New Start Recruitment Funding RPO Debtors
We have mentioned many times before how we have been able to help recruitment companies that need funding against RPO debtors.The issue with securing invoice finance against our PO debtors, is often that the finance companies can struggle to get the required credit limits, in order to facilitate the funding. This makes it a “shopping around exercise“ to find the providers that are able to...
- 07 Feb
Early Stage Funding For UK Startups Drops
Early stage funding for UK startups dropped by 15% in 2018, according to data published in Yahoo Finance by Beauhurst, a consultancy that track equity funding. Overall equity funding in the UK reduced to £7Bn in 2018, down from £8.6Bn in 2017 and there was a 10% decline in the number of deals completed. This is a concerning drop that may create a need for alternative forms of startup...
- 21 Dec
Which Factoring Companies Will Fund Startups?
There is plenty of miscommunication going on around the industry. We were recently contacted by a newly formed startup company that had spoken to a few factoring companies and had been told that they needed around half a year's trading behind them in order to secure invoice finance.This may be the case for some factoring companies, but there are others that will happily accept new startup...
- 14 Nov
Factoring For A New Start Haulage Company
This is an interesting case that demonstrates just how flexible some UK factoring companies can be. We have just arranged a recourse factoring facility for a new startup haulage company handling frozen food. The company is operated by a foreign national, ex-driver, that was NOT a homeowner. These aspects may have posed a problem for some invoice finance companies.SEE THE PRICE OF...
- 31 Oct
Further Help For Startup Businesses
As an conclusion to our free business startup guide, below are some useful further resources and sources of further information, help and advice for new startup businesses:FundInvoice are able to help you find a range of different business finance services from business loans, to receivables financing, export finance and trade (or import) finance.Please call Sean on 03330 113622 or request a call...
- 12 Oct
Business Startup Guide To Funding
A critical aspect of starting a new business is ensuring that you have sufficient money to trade. This could be to cover the initial startup costs e.g. purchasing equipment, and to cover ongoing costs e.g. staff wages and buying stock.DISCUSS YOUR FUNDING NEEDSA cash flow forecast is an essential part of the business plan for any new start company, it may be produced by your accountant with your...
- 09 Oct
How To Set Up Your Business Startup
The first thing to say is that you will likely need the help of an accountant, and perhaps a solicitor to help with setting up your business. This article gives some general information based on our own experience, but your situation may vary.As I mentioned in the first part of this business startup guide, the key to a successful venture is having a product or service that is in sufficient...
- 05 Oct
Marketing A Startup Business
The production of a marketing plan is at the core of any new startup business, it is likely to be a standalone sub-plan within your overall business plan.How you are going to promote and market your products, or services, will determine the volume of sales that you achieve, and most likely the financial success of your business. You don’t have to do the marketing planning and delivery...
- 07 Sep
Producing A Business Plan For Your Startup
Writing a business plan is critical to launching a startup business. It allows you to clearly set out your business idea, set goals and measure progress against those goals.You might be interested in the top 3 pieces of advice for new startups that we heard from fellow entrepreneurs.A business plan is a written document that sets out the objectives and strategy for your business venture,...
- 30 Aug
Validating Your New Business Idea
In the last post in this series the Free Business Startup Guide, I covered developing a unique business idea. This post concerns validating that business idea. This means how to check that it is likely to be successful with demand from customers.This is one small step in setting up your own business, but it is critical to its future success, hence it has this post dedicated to it.GET ADVICE ABOUT...
- 29 Aug
Free Business Startup Guide
This is a free business startup guide that gives general advice about starting your own business. It's not comprehensive, and professional advice should always be sought from an accountant and/or solicitor.This guide takes you through a number of areas that you need to think about if you are starting your own business. It is based on our own experience of launching our own venture.GET BUSINESS...
- 12 Apr
Business Loans For New Start-Up Companies
Business loans can be provided to new start-up companies. There is an appetite for lending to startup companies, whether or not the Directors are homeowners.This may be good news if you are thinking of starting a company and need some capital to get you up and running.It is not the case that all lenders will provide loans to startups. Funding Circle for instance, state in their investors guide,...
- 05 Apr
Interest Only Loans For Start-Ups
Finding finance for new start-up company can be difficult, but there are funders within the market that can help.We have just received notification from Nucleus Commercial Finance, one of our funding panel, that they have launched “Start-Up Finance”, a specialist interest only loan product for new start companies.The new company can borrow between £25,000 and £20 million, secured against...