{"id":2488,"date":"2017-02-23T12:07:11","date_gmt":"2017-02-23T12:07:11","guid":{"rendered":"http:\/\/www.openbusinesscouncil.org\/?p=2488"},"modified":"2022-05-04T21:38:21","modified_gmt":"2022-05-04T21:38:21","slug":"next-steps-setting-business-year","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/next-steps-setting-business-year\/","title":{"rendered":"What are the Next Steps to Setting up a Business this year?"},"content":{"rendered":"

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What are the Next Steps to Setting up a Business this year?<\/strong><\/p>\n

So you\u2019re setting up a business this year \u2013 what are the next steps?<\/strong><\/p>\n

We\u2019ve survived January, and with any luck, your New Year\u2019s resolutions are still intact \u2013 especially if you were one of the inspired individuals who decided they wanted to start a business this year.<\/p>\n

Google trend data has revealed that anyone with an entrepreneurial fibre in their being was busy looking up \u201chow to start a business\u201d at the beginning of the year. In fact, every year, January sees a spike for phrases like \u201cstarting a business\u201d and \u201cbusiness ideas\u201d.<\/p>\n

It seems that the ethos of \u2018new year, new you\u2019 sets something alight in entrepreneurs. This theory extends to September, where another spike repeatedly appears year after year. Perhaps the \u2018back to school\u2019 and \u2018time to begin a new chapter\u2019 refrain is also deeply embedded in us, even long after we\u2019ve left the classroom.<\/p>\n

So, you\u2019ve decided to start a business, but what do you need to do over the next few months to fulfil your resolution?<\/p>\n

Here, the small business experts at Opus Energy<\/a>, outline the key steps to take if building a business is on your mind:<\/p>\n

Step 1: build a business plan<\/strong><\/p>\n

A good business plan should be a document that you can rely on months down the line to make sure you\u2019re staying true to your goals. It should map out your idea, indicate what success looks like (i.e. what will you measure to evaluate whether you\u2019re doing well or poorly?), detail your business goals, and anticipate any challenges along the way.<\/p>\n

Find some templates for business plans from The Prince\u2019s Trust<\/a>, some advice on writing a business plan from Start Up Donut<\/a>, and questions from Brighter Business<\/a> to test your business plan is watertight.<\/p>\n

Step 2: claim a stake to your name<\/strong><\/p>\n

Yes, we\u2019re putting this before all the heavy legal stuff. If your proposed business name already exists in the world, it\u2019ll be an inconvenience at best. In the worst case scenario, it could pose seriously sticky legal problems later down the line, so you don\u2019t want to get attached to a name you can\u2019t operate under.<\/p>\n

The quickest way to find an answer is to go back to our friend Google. Run a search with variants of your proposed business name, then type it in under the most recognisable URL formations (businessname.com, businessname.co.uk, and so on). We\u2019d even recommend searching within social media platforms, as you may want to claim ownership of a specific social handle (and this might also help you check out the competition).<\/p>\n

Next up:\u00a0 the formal checks. The kind of company you choose to set up will affect the rules when it comes to naming \u2013 you can see the guidelines on the Government\u2019s company naming page here<\/a>, which also has a link to the Companies House register.<\/p>\n

This is also when you\u2019ll want to start considering your branding \u2013 and whether you manage that in-house or outsource to an agency or freelancer (work out which you\u2019ll need with these tips<\/a>).<\/p>\n

Step 3: cover yourself legally<\/strong><\/p>\n

This is a crucial area to get right, so you should always seek professional help when it comes to legal issues.<\/p>\n

After all, there are quite a few hurdles you may have to face in the early stages of your business. For example, are you setting up the company by yourself, or is there more than one of you who will own the final product? If so, you\u2019ll want to educate yourself on shareholders\u2019 agreements<\/a>.<\/p>\n

Other red tape could fall within the field of intellectual property<\/a> ownership, operating licences, VAT registration, business insurance, health and safety regulations, and so on.<\/p>\n

It can feel like a minefield, but doing the legwork now will make the journey easier as your business matures. To start you off, here are a few reliable resources:<\/p>\n