Starting a new small business (SMB) in the UK definitely comes with it’s challenges, so having a checklist for starting is very important.
This SMB start-up checklist is intended to help and guide you though all of the issues you should consider and those which may come up in the process of starting a small business. We recommend you take the checklist and adapt it towards your own start-up and add in anything which is more relevant to your business market.
Examine your motivation for setting up a business & choose a business suited to you
Why are you starting a business?
What are your personal skills
What are your personal motivation & goals
Evaluate the feasibility
Calculate financial projections based on facts and not dreams
Make sure you calculate your current cash allowance that you need to make for this to be successful for you, if it doesn't generate enough for you to live on then its just not feasible without you making cuts to personal life
Know where your living expenses will come from during the first year if you don't hit your financial aspirations
Does this fit into your personal life? Remember we work to live not live to work, make sure your family is on board
Consider what you need to do to start-up and the common reasons for failure
What type of legal structure of your business are you going to start?
Learn what permits, licenses, rules and regulations that are applicable to your type of business
Check what types of records need to be kept for tax purposes
Understand the types of record-keeping & systems you'll need for internal management
What professional support will you need? Consider marketing, branding, legal, accounting, tax, insurance and banking to just some of the main ones
Develop your business plan
Start a business plan (this will change as you moved down this list and into the first year of your business)
Choose your business name
Set a starting date for you to target
Choose an adequate office space (this can be a home office to start with)
Identify your customers & who your potential competitors will be locally and nationally (even internationally depending on your business)
Start to develop a marketing plan including budget
Develop your financing options & obtain initial capital for your start-up
Browse all your funding options (personal, private, government)
Create an investor presentation (see our knowledge base for templates)
Finalise all start-up requirements
Legally separate yourself from your business
Apply for and obtain a business license, pay permits and fees
If you rent/buy a property then ensure you obtain utility services, etc
Design & print business cards
Open a website and register in social media (when applicable)
Elaborate customers/providers forms and contracts
Open a business bank account
Set up your accounting system
Make sure you have the correct business insurance
Sign contracts & any rental agreements
Again, this checklist is a reminder that a lot can go wrong if you aren’t thorough when launching your business. Be sure to take the advice of experts and learn from other entrepreneur’s mistakes. Use a checklist to ensure your business goes from startup to a success story with no problems.
Purple Yak offer a support service for Start-ups, check out our services to see more about how we can help you.