Starting a business in the UK can be both exciting and challenging, especially if you don’t know where to begin. Fortunately, with the right strategy and resources, you can increase your chances of success -and this is where we can help. From learning how to write a business plan for the UK to finding out the best legal structure, we have all you need to succeed; read on for our top tips, and learn all you need to know to get your business started.
Tips To Get Your Business Started
Here are nine tips to get your business started in the UK:
1. Do Your Research
Before getting started, do comprehensive research on local market trends and potential customer base. There’s plenty of data available online from sources like Companies House, and you can use this research to inform decisions on how to structure your company, pick target markets and understand the competition.
Research the industry and market in which your business will operate. This can allow you to determine who you should focus your marketing efforts on, as well as the needs of potential customers, creating a ready-made customer demographic and target market that you can tap into.
You can then use this research to build a plan, decide on your pricing and create a strategy for marketing and sales.
2. Write a Business Plan
A business plan is the foundation of any successful business and is essential for getting started in the UK. It should include an executive summary, a description of your products or services, financial projections, your marketing strategy, and a detailed plan for growth over time.
Don’t be afraid to ask for help when it comes to writing your business plan – there are plenty of resources available online, such as advice and guidance from sources such as the Prince’s Trust. Your business plan is a key element of your business, so don’t be afraid to take your time and get it right.
3. Choose a Legal Structure
In the UK, it is important to select the optimal legal structure for your business, as different structures may be subject to varying tax and regulatory policies. The two main types of businesses are sole traders and limited companies, both of which come with their own advantages and disadvantages.
Sole trader businesses are the least expensive to form and the simplest to manage, but they do not offer the same legal protection as a limited company. Limited companies are more complex, however, they come with greater tax benefits and provide owners with increased personal liability protection.
Take the time to research each option and decide on the best legal structure for your business before getting started.
4. Register Your Business
Once a legal structure has been selected, it is necessary to proceed with registering the business with Companies House and HMRC in order to take advantage of potential tax reliefs and more favourable rates of corporation tax.
If your expected turnover is greater than £85,000 in the next 12 months, you will have to register for VAT.
5. Secure Funding
If you’re starting a business from scratch, there are a number of options available in the UK, such as grants, loans, crowdfunding and angel investing. Research each option to find out which one is right for you and your business – and don’t be afraid to ask for help if you need it.
6. Market Your Business
Once your business is registered and funded, the next step is to start marketing it.
It is necessary to explore a variety of channels to reach your target audience, such as online advertising, local networking events and public relations activities. Tracking and measuring results will enable you to assess their effectiveness and adjust your strategy if necessary.
7. Utilize Technology
Using technology to support business operations is important in the current digital age. Automated invoicing and scheduling software can be leveraged to improve efficiency, while social media is an effective promotional channel that allows companies to connect with potential customers.
8. Get Professional Advice
While there are plenty of resources available to help you get started in the UK, it’s always a good idea to seek professional advice when setting up a business. Consider speaking to a qualified accountant, lawyer or business advisor who can provide tailored advice and guidance on the best route for your business.
9. Keep Records and Monitor Your Progress
It is important for businesses to have accurate records of their finances, operations and customers, such as tracking income, expenses and sales. Regularly reviewing these records helps inform decisions about the future of the business.
Starting a business in the UK can be a daunting prospect, but it’s also an exciting opportunity to create something unique and successful. With our top tips above, you can be sure that you’re taking the right steps to get your business off the ground and ensure it has a strong foundation for success.