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Starting a New Business – Your Business Framework – What Scaffolding Do You Need?

Written by: Lee Lister

Article Overview: When starting a business of what ever kind, large or small, there is a always a require framework or scaffolding that you have to set up. Not only does this make your business much more effective, but it also saves you from a lot of embarrassing and costly problems. Here is your framework:

Starting a New Business – Your Business Framework – What Scaffolding Do You Need?

When starting a business of what ever kind, large or small, there is a always a require framework or scaffolding that you have to set up. Not only does this make your business much more effective, but it also saves you from a lot of embarrassing and costly problems. Here is your framework:

1. Business Name. Choose an appropriate name that sums up what your business stands for. It has to be unique – try and ensure that a suitable domain name is also available as you will probably want a web site as well. The owner of an established web site might cause problems if you give your brick based business the same name – so be careful in your choice.
2. Your Business Entity. Obtain professional advice as whether to the best way to set up your business as a limited company, partnership etc. Then register your company.
3. Patents and Trademarks. If you have unique products then you need to ensure that you have registered your patents before your start trading. Similarly any product names, mottos, selling tags etc should be trademarked. Take professional advice on how to do this.
4. Licenses and Permits. Ensure that you have all the licenses and permits that you are legally required to have.
5. Insurance. You may think that you don’t need this but you do and will. So take out property, business, vehicle liability, staff and disaster insurance. A good broker can advise you.
6. Taxes. A necessary evil I am afraid. Register with your local tax collector. Set up a good accounting system and hire a good accountant.
7. Employment Laws. Establish what you local employment laws are and ensure that you adhere to them. Set up employee guidelines and handbooks. Make sure you hire and fire legally.
8. Banking. Visit your local banks and find the best business bank account and credit card for you business. Always keep your business and personal spending separate.
9. Business Plan. This is your carefully written plan on how you want your company to operate, what you want to sell, where and to whom. It includes your business and marketing strategy as well as your financial standing and projections. This is the foundation of your business.
10. Liquid Cash. Ensure that you have enough money to carry your through the first few months of your business as well as any foreseeable troublesome times ahead.

When you start up your business, remember to tick off the 10 items above and you will have a very sound start to your business.

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Article Tags: accountant, accounting system, brick, business bank account, business entity, business name, business plan, business vehicle, costly problems, disaster insurance, employment laws, limited company, necessary evil, patents and trademarks, product names, professional advice, property business, scaffolding, suitable domain name, unique products



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