Running a business is so hectic; there are a million and one things to do and so much legal red tape. Double-check our handy list of 15 things you didn’t know you needed for your small business, to make sure you’ve got everything you need.
1. Declare self-employed: this one seems obvious, but so many people forget to do this and end up in a lot of trouble. If you work for yourself, you must declare that you’re self-employed at HMRC; otherwise, you’re liable to be fined.
2. Insurance: you need business insurance to cover you for injury and damages to the public (this is called public liability insurance). Proper business insurance like with One Sure Insurance will also offer you some legal aid in the event of a lawsuit. If your business provides advice, you need professional indemnity insurance to cover you if your advice damages someone’s livelihood.
3. Proper data management: if you collect, gather, or store customers’ data, you need to register as a data controller. This also applies if you use CCTV anywhere. Another thing you might not know about data is that you have legal requirements to secure data when you migrate it. Use a reputable provider to migrate your data like oracle forms migration service.
4. Accounting skills: from the second you spend money on or earn money through your business, you need to keep a record of it, as well as filing your receipts. HMRC requires all companies (even freelancers), to keep all their accounting records for ten years.
5. Register for self-assessment: we’ve all seen the adverts – you need to register for self-assessment. When the deadline approaches in January, you need to complete a self-assessment online to determine how much tax you owe. After this, you can choose to pay upfront or in installments. This will also include your National Insurance Contributions.
6. A marketing budget: whatever you do, you’re going to need to get your business in front of eyeballs, and that isn’t going to happen for nothing. Don’t forget to keep some money for advertising, or that shiny new company is going nowhere.
If you are struggling with funds for your marketing budget, we do recommend that you consider looking at more investment opportunities to earn extra cash. One example would be forex. You can access this if you download MT5 platform software and invest as little or as much as you can afford.
7. Well-managed social media accounts: if you’re trying to run a business, you need to be where the people are, and that means social media. These days, Twitter and Instagram are the main places you need to build a strong presence on but don’t overlook Facebook. Facebook is incredibly useful if you have a local business.
8. Google Local: get your business signed up for Google Local. This enables anyone searching for what you do in your area to find you. You’ll get a great Google listing that allows your customers to see your opening times, your website, and even call you with the tap of one button.
9. Networking: networking events are a great way to sell to other businesses or businesspeople. It’s also a great way to build community ties, and there are a lot of local business networks running events for you to mingle at. Business networks often offer seminars or online training that could be invaluable for improving your business.
10. A website: a well-designed, professional-looking website will sell your business for you. People judge your business by its website more than you’d think. If it looks like it was knocked up in five minutes, that’s what people will think your business or service is like. Many great sites will host your website, and a lot of them let you build it yourself. If you aren’t super savvy in the web design field, though, you would be doing yourself a massive favour if you forked out for a professional. It will more than pay for itself in the long run.
11. SEO content: once you’ve got a website up and running, you need to get some Search Engine Optimized content on it. SEO will raise your website’s rankings on Google, so you are more likely to come up when someone is searching for what you provide. You can get SEO content through specialist companies that provide this, or marketplaces offering freelance content writers for hire.
12. First Aid training: unless you are working from a home-based office on your own, having regularly-updated First Aid training is a must for any workplace. It’s worth training your staff too, or at least whoever is around the most. That way, there is always someone First Aid trained in the office or shop. If you display your certificates, it looks very reassuring to customers.
13. A designated workplace: if you’re setting up from your living room and all you need is a laptop, it’s still essential to make a space designated to work. It puts you in a more professional frame of mind and also allows you to leave the office behind at the end of the day. If you are more in the shops and offices line, you still need a pleasant workspace to work in. You’ll need somewhere to do your accounts and other admin, so create someone peaceful with a proper desk for your computer.
14. Business cards: these are essential to have with you wherever you go, even when you’re not working. You never know when you might meet someone who wants what you offer. A professional business card will go much further than a number on their phone or a scrappy piece of paper. Get the same designer to make your business cards and your website, as this will give you a much more cohesive brand.
15. A separate mobile phone: it’s tempting to double-up on your phone use, but personal notifications and apps can be so distracting. Get a second phone exclusively for business. You’ll feel more professional, and you can turn it off altogether when you’ve finished work. This is essential to maintaining your health and your relationships.
Working for yourself can be stressful, but with some careful planning, you will make your venture a success. Check you’ve considered these 15 things, and your business life will run much more easily. Good luck!