Starting a business

What to Consider When Starting a Business

Business

There are many aspects that need to be considered before setting up a new business. The first factor that you will need to consider is whether or not there is a market for your product or service. You will also need to decide whether you will be running a business alone, or if you will need employees. If it is a small business, you may run the company by yourself initially, then take on employees if the business expands.

It is important that you write up a business plan. This should include tasks that need to be completed, as well as any deadlines. The plan should be somewhat flexible in case any complications arise.

The amount of planning required may seem daunting, but there is plenty of advice available. Start-up information is offered by the UK government website, and there are many other online resources.

It is important that you remember to register your business. If you are a sole trader, which means that you run the business by yourself and accept all liability, you will need to register with HMRC for self-assessment. Differently, if you are setting up a limited company you need to incorporate your business with Company House.

There are websites dedicated to providing advice for business owners. This includes everything from tips on deciding on a business and writing up a business plan, to marketing and expanding. There are also forums where you can find advice from others who are setting up a business, as well as recommendations on services.

So, in summary:
  • You need to write up a business plan
  • You may need legal and financial advice
  • Licenses and permits may be required