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A good business idea is just the first step. Planning and organisation are vital if you want your new venture to succeed, so take the time to prepare. We’ll help take you through the initial planning, the essentials of operating your business, who you’ll need to tell about your new venture, and how to get noticed.
Evaluate your aims, strengths and weaknesses.
Here are 4 steps to work through when you’re thinking about starting your business:
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Think ahead about the logistics of running a business.
Organise your finances
Be as detailed as you can with your financial planning. Start by asking yourself:
You’ll need to book-keep so as to monitor your income and expenditure from day to day. You can use this to compare your progress against your original plan and produce more accurate forecasts.
Where will you work?
Where you’ll work from could have a big impact on your initial costs.
Can you set up an office at home or will you need to find separate premises?
Working from home – you can usually work from home without seeking planning permission as long as:
Taking on business premises – think hard before renting a large property or taking on a long-term rental, especially when you’re just starting out. Serviced offices are a useful option – they can be more expensive but give you more flexibility.
Make your brand strong and consistent.
If you’re setting up a full-time or part-time business you’ll need to tell:
Your bank – open a separate business account as soon as you can. Your bank’s business adviser can also give you help and guidance on starting up and building your business.
Your insurers – ask them if working from home will affect your home insurance or life insurance. You may need to take out extra business insurance.
HM Revenue and Customs – tell HMRC about your new business. You may need to pay tariffs or to get permission for some types of trading if you’re planning to import/export.
VAT – depending on your taxable turnover you may need to register for VAT.
Companies House – to register your business as a limited company or limited liability partnership (LLP).
Specialist registrations – if your business is in a specialist area you may need to register with other public authorities.
The Information Commissioner – if your business involves storing personal data.
A business that’s active and noticeable is more likely to succeed. Try to promote your business as much as possible:
Take a look at our ten steps to a more successful start-up.
Understanding your market
Writing a Business Plan
The legal essentials
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