Critical Aspects to Consider When Setting Up a Business

Setting up a new business has never been as easy as it is today; with digital solutions, the entire business registration can be completed via the Internet. That said, there are quite a few things that you need to consider when planning a startup.

• Business location – It might not be in your best interests to register the business in your home nation; the large numbers of company formations in Vanuatu certainly points to the many advantages of choosing this small country as a HQ for your company. Aside from taxation benefits (exemptions), your new company shareholders can be of any nationality and even remain anonymous.
• Capital – If you were to list every single cost to your business startup, that is not enough to get you a) up and running, and b) to sustain the business over the first few months. There will be unexpected costs and how will you get through those first 6 months without a supply of funds? Add at least 25% to your final figure and you will have funds to fall back on during lean times.
• Digital marketing – Without digital marketing, your new business is going nowhere! Every business should be striving to create and develop a strong online profile; a good digital marketing plan would include, SEO, social media and pay per click advertising. Talk to a leading digital marketing agency and they would be happy to carry out a digital audit of your business to determine where you are and where you would like to be.
• Recruitment – You can’t be everywhere and do everything; the people that you take on will be the backbone of the organisation and choosing suitable candidates is critical. Using an agency is the most cost-effective way to access top talent; all applicants are screened and you are presented with an interview shortlist, you can’t get much better than that!
• Minimise risks – Taking out the right type of business insurance minimises risk to the organisation; you need cover for commercial premises, stock & equipment, as well as general liability insurance. If an employee were to suffer a personal injury at work and they filed a lawsuit to claim compensation, that could wipe you out!
• Create a comprehensive business plan – You should take the time and effort to compile a professional business plan, which would include an overview, company assets, startup and running costs, a digital marketing section, plus projected profit forecasts for at least the first 5 years.

The more time you spend preparing and planning, the more likely you are to enjoy sustained growth and with a lot of hard work, a great product/service and a little good fortune, your business will become an integral part of your local community.