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What Is Needed To Start A New Business?

The past 12 months have been tough for everyone. Many of us have had no option but to work from home, others have been faced with redundancy or furlough and – with a global economic recession seeming highly likely in 2021 – many businesses are battening down the hatches and hoping to ride it out.

However, if you’ve always dreamt of starting your very own business, now could be your perfect opportunity. And the good news is, Eve Accountants are always on hand to offer free advice to new start-ups, helping them to get off to the best possible start.

Here we explain just a few of the things you can expect when embarking on a new business venture.

What Do You Need To Start A Business?

The simple answer is it depends on the type of business, where you will work (i.e. at home or in an office) and whether you’ll be a one-man band or employ staff.

But, in most cases, you will need:

  • Inspiration and ideas

When starting up a business, the first thing you need to do is pick a business idea. Ideally, it should be something you’re good at or passionate about and willing to put your time, effort and money into making a success.

It’s worth bearing in mind that, since lockdown, many of the trends that were expected to roll out over the next five years have been accelerated. This includes things like more people opting to work from home, air travel becoming a luxury, streaming overtaking cinema and shopping local.

Once you’ve decided on a niche, the next step is to think about whether you’ll operate an online business or if you need to start searching for premises.

  • Training

Depending on which avenue you’re going down, you might need to apply for specific training courses to broaden your knowledge and understanding.

Given that start-ups can be faced with hectic and demanding experiences from the off, training on time management, stress management and teamwork can also be beneficial.

  • Licenses

Something that you may or may not know about starting up a business is that some business activities require a license. Usually, a permit will be needed if you plan to sell food, play music or trade on the street.

Feel free to use the License Finder tool on the Gov.UK website to determine which ones apply to your start-up.

  • Specialist equipment

Of course, this depends on what products and services your start-up will provide – but you must allocate enough budget to buying/hiring any necessary equipment or tools.

If you rent somewhere to run your business from, you are responsible for fire safety, gas safety and the safety of electrical equipment. It’s also your duty to provide equipment that is safe to use (either by you, your staff and/or your customers).

  • Products

If you’re opening up a shop or selling your own creations then you’re going to need to think carefully about your stock. For example, if you’ll be selling products from reputable brands, it’s worth doing some research and finding a supplier that can offer you the best products for the most affordable price.

Alternatively, if you’ll be creating your own products to sell, it’s a good idea to look at places that offer wholesale so you can buy what you need in bulk for a fraction of the cost. And more importantly, you need to make sure that you have plenty of room to store your stock and that the conditions are suitable for your items.

Ready To Start Your New Business Venture?

Great! More tips on how to get started can be found in our recent blog ‘how to successfully start up a business’, and remember to bear all of the aforementioned information in mind.

If you require any further information about starting up a business or would like to know more about how our experienced accountants can help you and your start-up, get in touch with us today. You can either call 01204 891136, email or fill out the online enquiry form, and we’ll get back to you as soon as possible.