Setting Up Your Own Business

The process and pitfalls

  • In the UK alone there are nearly 5 million small businesses (under 500 employees)
  • …And nearly 500,000 new companies set up each year
  • SMEs employed an estimated 13.8 million people and had an estimated combined annual turnover of £1,500 Billion
  • London has 748,000 enterprises more than any other region

Checklist:

  1. Come Up With An Idea 
    The first thing for a successful business is the idea. Without it your business is nothing. Try running it past friends and family first -But make sure they’re honest!
  2. Write A Business Plan 
    having a solid plan behind the business will ensure that you have benchmarks and targets to aim for and that your always going in the right direction
  3. Find A Mentor To Help
    Having a mentor who has experience in the business world is invaluable. They can help make sure you make the most of your time and resources
  4.  Register With HRMC
    In order to make it official you have to register with revenue and customs and decide what type of company you’ll be. This can all be done quickly online
  5. Take Some legal Advice
    Business can be mire of legal problems, so it’s best to make sure you’re well set up legally. Take some advice either from a local company, or for free from HMRC
  6. Find Premises And Staff
    Your own business premises will allow you have a dedicated space to work in. Managed premises are a good option for a first start, as all bills are usually included, making it easy to budget
  7. Set Up Phones & Internet
    Phone lines are important factors in giving people confidence in your business. If they know they can easily get hold of you or visit your premises they are more likely to use you.
  8. Set Up A Website
    A website is an essential part of modern business. In the first months of a business you need to do all you can to increase your exposure. And a website with a good SEO base can do just that

Reasons To Be Self-Employed

  • Be your own boss
  • Use your own ideals
  • Low startup cost
  • Work from home
  • Choose your own staff
  • Some Tax breaks

And Ultimately, FREEDOM!

Setting Up Your Business

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