Introduction
Starting a new business there are many challenges you face. First you have to work out all the details; like, do you need to register for VAT, what sort of company do you want to setup. Then you have your initial setup and configuration. Businesses need to look at setting up a website, how they structure it that site, a domain and hosting, as well as security and other issues.
Once all those are out of the way there are relationships that need to be built with suppliers. Remember they are people too and need to be treated with respect and integrity.
What caught me out?
However, what has really got me, once I got started, were the small things. Sure I had covered off all the big items. Stock, VAT, the Website etc.. However, it was the smaller items that caused a lot of the initial challenges.
For example sorting out the relevant postage. You need to charge VAT on postage as it is a service that you are providing to your customer. You also need to bear in mind the various weight limits or bands, as the heavier an item becomes the more costly it is to post. For example with Yodel 0 – 1kg has one charge, whereas 1kg – 2kg has a slightly different cost. You need to ensure you account for all this when configuring your site, and working out how much to charge.
The second item that caught me off guard was storage. It should have been a given, but I underestimated the total amount of storage I would need. I have ended up having to secure external storage close to where I am. However, it was another initial/startup cost that I hadn’t factored for.
If you get the opportunity to work with a business coach I highly recommend it.