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Think about how you specify the business of your company when you register it. Aim to make it something which covers the things you enjoy as well as the things you work at. That way the things you enjoy become tax deductible. And the things you work at can be things you enjoy.
Jos Vernon
My anorak reverses into a suit (did an MBA some years back), my advice would be to be passionate about whatever you do as will take lots of time and effort and its only the passion that will take you thru.
Mickey Puri
www.ivtelecom.co.uk
I think this is a nice point to start off with; it’s unlikely that you’ll be setting up a company doing something that you hate but it’s worth thinking about exactly what you wish to do. When I first setup The Site Doctor and people asked me what The Site Doctor did, I said “Web Design and IT Consultancy” as I felt it was broad enough cover everything I was interested in doing, as it turns out I would think the majority of our work should now be classed as “Web Application Development” but you try explaining what that is to your IT illiterate friends ;)
I would be interested to know how many companies start out aiming to offer one service and then diversify into other more specialised areas –I would think it frequently happens after identifying a niche market.
Starting off with contracting will probably be a good idea as it will start bringing in money straight away. If time is of the essence and you're in an equal partnership you or your partner could contract to bring in some money while the other partner sets things up full-time.
John Mandia
http://weblogs.asp.net/jmandia
Identifying a source of quick (and if possible easy) revenue is a great idea, it doesn’t have to be something that you’ll continue in the longer term but this will ensure that the first few months while you’re establishing the company aren’t as hard as they perhaps could be. When I was setting up The Site Doctor I was prepared to take a part-time job to subsidise the business should it not generate enough income, luckily I didn’t need to but having a backup plan is always a good idea!
The other advantage of doing i.e. contracting or freelancing is that you’ll be able to get straight into the market place, letting people know about your services and identifying potential markets. The sooner you can get your face known, the more likely you are to generate new business.
Decide what type of company you want to start-up. Private Limited Company or an Limited Liability Partnership each have their own benefits.
I would recommend talking to an accountant to understand the pros and cons about each type of company. Setting up as a sole-trader or partnership is easier in the short-term but switching from a sole-trader to a limited company later may bring added complications and/or paperwork that could be avoided.
If you’re starting out on your own, it’s probably worth looking into the option of setting up a networked business. I’m not sure if this is the correct term for it but it’s what I’ve been using for some time now to describe how The Site Doctor operates. The theory is simple, rather than having a load of in-house staff which will increase your overheads, make tactical relations with other companies offering complimentary services. As mentioned later in the series (see New Business –Networking) we have setup ties with design companies, mobile development companies and a variety of other complimentary services.
The beauty of this form of co-operative business is it allows you to be a single point of call for more services than your core business which is more likely to keep you in the forefront of the clients mind. It also has the massive benefit of having back-up staff without the cost. If you’re planning on running a development company, why not find a couple of other local developers or development companies who can take on some of your workload? Initially you may not be making any additional income on top of their charges, but should the workload continue, you’ll be able to consider taking on an employee safe in the mind they’ll pay for themselves.
Might be a good idea to go on a short free start up business course. One that'll help you put a business plan together, make you think about your goals, your finance and marketing. They may also provide a very small grant. The tutors on these courses are sometimes very well connected and if you can impress them they might be able to recommend you. There's also plenty of other start ups that you can network with and fire out a few business cards.
Might be a good idea to go on a short free start up business course. One that'll help you put a business plan together, make you think about your goals, your finance and marketing.
They may also provide a very small grant.
The tutors on these courses are sometimes very well connected and if you can impress them they might be able to recommend you.
There's also plenty of other start ups that you can network with and fire out a few business cards.
Michael Wall
Steve (my father-in-law) went on a local business course many years ago before starting his Birmingham couriering business and is forever spouting pearls of wisdom that came out of it. From what he’s told me, the course has helped on many levels when running his courier business from decision making to re-assurance.
One point that Steve did pick up on from the course that I feel is relevant is the idea of listening. His course leader suggested that if you ever had the opportunity to take a successful business man/woman such as Richard Branson out for dinner, take them to a nice restaurant and pay for the dinner, not to impress him but to have a couple of hours of their time –something that you perhaps wouldn’t be able to afford otherwise. I think this applies to all business owners (I’m open to offers!) as you’ll have a great opportunity to learn from someone who’s been there and done what you want to do…
As far as I know, he’s never got any sniff of business out of the course but I would suggest using the event as a networking opportunity as the attendees are most likely new to business and in need of some contacts.
The business course should also expand on some of the points raised here. I’m not sure where the best place to look for one is, there are plenty available through Business Link but I would think finding one run by local business owners may be of more use.
http://www.freelancers.net/ posts up projects. Each of you put your CVs on there and there might be a few good projects you want to go for.
As with announcing your launch, get involved in communities, it does cost you in time but people respond well to you giving something back and it often results in more opportunities arising which more than cover the costs of participating. You also get a nice warm feeling from knowing you’ve helped someone else!
Visit http://www.businesslink.gov.uk/ they've got a lot of useful information and can help you out.
There is currently a huge amount of information available on starting your own business and running your own business from the government as there’s a drive to encourage start-ups in the UK, pop down to your local business link and you may even find there are grants available to you.
I posted about defining business names on another list a while back. It ended up on their wiki at Choosing a Business Name
Mike A
A name is an important factor of your business, make sure it’s scaleable and something that you’re proud of. I came up with “The Site Doctor” as the business name primarily because (among other reasons) I felt the majority of our business would come through fixing websites.
You should be proud of your name for obvious reasons, but remember that you’ll be needing to say it to people on a regular occasion. You’ll no-doubt also be frequently asked how you came up with your company’s name or as to its meaning as small talk at networking events and the like, so have a response prepared before the event (even if it was just something that you thought sounded cool!).
The reason I say you should ensure your name is scaleable is because I feel “The Site Doctor” portrays an image of a one-man-band which is something that I now can’t get around without changing the name. I did think about re-branding the company as “TSD” but on discussing this with existing clients and friends we felt that it was somewhat impersonal, I’m inclined to agree and would steer clear of acronyms for your name.
Work with a pro designer to create the right business identity - I started out with my own design and had I continued I would not be landing the projects I am today. Business Identity first, then Business cards/Letter Heads (chop the bottom off letter heads to create comp slips) and Report Covers. and of course apply the design to your web site. Get the same identity as a word doc template and use printed proposals for decision makers with an electronic copy as pdf. Staples provide a while-you-wait wire binding service (with card and transparent front) costing about £1.50 per proposal copy.
Sean Ronan
Remember that branding and company image is a profession itself and having a few quid to outlay on it won’t hurt. You can see the past incarnations of The Site Doctor [New TSD Design] which we’re currently trying to face lift but I would recommend having it designed professionally, not just to impress potential clients but also to give you confidence.
Sean’s idea of having templates for your proposals is a great idea and one well worth passing by your designer. By all means have an idea of what you feel your company’s brand should look like/convey but remember to leave a little room for the designer to make suggestions.
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