As soon as you’ve got your ideas together you will need to get a framework from which to start your business.
These are the main areas that you need to consider when starting your business:
- Naming your business.
- Deciding where to base your business.
- Complying with the law.
- Deciding a trading identity for your business.
- Deciding whether or not to register for VAT.
Later we look at what’s involved in deciding which trading identity would be suitable for your business and also look at what’s involved in VAT.
Let’s look at some things you’ll need to consider when christening your new business and where your new venture is going to live.
Deciding on a name for your business
Choosing the right name for your business is important and is something you need to really think about. Because whatever name you give to your business will need to create the right image for potential customers.
Let’s say you’re planning to organize painting holidays in Cornwall. You could call your business simply ‘Painting Holidays in Cornwall’, but the obvious problem here is that it doesn’t give any more information than the obvious.
Creating a business identity
Do you need another line? Yes, I believe you do. Nothing will put potential customers off more than a badly answered telephone.
In the past, I’ve phoned businesses where children have answered the phone and I’ve given up trying to get them to put mum or dad on so I can order something.
Instead, I’ve done what most people would do moved on.
A separate business line will not only give your business credibility but also make life easier for you. When the phone rings you know it’s business. The disadvantage of having a separate business line is, of course, cost.
Telephone providers charge more for a business line than they do a domestic, but I believe that this cost is a relatively small price to pay to give your business an enhanced professional image.
By using a domestic line as opposed to a business line you miss out on free listings in the business section of the phone book and of course when anyone searches directory inquiries you will only be listed if you have a business line.
Also, were your line to go down for any reason repairs to business lines get priority over domestic ones.
Starting a Small Business with Seek Capital
Seek Business Capital provides consulting services and funding procurement to small businesses across America. The main aim of Seek Capital is to solve one basic problem: small businesses need fast access to financing!
When business owners are searching for funding for their business, they often don’t know what is required. Seek Capital mission is to help business owners by handling the behind the scenes work and put their business in the best possible position to achieve their business funding goals.
Through industry experience and proprietary technology, Seek Capital is able to evaluate a business on performance and attributes. And it also provides transparency to the business on their ability to obtain funding.