For the majority of start-ups in the UK, the process of setting up an enterprise is fast inexpensive and simple. It’s actually possible to establish an enterprise in less than a day! If you’re aware of the type of business you’d like establish, you’ve been contemplating it for years, you’ve gone through the books, taken the classes… Maybe this is the right time to get it done?
This article focuses on the steps to take to start an enterprise. Follow these simple steps and you’ll be running your business in no time.
Step 1. Inform HMRC that you’ve decided to become self-employed.
Find the perfect starter pack to suit your needs. You can complete this process via the internet, or over the phone, and it’ll help you get started as sole trader (for other legal structures , see the ‘part 2’ below). We also suggest that you complete the HMRC’s online training for free. It provides you with straightforward tips on maintaining records as well as filling out and filing tax returns as well as what you should do if you decide to take the services of a third party.
Step 2. Make sure you have insurance in place
Insurance will protect you and your business from risks like sickness, accidents as well as theft and legal costs. The type of insurance you require depends on the nature of your business and the manner in which you operate it. This Axa Business Insurance Quote Wizard can be a good beginning. It will let you know which insurances you’ll need and the ones you should be considering. Specialist brokers are great for small-scale businesses, and Trade Associations typically offer large discount for members. If you have children, ensure that you have life insurance as well.
Step 3. Select a name for your business.
Check Google as well as Companies House to see if the name you’re looking for is available. If you’re unable to decide then go with your personal name at the moment – for example. Jane Smith Cakes – but do not invest in printing or branding materials until you’re certain. Purchase the domain name for your website when you’re done.
Step 4. Establish an account for business banking
You will require a bank for business account when you start an organization, since it’s a separate legal entity that is not linked to you. It’s not required when you’re a sole trader (though it’s generally suggested) however, you should maintain a very clean account.
Step 5. Be sure to comply
You must ensure that you meet any regulatory requirements, for example. health and safety, licencing and data security. Gov.uk provides a number of excellent tools that can help you with this. It only takes about a minute and is a breeze for most startups.
Step 6. Start to record everything
Set up an accountant, or hire an accountant. your own book-keeping system. Keep a record of all expenses and sales. A software for accounting online can help you save a lot of time and effort as well as keeping your records up-to date and in top condition.
A business startup book can also provide additional pointers and help when starting out.
Step 7. Make sure you have your workspace organized
It is your Local Authority/ Council should be able to give you information about the business’s premises and the rates for your local region. If you are working from home, be sure you know:
What home-based business expenses can claim, which includes the cost of household bills
Planning permission is required if you are expecting frequent business visitors or employ someone who will work from home Ask the local planning department for guidance
If you lease, you should make sure to check the lease to ensure whether home-working is permitted.
If you do your work on the internet or with laptops most often it is a good idea to look into co-working options within your region and lease a desk for a short period of time or for a full time. Co-working is a fantastic option to overcome loneliness and establishing routine and discipline for those just starting in the field.
Perhaps a some push, but you’ll be able to do some, and perhaps all of this all in one go.
Therefore, getting your company officially established isn’t too difficult and doesn’t require much time at all. Of course it is more likely to succeed in start a business if start off with solid foundations.
Step 8. Find your business’s image the correct
Create a brand identity that is reflective of your values and how you would like to appear in the eyes of your prospective customers. Design a logo, and make sure you use the same colour scheme and font across every piece of material.
Create a website and place an order for stationary and business cards. Design platforms such as Canva today make it fast and easy and for free to design your own appealing products and social media photos.
Step 9. Select the best legal structure for your business.
Most of the time, this is a decision between sole trader or limited business. If you’re starting a social enterprise there are other factors to take into consideration.
Step 10. Create a business plan
The business plan you create is crucial when you’re trying to raise funds. It’s essential and must be a continuous document, regularly updated and reviewed. Your business plan must include an advertising and sales strategy, as well as financials.
Step 11. Control your cash flow
Create a cash flow forecast and then update it with current results frequently. A basic spreadsheet is typically sufficient. Here’s a cashflow tutorial that is free to download and. If you do require an accountant or bookkeeper to help you, make sure you know the material and revisit it regularly.
Step 12. Reduce costs to the lowest feasible
When your business’s structure is in place and you’re having a good time, make sure you ensure that you keep your expenses as low as you can. There’s plenty you could accomplish with just a little. If you’re in need of money to start look into the government-backed Start-up Loans company. The loans are non-secure and have very low rate of interest. You will be aided by an advisor and mentor.
Step 13. Make sure you have your business kit put together
Shop, borrow, and bargain around for office equipment, IT equipment, furniture, as well as transport.
Step 14. Set up communications
It is important that your customers are able to find you via email, phone as well as on relevant social media platforms. Begin by looking at the social media platforms where your clients hang out. If you’re not sure you can contact them!
Your brand’s image should have a consistent look across social media platforms, using the same logo and tagline – you need to be instantly identifiable. If you’re required to conduct lots of marketing on social media, make use of an application such as Crowdfire to plan and manage all your accounts on social networks.
Step 15. Find your support system in your
Evaluate your abilities and determine how you can fill in the gaps. Avoid hiring other people until you absolutely need to. Many small-scale businesses begin by subcontracting or working with other freelancers or smaller enterprises. This is now much easier with platforms for freelancers such as fiverr which lets you purchase slices of assistance with design, marketing administration, and more.
In the end, ensure that you have someone to speak to frequently regarding your business. There will be days of high energy but also times where things go wrong and your motivation dwindles. Therefore, find a reliable mentor or business advisor or someone else who are in the same situation as you to discuss the issues and the opportunities to come.