Starting up in business

Introduction

In order to start up in business you must first come up with an idea that you think you can turn into a product or service. Alternatively you may already have that idea or product you have invented that you think people will want to buy.

The First Steps

When looking to start a business there are some recommended first steps to explore.

Skill Sets – If you haven’t already done so, it is useful to look at the types of skills that would be beneficial to have as a business owner and to understand the issues and challenges that come with running your own business; as well as common pitfalls to avoid.
Legal Structures– It is helpful to have an idea of the different types of legal structures for business so you can chose the right one for you.
Business Plan – It is vital to write a business plan to focus your thoughts on what it is you want to do and how you are going to do it. If you are looking to apply for finance most funders will ask to see a business plan and a financial forecast.
Research – It is important to research your market, to find out who will buy your product and who your competitors are to make sure your business idea is viable.
Marketing – You will also need to decide how you are going to market your business and the type of internet presence you want.

Useful Guidance and links to further support

Research your market – Market research is the process of collecting information about your target market and customers. Identify potential customers. Talk to them and find out if your idea is meeting a real need.
Evaluate your idea – Evaluate your business idea, ask yourself the questions needed to help you understand whether you are ready to turn your idea into reality. Who are your customers, how will it make money, what problems does your idea solve, are there similar products on the market, are you ready to make it happen.
Set up your business – Research which legal structure is right for you and follow the set up steps. Register for tax.
Business launch checklist – Before launching a new business, it’s worth spending some time going through a checklist of what you need to do to get your business up and running.
Start Up Loan – You could apply for a government backed Start Up Loan of £500 to £25,000 and benefit from support alongside it.
Business Support Service (from Gov.uk) – For further help with setting up your business – (Tel: 0800 998 1098)
Business Growth Service – Take a look at the Business.gov.uk web portal for guidance and other resources available to support you to start-up and grow your business, including links to free local support.

Get your Start Up resource pack

Receive our Growth Hub Business Start Up and Finance for Start Ups resource packs now. These packs contain information and factsheets on topics such as choosing the right legal structure, business insurance, start-up regulations and a business plan template which includes a pre-formatted cashflow template. Our pack will provide you with all the information you need to start the process of setting up in business.

Get in touch with our Growth Hub team to access further guidance and other sources of start-up finance and support.

Are you looking for other business support options?

Our Growth Hub team are on hand to help you navigate the business support options, find answers to your questions and put you in touch with the right schemes to meet your business needs and aspirations. Get in Touch and a Growth Hub Adviser from our team will get back to you.