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How to start a part-time business- Week 2 - Approaching the launch
by Startacus Admin
Here at Startacus, we don't discriminate based on size…whether your plan is to start your own multi-national corporation or a little cottage industry we are here to give you a little hand along the way!
In aid of this we have just begun a fab new weekly series of posts which provides lots of the important info and advice you will need through the journey of starting up a part-time business. Last week we went head to head to with the concept - those all important initial stages of planning the business which are so crucial to making a go of it!
It’s week two and now that the business idea is fast becoming a reality it’s time for you to begin to think about what you are going to do as you approach the launch. Many folks make the big mistake of assuming that the real hard work only begins once the business has officially begun… this is simply not the case.
Whilst it is true that the main attraction behind a part time business is that it gives you many of the benefits of being self employed with less of the hassles, now is certainly not the time to be complacent… There are an enormous number of things that you need to be on top of before the launch of your business. To help with this most crucial stage we have compiled a handly little pre-launch checklist to keep you on track.
Here are some of the things that you should be thinking about in the month leading up to the launch of your part-time business.
If you are selling a product- where you will source it? How long does it take to be delivered? How are you going to distribute it? Will you have a guaranteed supply? Have you quality checked it? How much are you going to charge for it? Where will you store it?
If you are providing a service - Who will perform it? How much time will it take? When will it be completed? How much are you going to charge for it? What is the upper limit to the amount of work you can take on?
The Marketing - Have you chosen a name for your business which is both memorable and effective? Have you created promotional material? Have you established an online presence? Have you created social media accounts? Who will maintain activity of your social media accounts? Have you contacted any publications to share your story? Have you issued a press release? Are you going to have a launch event? Will you offer special offers to return customers? Will you implement a mailing system? Will you offer discounts to specific groups, students for example?
The Finance - How much will your monthly overheads be? How much money will you need to bring in to make a profit? What volume of business will it take to reach this? If you are running the business from home, are there any renovations to be made? Do you have enough funds to cover the running of the business through the initial stages? Do you have a contingency fund? Have you considered taking out a loan? Do you have an account where the proceeds of the business will go?
The Legal Stuff - Have you chosen the legal structure of the business? Do you know the different options that you have? Make sure that you check the HMRC webisite for all the important details! Have you registered as an employer? (This is necessary even if you will only be employing yourself.) Have you applied for any licenses/permits which may be required? Are you familiar with the relevant regulations of your industry e.g. the Sale of Goods act?
Business Practicals - If your customers will be making online purchases, how do you plan to charge them? Do you have a knowledge of the rules regarding returns, exchanges and replacements of goods sold online? Are you going to have a bespoke database to record customer details? Do you know how to adhere to data protection laws? Are you well versed in employment law? Are there any insurance practicals to sort out?