New business check-list
Last Updated on 10 June 2020
Setting up on your own can seem daunting. Here’s a checklist of areas the think about.
They won’t all be relevant to everyone all of the time, but they’re important to consider.
- Draft a plan. What skills/products are you really selling?
- Work out how long you can survive before our first income. Discuss this with your partner or anyone else who usually spends your money.
- Talk to people who’ve done it already. Buy them a drink and listen to their stories.
- Describe a typical client/customer.
- List the ways they will learn about you and what you can do to help them.
- If freelance find out if you’re likely to be PAYE or self-employed. Or both?
- Work out pricing and rates based on what people are normally paid.
- Decide on a business name. Or trade under your own name.
- Buy a professional looking web/email address that matches your trading name.
- Talk to an accountant who knows your line of work. Listen to their advice.
- Do you need to register as a sole trader? Or set up a limited company/partnership? Check gov.uk and your accountant.
- Download (or create) templates for invoicing and/or record keeping.
- Set budgets for marketing/networking, office stuff, equipment, travel, phone bills, accountant, etc.
- Set up a bank account to separate your business money from your personal finance.
- Do you need specialist insurance? Public liability? Professional indemnity? For expensive kit?
- Set up a business calendar or wall chart. Plan your breaks as well as work.
- Plan your working hours for a “typical day” and “typical week”.
- Tell friends and family about your new working pattern.
- List ways you can reward yourself at the end of busy working days.
Posted on 06 January 2020