Starting A Business

Starting a business: the basics
1. Overview
Creative thinking and planning your cashflow
As well as your product or service, you may want might save you money and make it less costly
to choose your business’ name, its structure and than you may think to start your own business.
how you are going to run it. also It is also 5. Tax and legal issues for start-ups
important to think about how you are going to
attract customers and where you will get the You should choose the right legal structure to suit
money for starting up. your circumstances and register it with HM
Revenue and Customs. Should you choose the
This guide outlines what your options are, and
limited company route you are required to register
where you can find the information you need for
with Companies House.
planning your new business. It gives guidance on
business plans, finance and the legal requirements You may need to seek specialist advice on
that must be met when starting up a business. intellectual property protection to cover copyright,
trade marking, design registration or patenting.
2. Before you start your business
It is vital to keep accurate records and pay tax and
You may need to research and develop your basic National Insurance.
business idea, work out what you are going to
name your business and decide on what form it 6. Business planning for start-ups
will take. It is important think carefully about your You should plan your business carefully before
product or service, audience and what makes you you start up. The headings in a business plan can
stand out from the crowd. be thought of as a checklist of questions you need
At this point, it is worth thinking about how you are to ask yourself to reassure yourself that your
going to finance your start-up and what effect it will venture will work.
have on your personal finances while waiting for Writing the plan down helps to clarify your thinking
profits to show. and identifies where you intend to get to and how
3. Start-up options you intend to get there.
There are a number of options available to you Read our guide on how to prepare a business plan
when starting a business. You might want to start and download our business plan template.
your business full-time or part-time, or even in your 7. Finding and keeping customers
spare time. You could choose to work from home
or at separate premises, to buy an existing It will serve you well to have a clear understanding
business or to invest in a franchise, depending on of what an ideal or typical customer looks like. You
your experience, lifestyle and resources. may also need a way of identifying groups of
customers with a similar profile.
Assess your skills and see where you might need
some extra development or support. Business Understanding target customers and their needs is
Gateway offers free events covering a wide range a key aspect of your market research. Developing
of business issues, including taxes, marketing, a marketing plan and a sales plan will help you
networking and business planning. Find events in develop strategies to reach these customers
your local area. through promotional activities while helping you to
budget for the cost.
4. Finance for start-ups
Once you have gained new customers, it will be
Money is necessary for starting your business and possible to build a long-term relationship with them
to keep it going until your customers pay you. You to ensure repeat business. It's significantly easier
will need to cover your personal expenses until the and cheaper to do business with existing profitable
business can support you. customers than find new ones.
There are many different funding options for start- A focus on customer service will help retain your
ups including: most valuable customers. Customer feedback on
 personal savings your performance will help you make informed
 money from family and friends decisions when making adjustments to your offer.
 bank loans It also increases the likelihood that your customers
 grants and equity funding from private will talk about you positively to others and make
investors referrals.

Starting A Business

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Starting a business: the basics

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