Ok, you’ve decided to take the plunge and start your own business – but you have no idea where to begin. 

Action point: Need a website design? See how we can help hereAction point: Need a loan to start a business of your own? See how we can help here and here

Luckily, we have a range of resources available to take that nascent entrepreneurial desire through the stages it needs to become a viable business.

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What should I do before I start a business?

Choose a business structure: Are you going to be a sole trader, in a partnership, or even start as a PLC? You will need to decide what business structure you adopt early on.

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Market research: Thoroughly research your market to assess the viability of your business idea.

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Write a killer business plan: Writing a business plan is essential– make sure you have a clear roadmap before starting out.  This is especially important as you may show this business plan to potential investors.

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Think about your branding: Believe it or not, a business’ name, logo and business cards can be the difference between failure and success.

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Set up a website:  register a domain name and build a well-designed website for your business.

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Get your head around your start-up’s finances: Learn how to deal with bookkeeping and cashflow issues for the first time 

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How do I set up my business?

Understand the basics for setting up: Learn how to set up a company.

Alert HMRC: Contact the HMRC to tell them you’ll be setting up as self-employed.

Set up business banking: Get set up with a business bank account.

Get equipped: Think about what equipment you will need to start your business. Vans are a necessary purchase for many start-ups, especially in the trade sectors, whilst equipment such asPCs, printers and smartphones are more or less essential, so read our guides to ensure you make the right choice.

Consider a virtual office: If you plan to set up a home office, look into whether a virtual office is right for you.

Find premises: If you need external premises, buying property is a huge step; unless you’re absolutely committed, leased premises or serviced offices are normally more suitable.

Location, location, location: If you’re starting a retail business, location is crucial. Make sure you’re in the know and have explored all avenues before committing to a property.

 

What regulations and practical issues should I be aware of before starting?

Protect your intellectual property: If you have a technology or ideas-based business, or even a simple company logo, make sure you protect your ideas by familiarising yourself with intellectual property law.

Understand tax law: Whether you’re in business on your own account or already have employees, a knowledge of tax law is essential.

Get insurance: Prepare for the unknown by taking out business insurance, and be aware of the different insurance types available.

Comply with regulations: Don’t forget about your obligations under UK health and safety regulations. This is especially important if you plan to take on employees.

How do I recruit a team?

Ensure the timing is right: Ask yourself some key questions before deciding whether the time is right to hire an employee – don’t rush into it.

Write a compelling job description: Learn how to write the perfect job description to make sure you attract the best and brightest talent.

Pose the right questions:  Discover the best questions to ask during an interview – and the questions you should never ask.

Investigate employment options: Read up on the different employment options for staff – is your business more suitable for permanent employees, part-timers or freelancers?

Take heed of employment law: Ignore employment law at your peril, or your business could find itself confronted with expensive and potentially ruinous legal proceedings.

Offer training: Set up your new employees with the tools for success through training schemes.

How do I begin to sell my products?

Tell the world what you’ve got: You need to know how you will promote your product and who you will target – learn about the three key selling techniques as a starting point.

Get your product into stores: If you’re targeting retailers, follow our tips on securing deals with retailers and getting your product stocked in stores.

Keep up-to-date on e-commerce: E-commerce and selling online are crucial and you should be aware of the ins and outs of internet sales.

Brush up on selling techniques: Read our guides on how to sell to get in-depth advice on the techniques available.

Tell the world: Learn how to raise awareness of your brand by marketing your business.

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