Starting your own business is an opportunity to become your own boss. There are many different types of small businesses that you can start, from consultancy services run from home to designing and creating jewellery in a studio, from catering to a mobile food van, from beauty salons to running a shop. Here’s what you need to do once you’ve decided.
Choose your business name. The name should reflect your brand’s identity, be easy to pronounce and spell.
Decide whether to operate as a sole trader, a limited company (Ltd), or a partnership. A sole trader is the simplest business structure to set up and keep records for. A limited company is legally separate from the people who own it, and is run by one or more directors. There are a number of responsibilities and things to consider when running a limited company.
Register your business with Companies House (if applicable) and HMRC. As a Sole Trader, you can start trading straight away without registering. However, you must register for Self Assessment as a sole trader if you earn more than £1,000 in a tax year (from 6 April to 5 April). Company owners need to register the company before they start trading.
Obtain any necessary business insurance, such as public liability or professional indemnity.
Do some market research, start with a simple online search to see what businesses are already operating in your chosen field, otherwise known as your competitors. Understand your target audience and identify opportunities.
Write a Business Plan which will outline your business goals, strategies and financial projections.
Open a business bank account.
Look at Funding options, this may involve approaching a bank for a business loan, looking for investors or using personal savings.
Register your domain name. Create a logo, build a website and online store (if applicable). Decide on which social media accounts you’d like to use. Be consistent with your branding and message across all platforms.
Depending on your business, consider renting an office, studio or shop and buying or leasing equipment.
If selling products, find a supplier to source the items from. Those offering a service will need to find a supplier to purchase tools and equipment.
Find an accountant who will save you a whole load of work and stress.
After the initial set-up, the hard work begins. You need to build a customer base and keep them. You need to make a continuous effort in marketing, sales and customer service.
Good luck and enjoy!