If you are planning to start your own business in the UK then we suggest a few basic steps which will simplify the whole process. You can write down a business plan, understand the tax exposure, benefits associated with the business and ultimately finalizing the legal structure of the new entity.
The first step will be choosing a business idea. You may start by checking if a product or service is in demand by looking at current trends, analyze the market research papers, or writing blogs on social media pages to test if people are interested.
The second step is identifying whether the business will be online or if physical premises are needed for the type of business you own. Initially setting up an online website will make it more financially viable and the business can be started from home this way.
The name should be exclusive and appeal to your target customers. Your creativity and passion for the business would help you identify and shortlist a couple of names.
The business can be owned solely or in partnership with others. The legal structure can be a sole proprietorship, partnership firm, or a private limited company.
A business plan is a vital paper for a business of any dimension. It will help you to get an impression of your business goals, financials, market research, and likely hurdles.
Advertising and Marketing
Make a budget for marketing and identify various modes of marketing according to your budget. You can study how your peers have grown their business and follow a similar model. Of course, social media can be a boon for the same.
Licenses and Tax Structure
Identify all types of registrations with regulatory authorities such as license and tax registration. This will make sure the business is legal and any unforeseen future complications to run the business can be avoided.
Identify the sources from where you will be able to get the capital to run the business. If required you can approach banks for a loan.