Fancy starting up a business in the United Kingdom but don’t know where or how to begin? This post (and infographic) can be your lifesaver. Read on.
Starting a small business – wherever in the world you are – is challenging. Even if you know exactly what business you want to start, or even if you already sufficient capital for your startup, there are hundreds of things you still need to do before it’s operational.
If you are a brand new entrepreneur with no proper small business startup experience, it can be overwhelming: You need to figure out what’s your business name is going to be, how to register it, how to choose a premise, how to deal with hiring, how to promote, and many other issues need addressing and questions need answering. If you choose the path of a sole trader (like most do), things are even more challenging, because you need to think about all of those on your own. You certainly need help. Fast.
Joining a community, connecting with a mentor, hiring a consultant… you can definitely tap on such great resources. But still, you need to be ‘well-versed’ when it comes on how to start your business – it’s YOUR brain child!
Fortunately, there is a guide that can act as your roadmap: HelloPrint has created this handy step-by-step startup guide to help new startups get off the ground.
Take a look at it below:
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Provided by Hello Print
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Here’s the step-by-step small business start-up guide:
Step #1: Before you start…
There are three sub-steps that you should do to ‘prime’ your business for competition in a harsh business world.
- Research your market: Understand your customer and competitors, and see in what areas that you have a fighting chance to win.
- Develop and plan: Plan properly and measure your progress.
- Find a mentor: Not only support and guidance, a mentor can also keep you in check with your business progress.
Step #2: Register your business
In the UK (well, also in other parts of the world, really) you have to register your business with the Government (HMRC and Companies House) to enable you to trade legally. Here’s the step-by-step:
- Define your business type: Choose between a sole trader, business partnership and limited company. Each has its own pros and cons, so choose wisely.
- Register your business: Register yours to HMRC to make sure you pay the correct Income Tax and National Insurance. If you are planning to form a limited company, then you need to register to Companies House.
Step #3: Become operational
Now you’re ready to set up your business. Here’s what you should do:
- Choose a name for your business: Choose brandable name that is easy to remember, as well as reflecting what your business do.
- Design a logo: Set your business apart with a logo that’s distinctive and easy to remember.
- Register a domain name & build a website: Today, a domain name is as important as your business name. Choose wisely. After that, build a representative website that’s clearly displaying what you offer and how to contact you.
- Create social accounts: Social media is a vital marketing tool. Don’t spread yourself too thin, though – use only a handful of platforms and make sure you update your accounts regularly.
- Obtain the relevant license: Obtain the right licenses for your business niche.
- Order business stationary: Letterheads, compliment slips and business cards can give your business a professional edge.
- Set up a business bank account: Separate your business finances from your personal accounts to help you stay on track.
- Purchase the necessary tools: Purchase the required office supplies that you need for the business operational.
- Find the right business premises: You may start from home, but as you grow, you may need to rent a space in a business hub that’s important for your growth.
- Take out insurance: Every business in the UK that employs one staff or more needs Employers’ Liability insurance.
- Find an accountant: An accountant will make your life easier – she can advise you on your business plans, loan applications, and tax returns filing.
- Find staff: Hire the right employee, as they will make or break your startup.
Step #4: Launch your business
You’re finally ready to launch!
- Market & promote: Promote as much as you can, connect with potential partners and clients, and boost your social media efforts.
- Monitor & learn: Business is about constant learning – gain insights from resources, spot opportunities and learn from your mistakes
- Enjoy! It’s all hard work, but it worths the effort – be proud!