Earlier this month, The Guardian published a number of things any entrepreneur should think about when starting their own company. While the process as a whole can be intimidating, making sure these areas are in order can go a long way towards alleviating risk and ensuring the success of your organization.
The list is as follows:
Registration: This involves all applicable registration processes, including incorporating your own business. Learning how to incorporate will get you started with this procedure.
Accounting decisions: To ensure the financial success of your new business, you have to know where your money is coming from and where it's going. Are you going to hire an accountant? Are you going to manage finances by yourself until the company finds its legs? These are important questions you must answer immediately to ensure you don't make any early mistakes with your money.
Tax issues: Tax issues can be incredibly complicated, particularly for a first time business owner with little knowledge of such matters. Knowing tax codes and regulations can ensure you do not risk non-compliance and any legal ramifications. This is where it's advised to speak with a professional who can walk you through the process.
Employee payment: Once you start bringing on help, how will you compensate them? You have to set competitive wages to attract talented candidates, but in the early days of your company you have to be mindful of your profit margins. There are also myriad regulations to consider, so you may want to seek out the help of a legal advisor with expertise in this area.
Technology: Finally, you need to ask yourself how you will use technology at your company. It may be best to explore a bring-your-own-device (BYOD) policy early on because this will prevent you from having to buy and deploy computers, smartphones or any other business machine to your employees. You have to worry about security, however, and ensure you are equipped with a solution to protect your data — particularly if it is being accessed on personal devices — without hindering efficiency.
You'll notice that registration is number one on this list. That's because incorporating your business is the first, and perhaps the most important thing you should do at your organization. Working with a company designed to help with this process will ensure you are properly incorporated right away so you can concentrate on all other important matters.