Step 3 – Preparing for Launch

The Bank Account

It is always a sensible idea to keep your private and business finances in separate accounts to help you monitor how the business is performing financially.  Most banks  provide special tariffs for the first year, but it is worth shopping around for who can provide the best deal over the longer term and who can provide you with the best service for your sector or size of business.   Social Enterprises may also want to consider more specialist banks who would have a greater understanding of their unique aims and objectives

Promotion (inc website)

A good promotional plan helps you to focus on your market, streamlines your advertising activities and ensures a consistent, high quality image (brand) is portrayed and maintained.  Ask yourself, why would someone want to buy from me?

Promotion is an integral part of your marketing plan.  There are various templates you can download from the internet or you may want to consider using the template provided by your bank - especially if you want to approach them for funding

Most businesses choose to promote themselves through the internet at a fairly modest cost, but you must consider how customers will find the site and ensure that the design is consistent with your other promotional material. 

Premises (including ICT)

Most young businesses start from home, but you will need to consider the tax aspects of using your home in addition to: insurance, communications, ICT, health & safety.  Alternatively, you may consider renting or leasing premises.  There are an increasing number of incubator units available to start-up businesses and we would recommend reviewing local authority web-sites for information or local economic development sites such as Locate East Sussex.

We would recommend you contact a solicitor before signing any lease agreement.

Contracts (ie payment terms, trading standards)

It is good practice to have written terms and conditions available from the start of trading.  Having the basics in place will reduce the risk of disputes with customers and, where applicable, employees or partners.  There are numerous web-sites providing access to standard templates but you may also consider approaching a solicitor for specific advice or the local Trading Standards.

EDEAL has over 25 years experience with start-up and pre-start businesses, please contact EDEAL to find out how we can help you. 

Step four - The first 2 years