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Things to Consider When Running a Business

If you are considering whether to start a new business in 2013, it can be slightly overwhelming when you realise all the things that you have to think about. The British Chamber of Commerce website has highlighted a larger than expected rise of new businesses in the last 18 months. Running your own business requires a lot of hard work and dedication, but with a little bit of luck and an awful lot of elbow grease you could make 2013 the year when you finally leave the rat race. Here are some of the most important things that you have to consider when starting a business.

First of all you need to decide what type of service of product you are going to provide. Research your intended market thoroughly and work out what type of niche you are likely to want to fill. There is no point in providing exactly the same services as another company – you have to find a unique selling point. What can your company offer which others can’t? It may be cheaper prices, better quality products, or an entirely new service. Whatever it is, make sure that people know about it!

Once you have decided on the type of business that you are going to run it is time to draw up a business plan. There are plenty of guides and legal templates available on the Internet which will help you through the process of writing your plan. A business plan should prepare for both success and failure. Nobody starts a business with the intention of failing, but it is important to be aware of the challenges that you may face on the road to success. You will also have to decide on where you are going to base the business. Wherever you choose to work you will need a health and safety statement to cover the workplace environment.

It is also important to choose the right type of name to represent your business and appeal to your potential customer base. One of the major considerations when choosing a name nowadays should be whether there is a related domain name available on the Internet. Many people use the Internet as their first port of call when checking out a company, so it is important to have a strong online presence. Once you have decided upon your company name you can start building a brand and marketing strategy around it to help attract as much new business and customers as possible.

Business contracts are part and parcel of any successful company and you will need to learn how to deal with them if you want your business to succeed. Always stay on the right hand side of the law and fulfill all your legal duties. The Tax Office will need to be informed of your new businesses within 3 months of it starting up or else you may face possible fines and benefit cuts. Use contracts as a way of protecting you, your business, and your employees and suppliers.

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