So you’ve got a skill, found a gap in the market for it and have been playing around with the idea of starting up your own business for a while now.
You’ve done your market research and you’re ready to make the leap.
But how do you go about it?
What are the necessary steps you need to make to follow through with this fabulous idea?
Here is exactly you need to do to create and start up your own business.
Hello, is that the tax man?
First things first, call up the HMRC and register yourself as a sole trader for legality and tax purposes. The days of getting your payslip and wages tax-deducted for you are over! It’s your job to sort your tax returns now! There are heaps of information available online so make sure you brush up on exactly what you need to do if you’re unsure.
Hi, my name is…
This is the part where you get to be creative with your business name, this is the part where you’ve got a big shot at being seen. Depending on what your trade is, you could have a great chance of being totally conspicuous! Be sure to check Google and Companies House to see if it’s already being used though, no copycats allowed!
Decide what kind of business you are
There are different options for your business so you need to register as the one that suits you. For most it is the choice between being a sole trader or a limited company but there are others available, so read up on business types and make a choice.
Get a business bank account
It would be wise to set up a business bank account even if you are operating as a sole-trader. You will need to make sure you keep clear accounts and accurate taxes and deductions. It will keep your finances organised because to file business taxes, your business transactions must be separate from your personal transactions. Off the back of this, a good idea would be to appoint an accountant to manage and keep your records up to date and regulated.
The next thing you need to do is sort out insurance cover so you can protect yourself from risks such as accidents, sickness, theft and legal fees. The cover you need may vary and all depends on the nature and size of your business and how it operates. When you know exactly what cover you need have a little shop around for the best deal you can get as insurance can be an expense in itself!
Follow the rules!
Exercising due diligence is crucial! You have to follow the right regulations regarding your business and keep on top of it. From health and safety, food safety and hygiene, licensing, data protection etc. be smart and follow through the exact appropriate guidelines.
Find a space and make it yours
Find somewhere that suits all of your business needs and somewhere that is affordable. Whether you’re renting or buying, you should really do some research about the location and see if it will benefit you before signing or committing to anything.
Now you’ve got the necessary tools to get started – you’ve done the easy part! Time to become the best business owner you can be.
It won’t be without challenges and pitfalls on your own business journey but it is the most exciting and rewarding part when executed well.
Now then, let’s get down to business…