When you start a new business, it can be an overwhelming task and a fine line between success and failure. When preparing to start your business, it is important to be clear about the steps to take and to get everything in order and seek advice before launching; taking the opportunity to discuss the best structure and how best to protect yourself and your company.

We at Swift Resolution have put together some useful tips to get you started with confidence:

Pick a name

When you pick an effective name for your business, it can turn out to be one of your most valuable resources. Make sure that you do your research and check that the name you have chosen is not the same, or similar to an existing business. The last thing that you need at this crucial time is to have to change your business name when it has become a vital part of your branding.

Start While You Are Still Employed

It may be a while before your new business actually starts to make any profits. Being employed while you’re starting a business means a healthy balance in the bank while you’re going through the start-up process.

Have Structure

Figure out how you want to set up your business; will you be a sole trader, a limited company or a partnership? Think about your personal assets and their protection. The most common structure may not be the most suitable for you and your circumstances.

Be Passionate

You’re going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it’s really important that you truly enjoy what you do, whatever it may be. If you are passionate about it, you are already a step closer to success.

Justify your business plan

Remember that whatever you write down is not set in stone. Think about having long-term objectives, estimates and forecasts – try to make as many of your goals measurable. The two most important reasons for having a plan is to keep your business on a planned course, so you can spot when things are not quite going to plan

We understand that starting a business can be difficult. Get in touch to find out about our range of debt recovery services so you don’t have to spend valuable time worrying about late payments. You can call us on 0808 145 1886 or email enquiries@swift-resolution.com