At Croner, we support thousands of UK businesses with our services. There were over 800,000 new businesses launched in the previous financial year, and that is despite a cost-of-living crisis.
Taking on staff? You’ll need to be up-to-date with employment law. Employing foreign nationals? You’ll have to understand the post-Brexit employment landscape.
This article explores the top things budding entrepreneurs should do when starting a new business. This is a handy checklist of factors our clients have told us through experience.
Starting a small business
Starting a small business can be an exciting and rewarding experience, but it can also be a daunting one. There are a lot of things to consider, and it can be difficult to know where to start. Early on, it may well be worth considering outsourcing. Whether you need HR services, employment law services, health & safety services, or even salary benchmarking to ensure your staff are being correctly paid, Croner can help.
To help you get off to a good start, here is Croner’s small business checklist.
Research Your Market
Before you start your business, it’s important to do some research into the market you’re entering. This will help you understand the competition, identify potential customers, and determine the best way to reach them. You should also research the legal and regulatory requirements for your industry, as well as any potential tax implications. No matter what industry you plan to operate in, you will need health & safety compliance with regular audits.
Create a Business Plan
A business plan is essential for any successful business. It should include your goals, strategies, and financial projections. It should also include a marketing plan, which should outline how you plan to reach your target market and promote your business.
Check out Croner’s HR tips for setting up a new business to fully understand those considerations.
Choose a Business Structure
When starting a business, you’ll need to decide on a business structure. This will determine how you’re taxed, how much liability you have, and how much paperwork you’ll need to do. The most common business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.
Register Your Business
Once you’ve chosen a business structure, you’ll need to register your business with the appropriate government agencies. This will vary depending on your location and business structure. You may also need to register for certain licenses and permits.
Before you register your business you may want to take a look at Croner’s tips for what to expect in HR and employment law in 2023.
Open a Business Bank Account
It’s important to keep your business finances separate from your personal finances. To do this, you’ll need to open a business bank account. This will make it easier to track your income and expenses, and it will also help you build a good credit history for your business.
Get Insurance
Insurance is an important part of any business. It can protect you from potential lawsuits and other liabilities. Depending on your business, you may need to get general liability insurance, professional liability insurance, or other types of insurance such as health & safety.
Hire Employees
If you plan to hire employees, you’ll need to make sure you’re compliant with all applicable laws and regulations. This includes setting up payroll, providing workers’ compensation insurance, and withholding taxes. You’ll also need to create employee policies and procedures. The recruitment process in HR can be tricky to master, so it’s good to seek support. When you bring in staff employers should have a clear onboarding process.
Set Up Accounting
You’ll need to set up an accounting system to track your income and expenses. This will help you stay organized and make sure you’re paying your taxes on time. You may want to hire an accountant or bookkeeper to help you with this.
Market Your Business
Once you’ve got your business up and running, you’ll need to start marketing it. This could include creating a website, setting up social media accounts, and running ads. You should also consider attending networking events and joining local business organisations.
Monitor Your Progress
Finally, it’s important to monitor your progress and adjust as needed. This could include tracking your sales, evaluating your marketing efforts, and adjusting your pricing. It’s also important to stay up to date on industry trends and changes in the market.
Can Croner help with small businesses setup?
Starting a small business can be a lot of work, but it can also be very rewarding. By following this small business checklist for 2023, you’ll be well on your way to success.
Expert support
If you need support with employee productivity or conduct, speak to a Croner expert today on 0844 5618133 and quote code CHC22 along with quote number 911059.
