It’s time to get that start-up off the ground

So you’ve had a great business idea for a while now, you’ve done your market research and the opportunity is definitely there to be had. All you need to do now is put the wheels in motion and reach out and seize it. But how…? Jack Moore of Chartered Accountants Page Kirk offers tips and advice

THE old adage ‘you don’t know what you don’t know’ is never more fitting than your first outing into launching a business from scratch.

At Page Kirk, we have helped many business owners through their seedling stages and can be an invaluable source of advice, guidance and reassurance for anybody entering the world of business for the first time.

Business bank account & taking payments

First things first. You’ll want to nail down exactly where customers will send you their money. This is ‘Business 101’ – you need to make it as easy as possible to get their cash into your pocket.

You will want to avoid using your personal bank account to take and make business payments as this makes it difficult to keep tabs on your business’ activity.

Nowadays, you can set up a business bank account in minutes with online banks such as Starling Bank.

These online ‘challenger’ banks typically have no monthly fees, either. And the main ones offer the same security over your money as they are often protected by the FSCS in the same way as the high-street banks.

You’ll get an account number within 24 hours, and you’ll get a business debit card through your letterbox within a couple of days. Now you can start taking and making business payments right away.

You will also need to consider how your customers will be paying you. Will you need to offer card/contactless/Apple Pay options for your customers? This is also easier than you may think. Point-of-sale providers such as iZettle can set you up with a card reader for as little as £29 + VAT, and charge just a small fee on each transaction.

Being able to take seamless non-cash payments will make your business look more professional and make it easier for your

customers to get their money to you, which is key. Will you be sending email invoices to your customers and expecting them to make bank transfer payments to you?

Cloud accounting software such as QuickBooks makes invoicing in this way incredibly easy and offers your customers a one-click payment solution via the same email in which they receive your invoice, saving them the time and hassle of going through their online banking.

Website & social media

In the technology age, an online presence is key to any business.

I don’t care what industry you are in, there is not a shred of doubt that having visibility online increases awareness of your business, which will lead to sales. Whether it’s an Instagram page, your own business website or simply being listed as a local business for Google reviews, people find your business online if you put it out there.

Setting up and hosting your own website adds immeasurable credibility to your business and is far easier than most people think.

Buy your cheap domain (website address) through a provider such as 123-Reg, and then use a website builder such as Wix.com to build your website using ready-made templates. Click a button to have them host it for you.

There you have it – within a day your business has a live, professional-looking website for a fraction of the cost you expected. Want to be able to sell your goods through your website, too? Shopify are fantastic for this.

Business Insurances

One final incredibly important and easy-to-overlook consideration for your new business is making sure that you have the right insurance covers in place. There are insurances which you should consider which may be specific to your business, but here are a few common ones to consider.

Are you going to be working at your customers’ property, or are they going to be visiting your business premises?

You’ll need Public Liability Insurance, in case you accidentally damage something of theirs whilst you’re working, or in case they injure themselves when they visit you.

Are you going to be employing any staff? You’ll need Employer’s Liability Insurance in case any of your employees are injured or get ill while working for you.

Are you giving professional advice as part of the service offered to your customers?

You’ll need Professional Indemnity Insurance to cover your business against a client’s loss if any results from your advice or service.

Final word

Starting a new business is a daunting prospect for anybody. Talking it over with a professional who you can trust to give you full and honest advice could give you the push and the confidence you need to actually make it happen.

Taking that first step is absolutely key to making the business seem real and the difference between making it happen and looking back and thinking ‘what if..?’.

Page Kirk want to sit alongside you as your trusted advisor as you embark on this business journey, so please get in touch for a free consultation to see how