Running your business

So you've set up, what do you need to know now?

So, you've had the idea, you've raised the finance to get started, so what else do you need to think about when starting to run your own business?

When you first start running your own business, there's a whole load of things that you need to take into consideration to make sure that your business is running the best that it can. Here's just a snapshot of some of the other things to consider: not all of them will apply to you and will be completely dependent on the type of business you decide to run. We hope however that they will give you something to think about.

58%

of small businesses are looking to grow in the next 12 months.

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Where should I base my business?

Some people are quite happy to operate their business from their own home when they first start up, helping to keep an eye on finances in the early stages. You may however want look into renting an office space or unit for your business and we can give you advise on what's available. Through our college networks we are able to offer space within Gateshead at reduced rates such as the Northern Design Centre, just across the road from Baltic campus, as well as the Gateshead International Business Centre in the town centre. We can also provide help and advice on other areas including Newcastle and Sunderland.

 

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Finding suppliers

As a business, chances are that you're going to need to have some suppliers and in order to make sure that your business is as profitable as it can be, you'll need to find suppliers that can offer you the best prices as well as making sure that they are reliable. Here's some tips on finding the best suppliers for you:

  • Find suppliers on the internet. Search for the name of the product followed by “manufacturer”, “wholesale” or “supplier”, for example if you are looking for plastic boxes type in ‘plastic boxes wholesale’. Remember you can filter your search by ‘UK only’ or worldwide, you may get cheaper prices from overseas but are they reliable, could they deliver you goods at short notice?
  • Try eBay or Amazon, they are great places to find goods at wholesale prices
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Employing staff

If you think your business needs specific skills or even just an extra pair of hands, you may need to employ staff. Being an employer is a big step and you need to make sure that you have done your research before you start to employ people. Any one who is working for you must be paid the national minimum wage as well as being legally allowed to work in the UK. You'll also need to get all your paperwork in order so make sure that you have thought about things like employers' liability insurance as well as registering yourself as an employer with HM Revenue and Customs. Come and see us to get some advice!

Need help or advice? Book an appointment now.