Whether it’s a joint venture with a friend or a simple online side project, starting your own business is a great step towards professional independence and financial freedom.

Despite the long-term benefits, getting your company off the ground is no mean feat and can seem like an incredibly overwhelming task, especially for first-time entrepreneurs. If you’ve been sitting on a great business idea and are thinking about finally taking the plunge, here are some factors to consider before you get started.

1. What is the best location for my business?

Finding a location for your business is about much more than simply clearing a spot for your laptop; even a home-run ecommerce store will need adequately designated space, not only for stock but also for postage and packaging materials. If you are looking for separate office space, start by identifying all the features your business will need for day-to-day operation, as well as how many desks or workstations are required. This will help to establish the size and type of property you are looking for.

Secondly, decide which area would be best for your company – somewhere equally local to you and your business partners, or somewhere further out that offers cheaper rent? Be sure to take a thorough look around at all potential office spaces, and consider signing a short-term commercial lease to start off with. Just remember – your office space will be the hub of your business, so don’t be afraid to be fussy!

2. What legal boxes do I need to tick?

One of the trickiest parts of starting a business is navigating the seemingly endless legal hoops that need to be jumped through. The requirements will vary depending on the type of industry you are going into, so it’s essential to do your research before you start trading. As well as registering your business name, you need to determine which taxes you will be liable to pay – this depends on the kind of business entity you plan on forming.

The bureaucratic aspect of starting a business is enough to put anyone off, but don’t let it deter you – simply focus on making it as manageable as possible. The internet is full of information and resources which make it easy to compile a checklist, which you can then work through methodically.

3. What equipment does my business need?

Having survived all the paperwork, the final aspect to consider is what equipment you will need in order to run your company efficiently. Technology is key to any business, and it’s essential to look beyond the standard office furniture and computer hardware when kitting out your start-up.

In addition to a professional website and email address, think about what kind of software will help your business run smoothly, such as accounting programmes or a customer relationship management (CRM) system. For safe and accessible online storage of company files, you may also wish to look into different virtual server packages, such as those available here. These can also be accessed via mobiles and globally as well.

Now you know exactly what you need to start your own business. Make a list today and take a step towards financial freedom.