Business

Initial Steps to Starting a New Business

4 Mins read

So finally you have decided that you want to start your own business. Obviously, you have thought of a new business idea and even figured out the finance aspect. But the next step in this regard is setting up your office. 

This process is slightly challenging as you have to add all things as per your requirement. The truth here is that there are a lot of things that you will require while establishing a new business. 

Missing out even on one of them can lead to serious inconvenience for you. Here we will tell you the initial steps to setting up your own business. One of the first steps would be to form a legal entity for your business. And based on the information from LLCGuys – you can do it yourself or hire a professional company to do the work for you.

Communications

First of all, you have to install the communication lines in your office. Find out a dealer who deals in VoIP services and can give you a better deal on the same. Always remember that most of the communications equipment can either be leased or rented out. You do not necessarily have to buy a new set. 

You can easily find suppliers online. Any new business needs to be readily contactable. So check out all the services you will need. Contact the service providers according to that.

Furnish your office

Initially, you will need just the essential furniture to start your work. A standard desk, an adjustable chair, should suit all the people. Go through the office supplies catalog to see what you want. Online you can search to find online auctioning of items. 

Apart from that, office clearance companies will be able to offer a complete set of equipment at discounted rates.

You must organize your office to minimize any time wastage. Store all the files you need at places where you can easily reach them.  If you are expecting visitors, you will need a separate meeting room. 

Office equipment

The computer equipment that you buy will pay for itself in a year. If you choose the right software, it will improve work productivity. It will also reduce the time that you spend on repetitive tasks. You will need a photocopier as well. 

Figure out how much printing and photocopying volume you expect. If you decide to lease a copier, you must read their terms and conditions carefully. Whether you are starting a freelance business or a company, any expensive maintenance commitments, or minimum usage contracts can burn a hole in your pocket.

You may also need a scanner if the all-in-one printer does not suit your requirement. A scanner with optical character recognition software would be a significant investment, especially if you have to re-type vast volumes of text frequently.

Before buying any scanner, just check the product. Use it on a document that matches your workload. Remember, if there is any product that you will not use frequently, you can rent that out. Some businesses need to send regular postal mail.  You can then buy a franking machine and stamp your mail automatically. The rental costs for the same can range around $10 per week.

Stationery

Now that you have your office almost set up, start thinking about the stationery.  The stationery you use acts like your brand image. You must keep a consistent message all throughout the branding. Use matching typefaces, design, and quality of the paper. You should always select a font that is easy to read out.

The weight of paper ranges from 80 to 120 gms. Check if having heavy stationery would match your product image. All the items should have your brand logo on the top right. You will have to consult a good printer or designer to get more inputs in this regard.

You will need A4 size paper for the letters you send and also for envelopes. Add the business name, address, phone number, and website on these. It is compulsory to add the company name on the letterhead. A limited company would have to mention the names of all the directors.

If you have registered for VAT, mention that number on all the stationery. You may opt for compliment slips instead of letterheads. They have the exact details but are smaller in size. You can use them to write small messages or other information and post it. They are cheap and quite helpful.

Remember, you will have to raise invoices and bills as well. You could do them on your letterhead or create different formats for them. You must look for a print shop or commercial printer to do all these odd jobs for you.

Work from home

Many people decide to set up their office in the home itself. If that is your situation is true for you too, then you will have to think of a few things. First of all, you will have to find out if it’s legal to set up a home office in your area. 

You will have to establish a proper workspace. If you do not do that, your productivity will show a dip as distractions increase while working from home.

Do you expect your clients to meet you in the office? If yes, then you will need a separate room to conduct such meetings. Or you could meet them elsewhere and finish your work from your home office. 

If you are setting up the business from home, you must understand that you will have to pay electricity expenses and other bills. It is better that you consult your accountant to know more about the same. 

Apart from that, you will have to set your schedule in tandem with other family members. You will not want your work to get affected by regular domestic affairs.

Conclusion

Setting up your office requires a lot of small jobs. Make a to-do list in the initial stages itself. As you go about completing them, you can mark them as done. Even within the equipment and stationery segments, there would be a lot of items to purchase. 

Invest in the necessary items and avoid those which are not as essential. Initially, your remaining in contact would be the most important. Hence make sure that you are giving a lot of emphasis to the communication systems you buy. 

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