Starting a business is a fantastic way of taking control of your future and reducing your reliance on other people. When the COVID-19 pandemic first struck, millions were made unemployed. Those that were fortunate enough to own businesses were, for the most part, safe. While many businesses did close, most have since reopened, not to mention businesses were given sizable bursaries and government grants to keep them in business. Individuals weren’t, save for stimulus cheques.
Thanks to the internet and technological developments, there’s never been a better time to start a business. This article will offer nine tips for doing so:
Registering your company is the first step in forming a business. The process of company formation in the UK is very straightforward, you just need to contact an agency to do it for you. You have to pay for this service, but it is very affordable. One thing that you need to bear in mind before you register your company is the type of legal structure that your business is going to be. There are four legal structures, which are sole trader, partnership, limited liability partnership, and limited company. Only limited liability partnerships and limited companies need to be incorporated. The other two legal structures are registered with HMRC and are not “companies.”
Another thing that you need to do when you first start your business is to hire a business advisor and develop a plan for moving forward. This is especially important if you haven’t got any previous business experience, or don’t have a clear vision for your company. A business advisor will be able to make suggestions for your business’s future, helping you to develop a clearer vision. You don’t have to implement all of the suggestions that your business advisor makes, but you should definitely consider them. Business advisors can also double as accountants, which we will come to later.
Funding a new business can be difficult if you don’t have any sizable savings and can’t get a loan out from a bank. The best way to secure funding is to find business investors. There are lots of platforms on the internet that you can use to find investors. For a small stake in your company, they will fund you.
Additionally, you can crowdsource your business’s funding. Crowdsourcing is great if you have lots of friends and family who want to support you. Funding is definitely one of the hardest bits about running a business, but with determination and effort, you will be able to find it.
If your business’s niche is more specialized, then you may have to advertise through a combination of different methods, including SEO, online ads, radio and television, social media, content, and bloggers. If you haven’t got any marketing experience or the idea of marketing makes you nervous, then the best thing to do is to hire a professional marketing team.
In addition to hiring a marketing team, you also need to hire an accountant. The tax year ends on April 5th, and you are expected to have made some contributions towards your tax bill by the following January 31st. If you haven’t ever had to file your own tax before, then the idea of doing so is probably somewhat daunting. If you make any mistakes on your tax return, you can be held liable.
Mistakes on one’s tax return can result in fines being issued by HMRC. HMRC does not look fondly upon people who don’t take their tax returns seriously. The fines and penalties can be very high, depending on the gravity of the mistake. An accountant will be able to expertly manage your tax return, ensuring it is all in order and that no mistakes are made.
Are you going to run your business alone or will you employ staff? If you are going to employ staff, then you should let them know from the very beginning that your business is newly founded and you won’t be able to offer them especially high salaries. However, you should let them know that because your business is new, they have the potential to get in from the ground up. This gives them the opportunity to develop their careers and become more experienced in the field, growing with you.
A website is essential. All businesses need websites nowadays, no matter what type of business they are. Every service and business can benefit from the use of a website. If you are going to use a website, then the best advice that can be given to you is to hire a professional web designer. While web building applications are very useful, they aren’t as effective as a web developer, who can create an entirely customized unique website, and provide 24/7 support for you. You don’t get that kind of service when you use a web-building platform.
You also need to think about whether or not your business needs a physical location. If it does, then where is it going to be? Finding a physical location at the moment might be very difficult, especially with property prices and rent soaring throughout the United Kingdom. The best option if you are short on cash is to lease a shopfront, and then buy one when you have a little more cash.
Market research is essential. If you want your business to thrive and succeed, then you need to know your competitors – and know your industry. Before you even register your company, you should have extensively researched the market and should know exactly what condition your industry is in at the time of you starting your business.
Starting a business is a great way to achieve total financial independence and free yourself from the shackles of ordinary working life. If you want to start your own, then you need to bear all of the points in this article in mind. By doing so, your business will have the best chance of succeeding.
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