Starting A New Business

What type of business entity?

  • Sole trader
  • Partnership
  • Limited Company

How are you going to fund the business?

  • Business loan
  • Personal loan
  • Friends/family support
  • Existing savings

Do you need equipment or vehicles and how will you source these?

Do you need premises? Can you work from home or do you need office/business premises? Will you be mobile?

Have you factored in the running costs of a business?

  • Staff
  • Business rates, rent, electric, water, etc.
  • Insurance – professional indemnity, public liability, premises, motor, etc.
  • Motor and travel costs
  • Professional fees, bank charges, subscriptions, etc.

Your market position

  • Who are your competition/rivals?
  • Where are your customers
  • Who are they?
  • How will you reach them?
  • Who will be your suppliers?

Promotion

  • How will you reach/target your customers
  • Advertising/networking/marketing/website/social media

Accounting and tax

  • Register with HM Revenue & Customs
  • VAT requirements and Making Tax Digital
  • Accounts and tax returns
  • Bookkeeping

Legal Aspects

  • Laws and regulations
  • Professional bodies
  • Ongoing training