If you are planning to launch a start-up, there are some things that you need to know. Starting a business can be very exciting. It can also be complex, confusing, and extremely stressful. If you don’t approach your start-up carefully, then there are lots that can go wrong.
It is important to clarify that while many articles of this nature focus on starting a business in the United States, this article’s purpose is to shine a light on starting one in the United Kingdom.
Here is some useful advice for starting a business in the U.K:
Research Business Names
The first thing that you need to do to launch a start-up is to research business names. Once you have found a suitable name, you should register your business with both the state Department of Revenue and get an EIN number from the IRS. If in the UK, you can register a business name in the UK in as little as an hour.
It’s important that you extensively search the internet, in order to ensure that there are no other businesses operating that share your new business’s name. In the US, you should also search for trademark applications and registrations with Trademark Electronic Search System (TESS). If there is a company using the name that you have chosen, then you should either find a new name or find a way to put your own spin on it, such as by abbreviating it.
Choose a Legal Structure
Once you have decided upon a name, you need to select a structure for your new business. There are four main types of legal structure, which are:
- Sole proprietor
- Limited liability partnership
Each structure comes with its own advantages and disadvantages. Most advise starting out as a sole trader or start by learning how to get an llc. if you are going to be buying, selling, and trading goods and won’t be employing anybody. If you need to start any of the other structures, then conduct extensive research into tax regulations and law. This is especially true if you are going to be importing stock from overseas.
Develop a Business Plan
The next step to launch a start-up is to develop a business plan. A business plan is a document that contains your business’s goals and the methods that you will use to attain them. In addition to this, a business plan will also outline a timeframe for achieving these goals. A business plan can come in very handy. You can use it as a guideline for starting your business. If you are struggling to develop a plan, there are freelance agents that will work with you for a fee to develop your business’s plan.
Funding Your New Business
In addition to developing a business plan, you need to map out how you are going to fund your new business. If your business is an online venture or you will be drop-shipping, then you won’t need that much funding. If you will require a storefront and will need to buy stock in advance, however, then funding requires careful consideration. Maybe you were lucky enough to invest in crypto currency with a company like Paybis where you can Buy BNB and now have enough to start the company you have dreamed of. But if you can’t acquire funding through friends and family and don’t have savings free to commit to starting your business, then you may need to go through a loan company, a bank or the SBA. If you are going to do this, then make sure that you research interest rates beforehand and have a compelling business plan.
Marketing and Advertising
Marketing and advertising are very important parts of starting your business. There are many different ways that you can market your business. If your business is a small, local business catering to people in your area then you can market yourself through local radio, flyers, and social media. If you are going to be a larger business, selling to international clients, then you should similarly market yourself through social media, and with other online marketing solutions, such as pay-per-click. You can hire a professional marketing agency to handle your business’s marketing for you if you are struggling with it.
Buying Business Insurance
Business insurance is crucial to your business’s survival. If your stock were to become damaged or stolen, then insurance would payout, ensuring that you weren’t stuck with a large bill. Business insurance will also payout if an employee injures themselves at work, or a customer trips over and hurts themselves inside your shop. There are many different types of business insurance, so it’s advisable to go through the different types and research which is necessary for your business.
Managing a business’s finances can be difficult, especially if you are solely responsible for running it. If this is the case, then you should outsource your business’s financial management to an accountant. Many accountants will sign a contract and work with your business long-term, though this won’t be cheap. You can also outsource your accounting needs to an online accounting software service. This tends to be the cheaper option but is far less personal. Last but not least, you can use online accounting software to manage your accounting yourself. Carefully assess these three options in order to decide which is best for your business.
Keep Business Records
This suggestion isn’t necessarily an important part of starting a business, but it is a good habit to get into. Good recordkeeping makes it easier to provide information to give an accurate tax return at the end of the year; develop and grow your business; identify your business’s strengths and weaknesses; manage changes in your business and sell your business in the future. If you hire an in-house accountant, they will be able to handle all of your business’s records for you. Good recordkeeping will benefit your business for many years to come.
Create a Website
An important step in starting your business is to create and launch your website. There are many online templates and hosting providers that will make it easier for you to start your website, although it will be better for you if you hire a professional web designer to manage your website’s creation for you. A web designer will create a totally unique design for your website, in addition to finding you a reliable and trustworthy host. Web designers do cost a lot of money, but the service that they provide is incredibly beneficial. Hiring one is an investment into your business’s success.
Deciding to launch a start-up is a great way to achieve total financial independence. Very few people want to work for other people’s companies anymore, putting money in somebody else’s pocket. If you are one such person, then this guide will help you to start your own business and become your own boss.