So, you had this brilliant business idea and the more you think about it, the more you feel it would work. In this short article, we take a look at the process of setting up a business, with step-by-step instructions.
- Write a business plan – As long as there is a demand for the product or service, the next step is to write a business plan. If you need help with this, Google is your best friend and can take you to free learning resources; a good business plan would cover every aspect of the business, sales & marketing, logistics, accounting & taxation, to name but a few.
- Create a digital marketing plan – Engage the services of King Kong, the UK’s leading digital marketing agency and they can put together an on-point plan that includes SEO and social media marketing. This will be your guideline to putting the business on the map.
- Crunch the numbers – After your business plan is complete, you need to find out exactly how much the business launch will cost. Include all costs for a startup, then work out the running costs and make sure that you have access to sufficient funds. The top reason for a business to fold in the first 6 months is lack of funds, so make sure you have that covered.
- Create a base – Whether a home office or sharing office space with other startups, you need a headquarters; many UK entrepreneurs choose to set up an office in the spare room, which is a lot cheaper than renting office space.
- Hiring staff – If you don’t want the liability of directly employing people, you can advertise for freelancers, which lessens the load on the business.
- Set up a bookkeeping system – It is essential to do this at the very outset, recording all transactions as you go.
- Register the business – Visit the UK government website and register the business, then you can relax, as you will be legal and above board.
We hope this short blog goes some way towards helping you set up a small business in the UK and we wish you all the luck in the world in your new project.