7 Steps to Setting up Your Own Business

Are you setting up your own business? I have been where you are now and it can be a lonely and sometimes daunting place but the good news is, you can be as successful as any other business, you just need a solid plan in place. To avoid you getting overwhelmed, I have put together a list of 7 steps to setting up your own business.

1. Write a Business Plan

Your business plan is the blueprint of your business and will contain everything you and anyone involved in your business needs to map out the path your business will take. Down the road your business plan could be used to secure extra funding so it is wise to do it correctly from the beginning.

2. Choose a Business Structure

Will you be classed as a sole trader or will your business be a limited company? To distinguish between the two, ask yourself a couple of questions. Do you want your business to be its own entity, separate from you with its own tax obligations, income and debt? Or would you like the business to be under your own name with you as the liable person for tax, credit and debts? If you are going into business with someone else, a business partnership is another option.

3. Work Out How You Will Fund Your Business

Will you fund your business yourself or will you seek funding from an outside source? If you don’t have any spare income or savings to use and you have some start-up costs, checking your local government website or local business support service should uncover the latest grants and funding available before you approach an independent lender or a bank.

4. Register Your Business

This is the exciting part. Registering your business puts your business on the map and makes it official! All you need to do is enter your proposed business name to check its availability and follow the steps on the official government website. Find out more about registering your business here.

5. Get Your Tax Obligations in Order

Don’t leave this one to chance! Work out what your tax obligations are based on your business structure and visit gov.uk to register your business for tax purposes. You can find out all you need to know here.

Don’t forget to check if you are also liable for VAT.

6. Open a Business Bank Account

If you are serious about your business then it will need a bank account which is separate from your personal account. There are so many options available and a good amount of online banks to choose from if you want simple and convenient. If you would like to stick with your current account provider, talk to them about opening a business account with them.
TOP TIP: I would highly recommend Starling Bank.

7. Market Your Business

It’s time to market your business. This step opens up a world of opportunities and return on investment if it is done right. Now is a good time to get your logo and brand sorted so you can maximise the impact your marketing has on your audience.

If you need help to set up or market your new business, I would be happy to help you get started or talk through any of the above steps with you to give your business the best start. Contact me here for a no-obligation chat or advice.

One final note if I may….. If you are starting a business, I would recommend you invest in this guide online, courtesy of K&K Legal Consulting.