If you are considering launching a start-up business there are five steps that you need to consider before you begin. Firstly you need to create a business plan which will help you define the objectives and strategies of the business. This is one of the fundamentals processes that you should not skip, even if it sounds tempting. In some cases, such as when you are looking to raise funding for your start-up business then you will need a business plan as investors will want to see it.
The next step is to open a business bank account, there are many different accounts available and you should research your needs thoroughly. Consider whether you need a simple deposit account or if you need something more sophisticated, such as if you want to trade via ecommerce online.
At this stage you should also consider whether you need to raise finance for your start-up business project. You may be able to raise capital from the bank, friends or family or outside investors such as angel investors. Financing your project should be considered early on in the planning stage as if you do not manage to secure finance your project may be over before you begin.
You should find a name for your business and check with the relevant authorities that it is unique and available. It is a good idea to check whether the domain name for your business is also available as if it is already taken this could prove to be a problem.
It is important to inform the relevant tax authorities if required. Simple steps such as this often get overlooked when you have so much other planning and work to do when launching your start-up business, but by not carrying out all the legal requirements then you may be opening yourself up for unnecessary financial penalties.