Guest blog: Advice on getting your new business off the ground, from Co-deal’s CEO Christina Larkin

Co-Deal - Christina LarkinSo you’re beginning to set up your first business. Congratulations! Hopefully you will have some capital to invest in your new company – whether it is a small or a large amount you will need a bit of funding to get things going. If you haven’t got any money and expect to call in a lot of favours to get what you need, then good luck! This blog is written assuming that you’re serious enough about to at least have a small amount to invest in your new venture.

So, what are you going to need? The truth is there’s a heck of a lot you need and right at the beginning of your start-up journey you need write out a list and decide what you’re willing to spend money on versus what you can do yourself, and also what you can rope friends in to helping you with!

The list below is in no way complete but it should give you an idea of what is necessary when you’re just starting up (and assumes you don’t have a mate who can do it for you – if you do – bonus – use them and buy them flowers / wine / whatever will keep them happy! But make sure you don’t offer them a share in your business unless they are going to become your business partner).

Market research – company registration – bank account – logo – business cards – domain name – website – copy & pictures for your website – videos for your website – business phone – email address.

A lot will depend on what your business does, as there are a load of other things you may need at this point: premises if you’re a retailer (unless you are a web based business); terms of use for your website; customer / supplier terms and conditions; ICO approval if you’re collecting & storing any customer data; networking membership; bookkeeping and accountancy software or people; the list goes on.

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But of course there’s no right or wrong list. And there certainly isn’t a list that has everything. I’ve tried to cover the things that most companies will need from a very early stage, but there are a lot more requirements over and beyond this list that will be specific to your industry, and the important thing is that you sit down at the beginning and map out exactly what you need, when you need it by, and what you are capable of doing yourself against what you will need to pay someone else to do. You will also need to accept that you can never account for everything and there will be extra charges here and there.

At this stage you will probably try to do most things yourself to keep your costs down, which isn’t a bad strategy, just as long as you know when it is that is time to start outsourcing certain roles and responsibilities. Be sure you’re clear on timings and what you will be capable of doing yourself within those timings. If you can’t get it all done then you’ll need to pay someone else to take on some of your work. What you choose to outsource should be based on what your capabilities are, as it is important you lay down a solid foundation for your company to grow on.

Christina Larkin

CEO, co-deal

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12 Jun 2016 10:19
Good blog, interesting read
21 Jan 2017 09:33
helpful basics for getting off the ground

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