Checklist for starting a business
If you’re thinking about starting a business to try to meet your career, financial and lifestyle needs as a working mum, you need to take into account all the practicalities and considerations it will involve.
There’s plenty to think about – from where you find customers and what services or products you sell, to whether you should be a Ltd company or sole trader and if you need an accountant. To help you decide if starting a business is right for you, we’ve put together a useful list of questions.
Starting a business
- Why do you want to start a business?
- What’s your vision for your business?
- How realistic is your plan?
- What’s your business’ USP?
- What services or products can you sell?
- How will you keep your skills up to date?
Researching your business idea
- How much research have you conducted into your market?
- Is there anyone you can talk to for advice or insights?
- How much competition is already out there?
- How can you be better, different or cheaper than the competition?
- Is there anyone who can help you with your business idea?
- Do you need to protect your business idea or products?
- Do you need to register with any professional body?
- Do you need any specialist qualifications or certificates?
- Can you test out your product or service to see if it works?
Thinking about money
- How much money do you need to start your business?
- Do you already have the equipment you need?
- Will you need to invest in marketing materials?
- Will you need any professional help to do your work?
- Do you have the funds you need to start your business?
- If not, where can you find them?
- Is there enough need for your products or services?
- Can you charge enough for your products or services?
- How will you support yourself while you’re establishing your business?
Professional help should always be welcome when starting a business, as it can help you to make informed decisions and avoid costly mistakes. Consider consulting with a lawyer, accountant, or business advisor to ensure that your business is set up properly and has the best chances of success.
With a little research, you’ll learn more about business accountants which will help you choose the right one. Also, don’t be afraid to reach out to other entrepreneurs for advice and support. Creating a network of like-minded individuals can provide valuable insights and connections that can benefit your business in the long run.
Identifying your market
- Who will your customers be?
- What type of businesses or people are they?
- What are their budgets?
- What are their needs?
- How do they currently meet those needs?
- How will you meet those needs?
- Where do they look for your products or services?
- What makes you better than other businesses (price, speed, quality of work)?
Finding customers for your business
- How do you plan to find customers?
- Are there any resources you can use, for example online listings?
- Where can you network to find customers?
- Do you have any existing contacts that can help you?
- How much are you planning to charge for your services?
- Who are your competitors?
- How do they find work?
Marketing your business
- Have you chosen a name for your business?
- Do you need a logo?
- Do you need a website?
- Can Facebook, Twitter or LinkedIn help you?
- What three promotional methods will be best for you?
Practical considerations
- How will you set up your business (Ltd company or sole trader)?
- How will you pay tax?
- Do you need an accountant?
- Do you need professional insurance?
- Are there any regulations you need to follow?
- Where will you work?
- When will you work?
- Do you need specialist premises or equipment?
