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Launching a new business is a truly exciting time.

You may be desperate to get started and to see your new venture up and running and welcoming its first customers. However, to ensure that your business gets off to the very best start and enjoys a long and prosperous future, you first need to set a strong foundation for success.

Understanding which tasks need to be tackled before you start your business is essential. Rushing into launching too early can see you stuck in an extremely stressful situation and struggling to keep up with the many things you need to do to keep the business running. When you have so much to do, it is easy to overlook certain tasks. So, it’s helpful to remind yourself of what needs to be done, so you can put yourself in the best possible position ahead of your business’s launch. With this in mind, here are five things you must do before starting your new business:

Do Your Research

Failing to carry out thorough research can spell disaster for a new business. To ensure business success, you need to be armed with as much information as possible so that you can make informed business decisions.

It’s vital to understand who your target customers are and how you can ensure that your products and services appeal to them. You also need to know who your competitors so that you can develop a strong USP for your business that allows you to compete with them effectively.

Further research will also be needed to determine the best suppliers to use for your business, and the best location to base your business premises.

Write a Business Plan

Much of the research you gather will be used within your business plan. All this information can play a key role in writing a detailed plan for your business, which will act as a road map to your new company’s success.

Even if you plan to keep your business small at the beginning, it’s still vital to have a detailed business plan written up. You will need this if you plan to apply for financing to fund your business. Writing your business plan is also a helpful way to ensure that your idea is robust enough to take forward and prompts you to iron out any potential issues before your business opens.

Take Care of Admin

Starting a business brings a lot of paperwork. While this may not be something you enjoy, it is crucial to focus on getting your paperwork sorted to ensure your new company is compliant.

One of the first admin tasks you need to work on first is registering your new business and deciding how it will be structured. This involves choosing whether you will operate as a sole trader, a limited company, a partnership, etc. It’s important to explore the different implications involved in each of these types of business structure to ensure you pick the right one for your needs.

Once you have registered your business, it’s time to start thinking about insuring it. Choosing the right business insurance is crucial to ensure that your company is properly protected. Therefore, it’s often a good idea to discuss your insurance needs with an insurance broker, such as Eastbourne Insurance Brokers, rather than attempting to arrange your business insurance without any guidance.

Build an Online Presence

Nowadays, consumers expect businesses to have a presence online. Research shows that 98% of people use the internet to search for local businesses. So, not having an online could be an expensive mistake to make.

To avoid missing out on potential customers, it’s best to start building your business’s online presence before your company is up and running. This will ensure you can promote your company launch online and start attracting customers from the start. If you find creating a business website is taking longer than anticipated, it’s useful to start creating your company’s social media accounts right away, and using them to spread the word about your business.

Take Care of Your Accounting

Lastly, it’s essential to take care of your business accounts. Choosing an accounting method from the start will help you to keep your business finances in good order from the beginning and can save you a lot of hassle when the end of the tax year approaches. Maintaining full and accurate accounts is a significant responsibility for every business owner. Establishing good accounting habits now is essential to get your business off to a strong start.

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