Are you an entrepreneur or an innovator with an idea you think can be turned into a money-making product or service? Great! Find out what to do next.
Creating your own business is a really exciting process, but it can be hard to know how to get started. Here’s a primer on some steps you will need to take, and links to other helpful information and resources.
- Research your sector
First, you’ll need to research what and who’s already out there doing similar things to what you’re planning. Although it’s great to be ‘first-in’ with a brand-new product or service, don’t discount taking something already existing and simplifying it or making it better. Do your competitor research
- Find your partners and suppliers
Who are your partners? Researching local, relevant partners and suppliers is a great move towards growth. Read about finding local supply chains here.
- Formally create your business & register for tax
Once you’re convinced that the idea is a goer, you’ll need to formally set up your business, register for tax and (if you’re eligible) get funding. Find out more about formally registering your business here.
Let HMRC know which type of business structure you’re going to start with: sole trader, limited company or business partnership. Then follow the legal guidance below to establish your business.
- Other essential factors to consider include
- Setting up a business bank account
- What equipment you may need to purchase or lease
- Finding a premises in the most appropriate location and contemplating whether buying, leasing or taking up a serviced office is right for you, or whether you could work from home and use virtual office services
- Health and safety issues
Contact us today to discuss your idea