Many people would love to start their own business, but the process of doing so can be confusing and overwhelming.
In this guide, we will take you through the steps of starting a business so you feel confident to take the leap.
1. Think of a business idea
This one you might have already done, but if not, have a think about what it is that you want to do. Maybe you have a hobby that you’d like to turn into a full time job, or you’re looking to open a shop, or offer business services to people. Whatever you decide, make sure it is something that you are passionate about and that you believe in because it can take a lot of hard work to get to a place that is viable.
You also need to make sure that there is an existing demand for what you’re planning on offering people. This is also a good time to pick your business name. Check the domain you want is available, and if possible get the same name for all of your social media accounts. It makes you easier to find and looks a lot more professional.
2. Write a business plan
Writing a business plan will help you formalise your idea, and allows you to look at things more objectively. You’ll have to do some research into your idea, so it allows you to evaluate if your idea is worth pursuing or not. You’ll also be able to work out the financials such as costs and potential profits. Check out his guide for advice on how to write a business plan.
3. Brand your business
Some of the first steps to take when branding a business, is to pick a name and create a logo. Consistency is key, so try to pick a name that is available across all social media sites, and that the domain is available. You should also check that the business name isn’t already registered. You want to try to pick something that is memorable, easy to spell, and that represents your business. When it comes to your logo, keep it simple and easy to understand. It should represent what you do. Different colours invoke different emotional responses in people, so it’s worth doing some research into colour theory to see what colours might be the best choice for your business.
It is worth getting a logo professionally designed. That way you can get exactly what you want, or you can get help with some design ideas if you’re not sure what you want. We offer logo design services starting from £50. Once you have your name and logo, it sets you up to create the other assets that you need like business cards, social media sites and websites etc.
4. Figure out the legal stuff
There are a few legal bits and bobs that you’ll need to think about when starting a business. The first thing is how you will structure your business. Will you be a sole trader, part of a partnership, or a Limited company? These different business structure types have different legal requirements. Check out the Gov.uk website for everything you need to know about the legalities of starting a business in the UK. It covers things like how to register, tax responsibilities you might have and any insurance or business rates you’ll need to pay.
5. Assess your finances
Starting a new business, you are bound to have some initial costs that will need to be covered. Take a look at the finances you have available for the business, and what you need to achieve in the start up period. For example
- Do you need a website and marketing?
- Will you have to cover production costs?
- Will you need to pay suppliers?
- Are you going to hire staff and get office space?
Whatever it is that you will have to cover, you need to make sure you definitely have the finances for it. Consider all the different options that you have. There are various loans and grants you can access, or you could even bring on an investor if you need significant funding to get started. Check out our article on financing your business for more ideas and information.
6. Open a business bank account
You don’t always legally need a separate bank account for your business, for example if you are a sole trader you can use your existing personal account, but it is something that you definitely should do. Keeping your business finances separate from your personal finances is an easy way to keep track of everything that goes in and out of your business and it’ll make things much easier when it comes to doing your taxes. There are so many options now for opening a business bank account. You no longer have to choose between high street banks that often charge large fees, there are online banking options now, such as Tide, that could be the perfect solution for what you need.
7. Sort out your workspace
The type of business you plan on starting will impact where you can work from. It might be something you can do from home, which is a great way to keep costs down, or you may need official office space to operate from, in which case you will need to pay rent and possibly business rates depending on the circumstances. You might even be looking for commercial space like a shop front. Once you’ve figured out where you’ll be working from, make sure to get the correct type of insurance to cover yourself.
8. Market your business
It’s no good setting up a business and then not doing anything to get your brand out there and draw in customers. You need to market your business. Having a website and social media accounts is a great way to start drawing in organic traffic. You can also run paid ads online, on social media or via search engines. More traditional marketing avenues may also be beneficial to you, such as newspaper/magazine ads, radio ads, TV ads (if your budget allows for it), or even putting flyers and business cards in local places for people to pick up when they are out and about. From writing your business plan, you should know who your target audience is and how you can reach those people. That will help you figure out where best to focus your marketing attention.
Starting a business isn’t easy and requires some planning before taking the leap. If it’s something you want to do, then the hard work and research you have to put in will be worth it. There are a lot of resources out there to help you get started. Take a look at some of the sites listed below for more help.
If you want help creating a website and branding, as well as social media help, we offer packages specifically aimed at startup business to help you get up and running!