Starting your business
Starting your own business and becoming your own boss is an incredibly exciting time, but it can be a little daunting too. We've filled this page with the resources we think will be the most helpful to you and have broken them up into easily digestible topic sections that you can come back to as often as you need to get your business up and running.
You will learn
- What legal obligations you'll have as a business owner
- How to write and use a business plan
- Ideas for marketing your new business
Before you start down the road to being a business owner, take a second to consider whether it's actually the right move for you. Will you keep your current job while you're getting your business up and running? Is there enough consumer interest in your hobby to make a business a worthwhile investment? The articles below can help you answer these questions.
You can't start a business before you know that there's a viable market for what you want to sell. That's why you need to spend some time researching and testing your idea on real people to see if there's enough customer interest to make your business a success.
Your business plan
Your business plan is going to quickly become one of the most useful pieces of information you have when you start your business. It will help you outline all the steps you need to take before you can call your business a success and will outline your overall goals to help keep you on track. It's not a document you'll create once and forget about, you'll need to continually update your plan and refer back to is as your business grows and changes over time.
Raising finance for your start up
One of the biggest worries people have when starting their own business is the amount of money it's going to cost them before they start seeing profits come back in. It's likely that you're going to need to source some alternative finance to help you start your business.
Considerations for your business
There are lots of things to think about when you're starting your business. You'll need to come up with the perfect name, price up your products or services, and more.
Getting the right resources
There's a big difference between tinkering on a hobby after work and setting aside the time, funds and space to be able to make your business idea a reality. Having the right resources on side to help you get your business up and running can be the difference between success and failure.
The legal bits
Staying on the right side of the law is crucial and can have some nasty consequences for you and your business if you don't quite meet legal requirements or codes. Below are some of the big issues you'll need to be aware of when starting your business, but each industry has specific rules and regulations that you'll need to know about and comply with. If you have any questions about starting your business and your legal obligations, get in touch with a business expert or the folks over at the Business Support Helpline for more advice.
You’ll need to register for Self-Assessment and Class 2 National Insurance as soon as you can after starting your business, even if you’ve completed tax returns before. Thankfully, you can do it all online on Government's website.
Marketing your new business
Marketing is a business must. Contrary to popular belief, it doesn't have to cost a lot, it is possible to have a large impact on your customers with a limited budget as long as you're targeting the right people at the right time. We've got lots of tips and tricks that you can use to market your new business, so check them out below.
If you want to develop a brand that your customers can easily recognise and identify with, download your free copy of our branding eBook.
When you've reached the stage in your business where it's no longer possible for you to run it by yourself, you'll need to think about taking on some employees to help you out. Have a read through our tips for hiring staff in your business for the first time below.