New business check-list
Last Updated on 6 April 2021
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. It can take many month for the first income to arrive.
- 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