We know that taking the plunge and starting a business from scratch can be daunting, so we compiled five essential tips for starting a business that we hope will help you kick-start your new venture.
- Create a business plan
- Decide on a name and logo
- Get registered with Companies House
- Secure funding for your start up
- Don't give up
1. Create a business plan
This is one of the most important things when starting your own business. Spend time researching your target audience and analyse the market - is there a hunger for your idea.
There's a number of UK Government sites that can help you to assemble your plan. It'll take some time to do, but it will be worth it!
- Write a business plan - gov.uk - You can find free business plan templates as well as where to find more detailed advice on how to write your business plan.
- Video Guide: How to write a business plan - We found this great video on Youtube from Business Wales/Busnes Cymru - it's just a couple of minutes but a great place to start.
2. Decide on a name and logo
Think about the your audience, how you want to be perceived and how people will search for your business online. This doesn’t have to be expensive, but it’s worth creating a lasting impact, so try to choose wisely. There’s plenty of online resources and sites that you can use to help create a logo, or ideas!
- Behance or Pinterest are great sites for inspiration, and you could find a freelance designer to help you out at Fiverr.
- Download our free guide ’11 ways to make money work for your business’ for more marketing and startup tips
3. Get registered with Companies House
If you're starting a private limited company (but not as a sole trader or partnership) you'll need to head to Companies House online to register your business or get advice. You’ll also need to provide a company name and address, appoint directors and a secretary, and crucially, register for any taxes you are liable to pay with HMRC.
4. Get funding your business startup
Think about how you will fund your new venture. While there are government grants available to help get you off the ground, they often won’t cover everything you need. So for spreading the cost of big pieces of equipment for example, small business loans or finance can help.
5. Finally, don't give up
Starting your own business can be a long process, but the rewards of being your own boss will be worth it. You’ll only get back what you put in.