If you are about to join the world of start-ups, I congratulate you. You are in for an exciting ride. With so many things to think about, as an entrepreneur or an SME, you’ll find that no two days will be the same.
We cannot escape the current climate of uncertainty with business and COVID 19 and while lockdown is being eased, many services are still affected, so you’ll need patience while researching what help is available.
Where on earth should you start?
Not sure how to begin? Well, you can have a read of this and then continue to read this checklist below.
What’s in a name?
If you haven’t already done so, one of the first things to consider will be the name of your company or business.
While some start their business with a name in mind, others struggle to find a name that captures the essence of their products and services as well as the personality of the owners.
Whatever name you end up with has to have consistent branding including a strong logo.
Speaking of branding, you will need a marketing plan, but this will be incorporated in a business plan. By the way, if you want to register your name/become a limited company, see below.
What’s the big idea?
When I started my business six years ago, I asked myself this same question. In other words, what is your unique selling point (USP) and why would someone want to buy into your idea and become a customer?
Why should they use you and not another company in the same sector? These are just a few of the many questions which can be addressed while working on your business plan. Here are a few templates from:
You can access some business templates from:
Sole Trader Versus Limited Company
So you have your business name and you are working on a business plan, but have you thought about which type of business set up would suit your company’s needs?
Here’s a really good article from Crunch explaining the difference between, a sole trader, a partnership and a limited company – Sole trader vs limited company, or umbrella: what’s best for you?
If you’re going to be a sole trader (or self-employed) you need to register with www.gov.uk.
Once you register and receive your Unique Tax Reference Number (UTR) you can then use this code to submit your own self- assessment. More information concerning tax and national insurance can be found here.
If you decide that you want your business to become a limited company, you have to register with Companies House.
For even more information about having a partnership when self-employed, check here and setting up a business partnership, check here.
‘Tax doesn’t need to be taxing.’
Who remembers this tag line from HMRC? Well without commenting I’ll just direct you to www.gov.uk, so that you can check out all you need to know about self-assessment, tax, and VAT. With all the information and resources available, I’ll let you decide whether it has all been too taxing.
Once you register, you can opt to received emails with updates and notifications about future webinars. The webinars allow participants to ask questions on relevant subjects while hearing a breakdown of subject matters in a straightforward way.
Any other business?
If you need business advice, once again you can use the business support helpline at http://www.gov.uk.
Remember, this checklist is not exhaustive, but it is a start. If you’ve not had enough links, then I have included a few more which I hope will be helpful as you embark on this new adventure.
Here is some information on how to set up a business from:
setting up business by http://www.gov.uk
Remember to check out some insurance quotes too, after you have researched different types of business insurance. Compare the Market and Money Supermarket are good places to start.
I hope that you found the above useful and that it inspires you so do your research.
If you have any questions concerning marketing or any business-related matters, then get in touch. If I cannot help, then I’ll point in the direction of experts who can!
I wish you every success, in your new endeavour.
Take care,
Tricia
