A unique business Ode by Drew Walters.
The owl and the pussycat went to sea in a beautiful pea green boat,
they began to sink and were half in the drink,
as the damn thing didn’t float.
If your business foundations are not strong, then you could be heading for problems. Here are 4 top tips to consider when setting up your new business.
1. Form a company with limited liability protection. Any time you start operating a new business, you should carefully consider what type of legal entity will best protect the operations of that company and your personal assets. It is nearly always a good idea to choose an entity that offers some form of limited liability protection, such as a PLC or Corporation.
2. Choose the proper name for your business and products. Before you start your new business, it is a good idea to do some basic research to pick a name that someone else is not already using to sell similar goods and services as you. In other words, you do not want to start your new business with a name that could cause you to be sued for trademark infringement because you chose a name that someone else already owns.
3. Obtain any necessary licenses you may need to operate in your field. Another step that you need to consider in setting up your new business is whether you need any special licenses in order to operate. Some types of businesses require a special license to operate, such as a daycare, insurance agency, law firm, pubs, or doctor’s office. If you are in the type of business that requires a special license, you are probably already aware of that through the licensing process that you had to go through in order to obtain that specialty. It is still worth spending a few minutes to do extra research to make sure that your type of business doesn’t require any additional licenses.
4. Follow the proper accounting principles to keep your business on a good footing. This accounting guideline is one that no one ever likes to follow, but is just as important to mention as the others covered so far. It is critically important that you follow the proper accounting procedures to keep your business in good standing. Get a good accountant, it’s not a job you need to do, your efforts are better served generating income.
Of course there are lots of other factors to think about when setting up your new business but the above are my top 4 tips to get those foundations set, marketing, advertising etc come later.