So, you’ve decided to do it. To take that business idea you’ve had for a long time – and which you’re convinced is going to make you your first million – and actually make it a reality.

With the UK boasting some of the world’s most innovative small businesses just how do you go about setting up a new business and ensure you’re ahead of the curve?

1. Is Your Good Idea Really That Good?

There are plenty of self-described inventors and entrepreneurs out there, identify the unique selling points (USPs) of your idea. The ultimate question should simply be: ‘Will people pay for this?’ If you find yourself unconvinced, then perhaps your concept isn’t the best idea.

2. Write Your Business Plan

Business plans are vital for the admin side of your business. You’ll need it on hand for when you turn to banks or investors. You need to know your concept, the future of it and what it will take to get it there better than anyone. You’ll also need a strong understanding of the money it will demand, from the cost of business rates to keeping the lights on.

3. What Sort of Business Will You Be?

The UK has three business types for aspiring business-owners to choose from: sole traders, business partnerships and limited companies. Make sure you talk to an accountant, business advisor or solicitor to make sure you’re opting for the right business structure for you.

4. Invest in the Right Tech

Tech makes a powerful impression on your customers. Having to turn a customer away because of teething problems with your point of sale can be a poor experience (for you both!). The Square Reader is a stylish, easy way to make sure your customers will always be able to pay.

5. Get Online

Omnichannel is the future, so you should make sure you can offer your customers as many ways as possible to access, discover and purchase your products and services. A business website is an essential tool for any modern company.

You also need your website to display correctly on any mobile devices your potential customers own. So when you make your own business website make sure you view it just like you would your shop floor. Is it offering customers everything they need - social media links or Instagram feeds included? If you’re offering e-commerce options, make sure your product pages are always up-to-date to prevent cart abandonment.

6. Service, Please

While your tech may be at the top of its game, you need to make sure that the people you employ are going to match these high levels. Training can go a long way when it comes to getting a top-notch public-facing team who can get customers through the door again and again.

7. Serve Your Staff

As much as you need your team to know their duties to their customers and your brand, you should also remember your duties to your staff - things like the workplace pension, helping them through the onboarding process and making sure you manage your team in a fair and friendly way.

8. Let Word Spread

You’re ready to dance to the tune of a busy cash till (or card reader) so let’s make sure your hard work is rewarded. The power of social media should never be overlooked. It’s powerful, it’s wide-spread and it’s completely free, so there is no reason you should not be harnessing the power of Facebook, twitter or Instagram to get your name out there.

Get ready, Square has arrived and it means big things for your business.

Square enables millions of small and medium sized businesses around the world to take credit and debit card payments without subscription fees or ties.

Here are just a few ways that Square can help transform the way you work:

• Get paid fast - normally next business day
• No monthly fees, or minimum use
• Free to set up an account and only takes 5 mins
• Accept Visa, Mastercard and American Express
• Accept contactless, Chip & PIN, Android Pay and Apple Pay
• Pay just 1.75% per transaction for payments made in person
• Pay just 2.5% for telephone orders, online payments and electronic invoices
• Use your existing device. Square is compatible with multiple iOS and Android phones and tablets, including iPhone 6 and 7.
• Track your sales and inventory through the free Point of Sale app
• Square Reader is just £39 + VAT

Sign up for a Square account by visiting www.square.com/uk