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3 key stages of starting a new business

3 Initial Stages of a New Company

Business Purpose

One of the initial steps to creating a new business is the ‘business purpose`. The owner should write a bit about the dream they have, for example maybe they want to start a business selling clothing for children from newborn to eight, etc. They should further describe here all they want for their business.

Type of Business

The second point to develop is the type of business, where there is added more detailed information about the business, including:

The name you want to use
The products or services that you offer
The experience and knowledge you have regarding this type of business
The trends of the industry in general
Opportunities and threats for these businesses

Some of these issues can be answered for yourself and others should be investigated, perhaps through the Internet, library or media, chambers of commerce, associations and publications, preferably related to your type of business or industry. Once investigated and analysed, these points should give a good idea of the overall situation of your business within the economic, social and political environment.

Initial Idea

Every business plan is built around an idea that arises from the detection of a business opportunity. The emergence of the idea to start a business varies depending on the circumstances of each person / people. There are many factors that can lead a person to favour a particular business. In general, the factors that determine the choice of the idea are:

Repeating others’ experiences – this reflects new businesses, which frequently occurs in times of economic expansion.
New business opportunities in freshly supplied markets, creating new or high growth rate.
Technical knowledge about markets, sectors or businesses.
An entrepreneur who has been employee or officer of another business that seeks independence.
When an innovative product becomes known that is estimated to generate a successful market.
When it comes to business or activities of low complexity that allow any person to become self-employed in such an activity.

How can Your Virtual Office London help?

Your Virtual Office London are leading experts in company formation and virtual office services. Small businesses and new start ups can greatly benefit from a virtual office service, our service enables a start up to appear more established through use of a prestigious mail forwarding address, a telephone answering service and a registered office address. Using these services can really help maximise your new business potential for succeeding, it is a well known fact that many businesses fail in the first year. Our service is designed to give your business the best possible chance of survival.

Your Virtual Office London can also assist in forming a company, if you have started a business you may have become a sole trader however there may be tax advantages of becoming a Limited Company. If you would like to discuss this or any other points raised in the informative article please do get in touch with our expert team. We are always happy to help no matter how small or complex the question.

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