Turning Your Plan into a Business

• Registering your Business Structure - There are a range of different structures, you can adopt as a business, which are suited to both commercial and social enterprises. You may have well have decided on the structure of your company by now, but you will have to appropriately inform the Tax Office, Inland Revenue or Companies House depending on the route you have taken.
• Financial Management - Once you have your business structure organised, you need to organise your Business Bank Accounts, National Insurance, manage your budgeting and your book-keeping. Cash flow is crucial to a businesses success Suppliers may need upfront payment, but customers may take 30 days to pay you. Making sure you always have enough money in the business to cover expenses may seem like common sense, but it is not easy. To find out the best approach tor manage the financial side of your business smoothly, check out the Tips on Financial Planning.
• Human Resources - To effectively grow and develop your business, you'll need to build on your own skillset and skills base. Aim to complement your own strengths and skills and fill gaps where there are weaknesses. Before you start employing our outsourcing, consider finding yourself an inspirational business mentor, who can advise you as you grow, and will come with a contact network of their own. You can also find supportin the shape of key professional advisers (see our Dedicated Supplier Directory), or join forces with other complementary businesses (join the Striding Out Network ). To find out the best approach for uncovering the right pools of talent and expertise for your business, check out the Human Resources and Team Management and Leadership sections.
• Insurance Boring? Yes. Crucial? Absolutely! - It's hugely important to check your insurance requirements, as this will protect you against damages, claims or accidents, which could potentially result in losses or even close your business down. You may need to consider employers¡¦ liability insurance, motor insurance, public liability insurance or professional indemnity insuranceIt is important to find an Insurance Broker who understands your business needs and requirements, so explore a few providers before making a decision.
• Information Technology - IT is an essential component of any business in 2005 and beyond. E-mail and Internet are the largest communication channels for business transactions, and you will need a website. (After all, your competitors will probably have one, and the number of people using the internet is continuously growing, regardless of age). Browse our Resources to find recommended resources for getting your business online. Ensure you have a computer and software which is suited to the needs of your business. Depending on your IT literacy, you may want to undertake further training, or employ a specialist to help you. Check out our Information Technology Tips   
• Premises - Depending on your business, there may be a few options to consider. If you are a Sole Trader, you may want to combine working at home, with a hot-desking space. If you have a number of employees you could save finance by renting a serviced-office space. Alternatively, if you want to rent or buy your own premises, you may need extra help.
• Manage Your Business Relationships - Setting up your own business means the buck stops with you, so you need to take responsibility. You have to be responsible for you managing your suppliers, employees, and customers. And you are responsible forbuilding appropriate relationships to maintain and streamline your business processes and create productive results. If you are going to rely on others, you need to make sure you trust your instinct and choose the right people to work with you and for you. Check out the tips for Managing and Leading a Team
• Act Responsibly - When developing your business, remember your local community, the local economy and the local environment. How can you reinforce yourself and the business in the local context to benefit both your business and your potential customers and suppliers? To find out more look at our Social and Environmental Tips.
• Order your Marketing Tools - Once you have defined your brand, you will need to design your logo and graphics You may be able to do this yourself, or you may want to hire a graphic designer (heck the Dedicated Supplier Directory). It is essential to have your business cards printed professionally as soon as you can, followed by other business stationery and marketing tools. You want to make sure your brand identity conveys your brand personality and message clearly, with maximum impact Check out the tips for Branding.  
• Reaching your Market - You most know how you will reach your market and get your message out there before you launch forth. For a new business, you should opt to market your business via word of mouth, getting editoria into targeted publications, including your web address on all literature including e-mails writing articles on your area of expertise and by networking and setting up strategic alliances with complementary businesses. These are the most cost-effective and reliable ways to reach your market, build your reputation and your brand. Advertisingis also an option, but be sure not to sign up for any long contracts if you are unsure of the returns and avoid making rushed decisions. Check out the tips to develop your Marketing and Sales Strategy.
• Implementing a PR campaign - Getting your brand in the press and on TV/radio is a great way to get your message out there. Consider how you might create an effective public relations campaign to get such coverage. Also consider how you might persuade people to endorse and advertise your business for you. Think of as many ways as you can of getting free publicityfor your venture. Check you the tip for developing your PR Campaign.

Once you've put the final elements of your business strategy, branding and messages in place, and have set your business up legally, it's time to aim for the sky and prepare for each phase of development...

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