How To Start A Business

starting your own business in St Albans

Setting Up A Business

When starting your own business you should plan the financial, legal, location, staffing and marketing needs.
There are 3 main types of business:

Sole trader
Partnership
Limited Company

Each of these company structures has benefits and disadvantages and when setting up a business it is important to understand the differences.

Our business plan template below highlights a checklist of key business startup points to consider.

Business Plan Template

As a guide to starting a business we've compiled a business plan checklist to help give your new business a headstart. In putting together your business plan consider each of these factors and how they apply to your new business idea.

Conduct relevant market research
Create a solid financial plan
Review and analyse the competition
Create a clear brand and protect your intellectual property
Build supplier and customer relationships
Assess your stock and asset needs
Identify key staffing requirements

Each of the above factors are key to establishing a successful business. Make sure that you have a 1 year, 3 year and 5 year plan so that you know what challenges to expect and consult with qualified experts in areas you lack skills.

Choosing Your Business Location

The location of your startup business can have a big impact on its success.

Your business location is important to ensure that potential customers can find you, determine how easy it is to serve or supply them and also affects their perception of your company.

A home-based business can often be unfairly judged as small or unreliable, however you can create a more professional presence without the cost of permanent offices using a Virtual Office.

Starting Your Own Business

Choosing the right premises to work from is easier is you consider the needs of your startup business. Think about the facilities you will need in the future and not just those that you need today.

If you need a dedicated space you may be best to use a serviced office, inclusive of services and other overheads such as business rates it means you are less likely to be surprised by unexpected costs. By avoiding long term leases you only pay for the space you actually use, when you use it and it enables your business to be more dynamic, reacting more quickly to external changes.

Albans Office Space has a range of flexible solutions to suit any small business startup with their Office Space.