| Starting a new business this year? Whether you're | | | | website for you. |
| looking to start your own business in retail, business | | | | - Open a business bank account: Having a separate |
| services, or any other industries, follow the checklist | | | | bank account for your business transactions can |
| below to ensure your business is off on a flying start | | | | ensure you can manage your business cash flow |
| for long term success and profitability. | | | | effectively as well as making it easier for taxation and |
| Setting up Your Business | | | | accounting purposes. |
| - Register business name and company: Depending on | | | | - Location of Office/Store/Warehouse: If your new |
| the country you're in, it's generally essential to register | | | | business is a retail store, it's essential to locate the best |
| your newly formed business name and company. This | | | | location that has a good balance of foot traffic but at |
| is particularly important to ensure your business name | | | | an affordable rent. For a service business, you can |
| doesn't already exist. | | | | start off with working virtually from home to save |
| - Register your domain name: Whether your new | | | | costs related to office space, or share a business |
| business is a retail shop or offer business services, a | | | | office with another new business (so you can |
| website is key to acquiring new clients/customers | | | | leverage their utilities, such as internet, phone, and even |
| online. Whilst developing a website can take at least 3 | | | | reception/secretary). |
| weeks, you can register a relevant domain name as | | | | Business Identity |
| quickly as possible. The key for an effective domain | | | | As mentioned before, I personally believe your |
| name is to keep it short and relevant. | | | | business identity is critical to business success and also |
| - Register for taxation purposes | | | | essential to get this right as soon as you start your |
| - Business identity: Logo, business cards, letterhead/fax | | | | business. |
| invoice templates - Personally, I believe it's extremely | | | | - Unique logo for your business: Get a custom |
| essential to get this right from the start. Your company | | | | designed logo! It may cost a little more than a template |
| business logo should be unique, easy to recognize and | | | | logo, but the idea of a company logo should be unique |
| relevant. It's the single important element that your | | | | and differentiate yourself from your competitors, so |
| clients and future clients will recognize your business. | | | | invest the time and cost upfront to have a unique logo |
| Outsource a freelance graphic designer to design a | | | | designed. The last thing you want is the have a similar |
| custom logo for your business (a freelance graphic | | | | logo as your competitors. Think of the big brands: |
| designer is much quicker and cheaper than using a | | | | McDonalds, Google, Sony: Unique and simple. |
| graphic design agency). Once you're happy with the | | | | - Business Cards: This can be the smallest - but most |
| logo, get your graphic designer to design matching | | | | powerful - marketing tool to use. Ensure your business |
| business cards, letterhead/fax/invoice templates, and a | | | | cards are consistent with your company's brand, and |
| website. Consistency with all these elements is key. | | | | also try and include the products and/or services you |
| Some freelance graphic designers actually offer | | | | offer (rather than just your company name and |
| "Business Start up Kits". With these design packages | | | | contact details). Having a unique design will also |
| offered for new businesses, this will be a cost | | | | increase the chances of the potential client/s to keep |
| effective way to develop your business identity. | | | | your business card, so make sure you tell your |
| - Register your trademark (i.e. company logo): Once | | | | designer this! |
| your graphic designer has fianlised your new company | | | | - Letterhead, Fax, and Invoice Templates: Keep it |
| logo, trademark it! With your logo trademarked, future | | | | simple but consistent. |
| competitors are not permitted to copy your business | | | | - Website: It's easy to want fancy flash animation on |
| name/logo. | | | | your website. But is that what your customers want? |
| - Develop a website:. With the use of internet (and in | | | | My recommendation is for your website to offer easy |
| particular, Google) continuing to be the fastest growing | | | | navigation, loads quickly, WIFM (what's in it for me), on |
| channel used by consumers and businesses, any new | | | | brand and different to your competitors. Your designer |
| business should develop a website that shows their | | | | can suggest a few different design templates. Again, |
| products/services, with an aim to acquire new clients | | | | it's worth the extra time and money to invest in a good |
| customers online. If your business is a retail store, opt | | | | website. There are so many new businesses who |
| for an online shopping cart. Or an online booking | | | | develop a cheap website to start off with, but end up |
| system to allow clients to book appointments online if | | | | getting a new website design only less than 3 months |
| your business is medical or recruitment. This is the | | | | later. So, know exactly what you want and |
| most cost effective channel to use. Your website | | | | communicate this to your designer as detailed as |
| should also be consistent with your branding, so try | | | | possible upfront (not after). |
| and use the same graphic designer to design your | | | | |