Setting up a business in the UK could be fast, done in one day and rather cheap. We’re assuming you already know what you want to do, so you’re mind is set, and you are ready to go.
After you decided on what to do and came up with a great business idea, you’ll need to do some research. Based on that market analysis, probable demand for your product or service and customer understanding, you will need to create a business plan.
An excellent start for a viable business plan is to set the mission and vision of your entrepreneurship. You will need to create an executive summary, outline business model, target potential customer and competition, decide on a marketing plan, structure your finance, and overview of the team. For all this writing, you could find inspiration with topics for an essay, or you could hire a freelancer on Upwork to help you with materials.
Now it’s time to follow quick steps for starting a business.
How to start a business
Opening your first business is challenging, but it’s not that hard to do the actual set up. Here are a couple of steps you need to follow to set up your first business.
Tell the government and get insurance
You’re off their books, and they should know it. You are becoming self-employed or opening a business, so go on HM revenue & customs and let them know. You need to register for tax purposes. Getting insurance can shelter you from early trouble if you get sick, accidents, or theft. Also, having an office insurance can protect your business from any unforeseen events in the future.
Decide on the type of business
You have to choose the type of business. A sole trader is an option if you want to run a business on your own or become self-employed. The general partnership includes two or more persons or companies, and responsibility and profits, taxes and others are shared equally between partners.
A limited partnership is similar, but the general partner runs the business and is liable for possible consequences, and a limited partner has financial input and liability in the amount he contributed. LLP is a partnership agreement where partners are not personally liable; it requires a written LLP agreement and needs to be registered at Companies house.
Other types of businesses include Private Limited Company (Ltd), Public Limited Company (PLC), Unlimited company, and social enterprise.
Create a business name and choose an address
Sole traders can use their own name, but another need to register name and UK business address for taxing and company has to be registered in the company register. Limited companies need to register name, and all companies could register the trademark for protection from others trading under the name of the brand.
When you are searching for your company name, make sure it isn’t trademarked or used. Check if your name is available here.
Business bank account and compliancy
Open business account which has to be separated from your personal account. Go to https://www.gov.uk and run through all regulatory requirements like licensing, data protection, health, and safety. David Rowland, Head of Marketing at Engage EHS, knows the importance of safety in business. He claims that “the role of safety in business is vitally important. It is imperative that we are proactive in developing a positive safety culture in our businesses. What we need is a genuine cultural shift, and this can have a profound impact on not just our workers, but also other KPIs such as consumer confidence and reputation.”
If you are not self-employed sole trader opt for hiring an accountant. As an owner, partner, or director, you will be responsible for paying taxes to HMRC, filing paperwork, and filing accounts. This requires a lot of paperwork, recording the financial transactions, preparing annual accounts, filling confirmation statement, and other stuff. With an accountant help, you could focus more on core business.
Choose your office and get equipment
The office is not pivotal in today's digital economy. For many online businesses, you can work with only a laptop. Depending on the type of business you plan to open, you can opt for co-working hubs, work from home, or browse the market for affordable offices to rent. There is an option of buying a property for the new company. If you opt for work from home, then the best webinar platforms can make your life much easier.
In most offices, you will get necessary infrastructures like desks, chairs, and internet access. You will have to provide computers, monitors, communication equipment, printers, and other devices. Those who decide to rent a small office using multifunctional office printers might be a necessity as it saves the space and why not decrease your expenses. For instance, using multifunctional office printers will replace copier, scanner, and fax machines, and compared to single-function printers they will simplify the process of working with paper, and the employees’ need to learn only one interface. Again, you can lease the equipment or buy it if you have needs for specialized machinery like CNC machines, or 3D printers.
Create a website
If you have the business past year 2000, it’s essential to have a website. With easy to use CMS like Wordpress you can create it yourself, but if you want top-notch quality with great design, appealing landing pages, ability to build a sales funnel and advanced options, you should hire a professional.
Get more than one quote and choose web designers based on review and references. You will need to check their work and ensure all functionalities are in place, and they posted unique content across the site. For example, educational content, that can be written at high-quality dissertation help online, helps a website to rank in Google. Specialists say that this type of content is very common in Business websites now.
Create a brand identity
Little things matter a lot. For a successful brand, you will need a logo, slogan, a symbol as a mark of your company. Deciding on the color scheme to be used across all company materials, products, website, and assets is also a key step. You can do all this by yourself, or hire an agency, freelancer or choose a designer for every stage separately.
Put your number, address, and email out there, and make sure customers can find you. Invest in SEO optimization on your website, promote through social networks, run organic, and paid digital marketing campaigns. Yell as loud as you can.
You can open your business in a day if you have a business idea and plan set. You need to inform the institutions, open a bank account, and register the type of business you want. Now it’s time to find an accountant, the office, get equipment, create an impressive web page. You’ll want to create a brand identity so customers can relate to your product or service.
Use social networks and try to keep expenses as low as possible. Leave no table unturned when it comes to cost-cutting, but don’t save on essentials like design, product quality, or necessary working tools.
Michael Turner is a freelance author with a strong affinity towards digital marketing, SEO best practices, and make money online niches. As a successful blog post and article writer, his mission is to share sometimes confusing topics simply and understandably. Frank thrive in complex technical material and turns it into clear, easy to read writing.