Top Tips for Setting up Your Own Business

Posted on: September 2nd, 2013

Welcome to guest writer, Amy Lawson, who provides some helpful tips if you are about to embark on setting up your own business.

Nowadays, many people find they have an increased interest in becoming their own boss and setting up their own business. But just how do you set about doing this? This guide will take you through the key information needed for you to enter the world of entrepreneurship and start your own business, all in a straightforward, no-jargon manner.

Step One: Come up with an idea

This might be the easiest or the hardest step of the process, depending on the person. But either way it is of paramount importance – within this idea is your unique selling point, your market niche. To help get you thinking, start considering your existing talents; what are they, and how could they be applied to a business model? Throughout the UK, there are business support services that can help you solidify your business plan. These include the National Enterprise Network in England, Business Gateway in Scotland, NI Business Info in Northern Ireland, and Business Wales in Wales. All these services are free for you to use, whenever you wish.

Step Two: Register your idea

Once you know your business idea, it’s important to take measures to safeguard it. Registering your idea can help prevent anyone from copying your intellectual property. It may seem like a minor thing now, but better to be safe than sorry.

Step Three: Develop your idea

This step will require a good deal of work on your part, and includes researching the market and how your business idea will fit in it, testing products or services, finding suppliers, partners, premises and much more.

Step Four: Secure funding

Most businesses, even small ones, need some amount of initial investment capital in order to get started. This can be a particularly daunting task for the first-time entrepreneur with no track record, but there are avenues out there. For example, in UK, there are Government-backed support schemes which are a good option, as they are aimed at creating new businesses like yours. Further options for funding include bank loans, crowd funding and selling shares in your enterprise in return for capital.

Step Five: Legal issues & business structure

This may not be the most exciting aspect of starting up a business but, once again, it must be undertaken in order to operate efficiently, as well as to safeguard yourself legally and economically. With this, you will have to figure out how much financial exposure you will be undertaking, as well as how much control you will have over the enterprise, plus how revenue and tax returns will be handled.

Step Six Further tasks & responsibilities

Some additional tasks that you will likely face include registering your business and understanding the legal responsibilities of it, such as filling in tax returns. You will also need to get insurance for your business and, depending on circumstances, you may also have to attain certain permits or licenses.

Step Seven: Business advisors

The work involved with running a business can be too much for one person to accomplish entirely by themselves, so it will be likely that you will need advisors to handle certain areas, particularly as your business grows. An accountant and a solicitor are essential to most successful business ventures, so be sure to do the proper research and find the professionals that are best suited to your needs.

HMRC or Her Majesty’s Revenue and Custom is a department of the United Kingdom Government accountable for tax collection, state support payments and management of different regulatory regimes. It ensures availability of funds for public services in the UK and also assists individuals and families with limited finances.

HMRC guide is an exceptional directory service that helps you find the correct telephone number of the desired HMRC Department, so that your queries are answered precisely and on time.

Author Bio: Amy Lawson is a content writer. She is a professional blogger from London and has written many articles on Entertainment, Finance and Health categories. Now she is doing research on tax return etc.

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