Seating up a new Business is a daunting task regardless of whether it’s your first try or if you’re an old hat at it. There will always be a level of risk when throwing all that you have into one basket, and it makes perfect sense that it does; if it fails then you will lose a lot more than your job. However, if you succeed, you also gain a lot more too. It’s definitely a gamble when starting your own business, and to have the best chance of winning you need to have the deck stacked in your favor as it were. And that means having solid foundations from which to launch your sparkly new business from.
So what do we mean by a ‘legitimate business’? Well, the obvious and literal definition falls under the legal wing of your company. It needs to be recalled a business and identified as such with a business tax code. It also needs to be funded in a completely legal and stable way. The second part of the ‘legitimate’ title falls into a more colloquial use of the term – which can namely be seen through the authority you prove you have within your industry, and the respect you gain through your customers. You become legitimate by looking and acting like a real and professional business, even if you’re completely blagging the entire thing.The reputation you want to build starts in those initial few days of your set up – start as you mean to go and all of that.
Are you becoming a limited or sole trader? If the latter then the process is pretty straightforward and one that doesn’t need much work – you simply register as such on the government website. The former, a limited company, does require a little bit more work, which is why there are companies like company formation out there to help startups, like yourself, to become a limited company. They also help with other startup factors and can continue to support you once you are an established business. You have to register with the government as a trader otherwise you will be earning an untaxed income which is incredibly illegal – so you may as well spend the time and effort to sort it now before you get into trouble. You don’t have to have a business bank account, but it might be a decision you decide to make seeing as the cost for a business account more often than not includes the use of an accountant’s time for any advice you may need.
Speaking of your business finances; legitimizing your company can cost money and it’s something you need to factor into your start-up budget. It’s unlikely that your company is going to start churning out a profit straight away, so you need to be financially prepared for some time ahead where you don’t have much of an income. On top of that, setting up premises, websites, adverts and hiring people isn’t a list of free tasks. They all take money which you need to have and have on board. If you haven’t got the sum total in your savings account, then you might need to look into a business loan or grant. Most banks can supply the former, while the latter is something only select governments and charities can distribute. A personal loan can be used for your business, but it’s worth weighing up the pros and cons before heading down that route.
Your online presence is incredibly important for you to look and function like a legitimate company. The obvious starting point is your website; choose a simple design that you can transform into something unique. There is no point over complicating things for yourself and for your customers. People want a clean cut, easy to use website that they will be able to navigate with ease and be able to find out what they want in seconds. The world is a much more impatient place thanks to technology, and the longer it takes to get to the wanted information, the sooner the visitor to your site will leave it. Add a blog and update it regularly with articles and discussions on relevant topics; things that your business is interested or connected to – not your own likes and dislikes. Interact with your target audience through social media, and don’t be shy about letting some personality into those comments. Yes, you need to keep it professional- but that doesn’t mean you have to be overly formal or completely removed from the world around you. Take these hilarious company responses as an example – but be aware that they can just as easily backfire as they do score you brownie points.
Whether you have a skyscraper in the heart of New York City, or the back bedroom in your home, setting up an office is a crucial part of the startup process. The legitimacy that you get through this process is more for yourself than anyone else, particularly when it’s a home office. In an office away from home, you have a legitimate business location perfect for staff and client meetings. But at home, you are creating a space in your life for your work. That balance between work and life is delicate, and where you do have to protect the valuable time you have outside of work, that can only happen if you have a set space and time to work in. How can you put work aside if it’s littering your dining table, or following you to bed every night? Sometimes needs must, but try to create that space where you can go to work, and leave work behind at the end of the day.
Dress for the job
Looking the part will always give the appearance of a put together business owner. Whenever you’re meeting a client you should always endeavor to look your best. On top of that, the process of getting ready for work really help you to get into the right mindset and can actually motivate you more than if you’re sitting around in your pajamas all day. Dressing for the job has some really beneficial, psychological benefits for both you and people you meet; if you look confident, put together and successful, then that is how people will view you. Why do you think power suits went so crazy in the eighties? Business was booming thanks to technology and a sounder financial footing, so people wanted to look smart and successful – so along came the power suit. Now, we’re not suggesting you don the shoulder pads just yet, but do consider investing in some decent suits or smart outfits. If you work well in jeans, then stay smart-casual for your normal work day, but dress it up for those all important meetings.
Starting up a Legitamate Business