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16 Oct
2017

Amelie Mahone

Communications specialist
 

Starting a company can be one of the top achievements in your life. However, it takes a lot of planning and execution. It’s likely you will spend many hours with lawyers, accountants and by yourself getting all the nitty gritty out of the way.

Business name 

Make sure you choose a company name with an available trademark name and internet domain name. You can do an online search to see if a trademark is available through the Patent and Trademark Office’s website. Failure to obtain a trademark could put your company at risk. That means the potential loss of all the time and money you invested in establishing your brand. Just because a name is not on the internet, doesn’t mean that it isn’t trademarked. People can file trademarks and never use them, or close down a business.

Understanding laws

Understanding what regulations you need to abide by is critical. Think about rules you need to follow. Do some initial research as well as consulting a lawyer. An accountant can help confirm your business structure and ensure its compliant with laws. They will help you understand what the correct amount of tax for your service or product is, obtain licenses that are applicable, and help run the business. These things are critical and should be the minimum amount of work you should do.

You don’t want a technical legality or administrative detail to stand in the way of your dream business.

How much do you need to live? 

When you are working to set up your business and going through your business plan, don’t forget about the most important aspect, you! You need to take into consideration all the costs for the business and how much you need to live. Rent mortgages, health insurance, food, petrol and any other essentials must be considered. Now that so much money is going to this business. You will most likely have to cut out all the non-essentials. Alternatively, you can find other means of income, a side income that will cover small costs. Sharing community sites like Spacer allow you a way to earn money by renting out spare space in your home. The sharing economy gives you an income stream without having to do much so you can focus on your new business.

You will also need to account for unforeseen problems or expenses. Always have a backup stash!

Current situation 

A new business is not an easy task. It takes bravery, brains, plenty of hard work and long hours. When you are running a company, there will always be something that needs to get done. A new business owner can be expected to work at least 60-hour weeks, if not more. The first two years are all work and you won’t have much of a social life. So, are you ready to start a business? Is it the time in your life where you will have the least distraction and most flexibility?

Knowing what to spend on 

Starting a business will be financially taxing on you, especially if you have a family. Knowing where to spend money is critical. It’s important to only spend on things that bring value to your business. Don’t give away complimentary items if you also need some new retail software or social spend. Spend money that will make your business more efficient or bring brand awareness. Once your business is on its feet, then you can reward customers.

Do your best to plan as much as possible and you will thank yourself in the future. 

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