Starting a Business

The first step to starting a business is to establish a business name and a business structure, which includes the type of business you want to start.

Your business name.

Your business name, is something you can use to identify your business and the tax and registration number to apply for the business. You can choose between sole-proprietorship, partnership or corporation.

Choosing a business name is an important decision because it is used for the company name, logo, website and your business card. It is the first impression that your customers make about your business and it is vital that it is unique. It should be easy to remember and should reflect your business and services. Choose a name that fits the type of business you are planning to start and easy for your customers to spell.

Ideally you will want a name that has not already been registered as website . You could think about what products or services you offer in your business and think about a name that is meaningful and unique.  You should also consider if your chosen name is already trademarked by another company.  First place to look is the internet, search for similar names that are already existing, also check if the website domain name is available. Nothing worse than getting all your business media material logos made just to find out someone already had same idea as yourself especially if you spent a lot of money doing so. 

Brand identity: Logos, colour schemes and fonts are all part of your brand identity. It’s worth getting help from a designer who has good taste and understands current design trends. 

Business Structure

The structure of your business should be clearly defined and easily understood that allows you to separate your business finances from your personal finances, as well as making sure that your business structure is the correct one for your business.

The structure of your business is also important to the type of business you want to start: you need to decide what the purpose of your business will be. For example, if you want to start a business that sells goods and services that you want to make available to the public you will need to have a method of accepting money transactions such as a merchant business account and  any associated business licenses. You will also need to consider any additional business structures, like a partnership, or legal structure.

The importance of the legal and operational side of the business.

Legal requirements for starting a business are different for every country and region, so it is important to check your country's and region requirements before starting.

Data security

Data security is very important.  If you are going to collect and process personal data, it is very important to choose a secure and reliable data storage and processing platform. Some of the security measures you can consider are hardware encryption, data encryption, firewalls,  and access control.  There may be certain software which is required to store and process data, such as an online banking platform,  a database management system or a data-entry application.  A software solution such as these would need to be fully compliant, to ensure you comply with your country's data regulations. If your business is to be global you will also need to be compliant with regulations from other countries. A business plan may also include a more detailed information security plan, including: business network architecture, information security policies and procedures, information security plan and information security budget.  The security plan should be developed with the same level of detail as a business plan, and should include an information security policy statement that describes the organisation's information security policy.

Declaring tax and collecting taxes

Declaring tax and collecting taxes for online business within the countries you trade in is a legal requirement.   Therefore, it is very important to have a complete understanding of taxes and to make sure that you have all the necessary documents and information to fully comply.  A tax adviser can be an invaluable source of information and guidance.  They will be able to help you to understand the exact requirements of tax laws.

Marketing your business.

Your marketing strategy should include the following: a business objective, a marketing plan, a marketing strategy, a budget, a promotional strategy and a sales plan.  You will need to consider what type of customers you want to target, who are likely to purchase your products or services and how you will target these customers.   You may need to undertake marketing research to identify who your customers are and what they want.  How you plan to reach your target customers and what methods of communication you will use, such as email, phone, social media and your website, will depend on what type of business you are running.  A key element of a marketing plan is having a strategy to measure and evaluate the results from your marketing activities.  It is also important to consider how you will measure and evaluate your return on investment (ROI).  A marketing plan should have a specific timeline, which should not be too long.  It should include a marketing budget, and include the amount you will allocate to marketing activities and the return that you expect to achieve from this.

Health and safety standards.  

 It is important to take into consideration the safety standards of your products or services.  Different countries have varying safety requirements, so it is important to make sure that you are aware of any specific laws for your products that your products comply with all relevant safety regulations  in the countries that you are going to sell into. 

Ethical responsibilities.  

 It is very important to consider your company's ethical obligations.   There are certain international and national laws that should be followed or at least be aware of, to ensure that your business is ethically sound and compliant.  

• Responsibilities towards your staff.   It is very important to consider your company's responsibilities towards its staff.   There are many different laws in different countries governing the standards of employment and pay that you are required to comply with.

•  Responsibilities towards suppliers:  It is very important to make sure that your suppliers meet the requirements of international and national laws

• Environmental responsibilities.  It is important to consider the environmental impact of your products.   There are certain international and national laws that should be followed or be aware of, to ensure that your company's products or services do not harm the environment .

A clearly defined ethical policy can be a big advantage to mention in your marketing material and website, this especially important when dealing with products sourced from other companies.

Copyright material. 

It is important to ensure that your online business complies with intellectual property laws, that you have the necessary licenses to use copyrighted material in your products or services and marketing methods.