When you’re launching a start-up business, there is an overwhelming list of things to think about.
There are many important decisions which can’t be overlooked, such as choosing the right commercial premises or working out a strategy for business growth. But entrepreneurs usually have their hands full, meaning important tasks which should be firmly on their to-do lists can often be overlooked.
If you’re in the early stages of setting up your business, you might be tempted to wait and see if it’s a success before separating your business and personal finances. However, it’ll be easier to keep track of finances and carry out business transactions if you have a separate account.It will also make it easier when calculating your tax payments.
This is the kind of tedious task that often gets overlooked. But not looking after your business IT properly can have disastrous consequences. Hard drive failure, a computer virus or human error could see you lose your customer databases, payroll data and other vital information, so put a disaster recovery plan in place as a priority.
Once a customer has used your service or bought a product from you, don’t forget about them. Use social media and mailing software to keep them updated and encourage repeat business. Each time you interact with your customers, you’re building up a tribe of people who could buy from you again or recommend your business to others.
Creating an online presence may seem time consuming and pricey, but having a well-designed website is now essential for a start-up business. Spend some time making sure your site has content and images which are engaging and reflect your brand.
Don’t be tempted to try and save money by not taking out insurance. Insurance can protect you from situations that might otherwise spell the end of your company. Even if the risks are small, is it really worth the gamble? Shop around to find the best, most affordable deal that suits your needs. Depending on the type of business you operate, you may need: