Business Insure: Kick-starting your small business

Business Insure: Kick-starting your small business

Starting up a small business can be daunting, and there are a few things you need to take into consideration when kick-starting the process.

Firstly, before you do anything, consider the type of small business insurance you will need to purchase. There are a range of options, including buildings, contents, computers, vehicles and liability insurance - it is best to discuss your options with a trusted adviser, who will help you to build a package of insurance tailored to your needs.

At the same time, you should consider the structure that best suits your business - limited company, sole trader, partnership or a limited liability partnership (LLP). For small businesses within the UK, sole trader and limited company status are the two most popular - where you are either self-employed or director of a separate company. Also will you work from home, or use an office space? This will depend very much on whether or not you intend to hire any staff - if so, be sure you understand the legal implications of becoming an employer.

Next, try to choose an effective name for your business (ensuring you understand the legal issues surrounding copyright) and work on a comprehensive business plan. This should include information pertaining to your goals and objectives, market and competitor analysis, a SWOT report (strengths, opportunities, weaknesses, threats), an executive review, and the critical success factors of your business.

Of course, a detailed financial plan must accompany your business overview, with your predicted costs and revenue for the next three years. People will generally underestimate their costs and get a bit too excited with their anticipated revenue - be realistic without underselling yourself.

Now comes the hard work - marketing your small business effectively and generating sales. The hardest part of setting up a new venture is convincing people to take your product seriously and consider buying it. Why not partner with an established marketing or PR agency to figure out the best route for you? This will let you be sure you're making full use of the world's biggest tool - the internet. Make social media your friend, and push, push, push your product or service through the internet's many avenues.

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