No sure if you're UK based or other. If UK, you'll need to:
- decide if you're going to be a sole trader, limited company, partnership, etc. Speak to an accountant for advice
- register with Companies House if you become a Ltd company
- do a business plan (see website below)
- register with Inland revenue when you start trading
- make sure you know the legal obligations you have (distance selling regs, invoicing requirements, keeping records, etc)
To be honest, I found it all a bit daunting, but struggled through. The attached website is a great help, as it tells you all the places to go and all the things to do. At the end of the day, accountants, banks, and even the tax man are all here to help, and I've found the tax man to really be helpful. Always talk to these people if you're not sure, rather than try and struggle through and find you overlook something critical that you're supposed to do
The first step is to develop a business plan. That will tell you based upon your knowledge of the product, the market, the costs of production, distribution, etc. whether or not your product has a chance of being profitable. After doing all of this you might want to give up should you find that you have the greatest buggywhip in the world, but there isn't a market, okay a small market lol The business plan is your basic first step though. Most people come up with a good idea, or what they think is and rush into business, that's why well over 50% of new businesses fail in year one.
Generally, what you need to do is to set up a plan. You can buy a software or get free templates online. It doesnt matter how small you are going to start off; it just gives you a mapping of where you wants to go and clear things up as the responsibilities gets more and more. The next thing that you need to decide is the legal set-up; for example if its going to be sole ownership, Limited company, partnership etc. This will of course depends on the type of business that you are starting; but most small business starts as a sole ownership. You can always change to a limited company afterwards by paying about £70 to a company that does company formation. This will give you a certificate of incorporation and list you in a public register. You can read about this some more by visiting business link or barclays and they will be happy to send you out a pack. You need to consider things like bank accounts, names that no one else has, if you will be employing staff and so on.
Your business plan should be able to answer all these questions for you; so you should remember to write one first. A website is a good choice and you can check the source link below to set-up one for a low budget. You may need to consider a shopping cart such as paypal ect. Go for it and all the best it your venture.
If you're in the UK look for a book called Start Your Business Week By Week by a guy called Steve Parks. It's basically a step by step guide, and each week you add a new section to your business plan and build your idea. Once you get going you should check out some of his other books as well.
Okay, here's what you do: First you make flyers about your business and put them in peoples' mailboxes. On the flyer put the people in the business (have at least two other people in your business, preferably friends). Also put a special phone number for them to call, an e-mail address, and a website. Where to get one? I totally recommend Tripod. Create a website there easily (unless you already have one). Then have some party or something to promote your business. Start out inviting people you know, and then have them tell their friends about it. Then keep your business on track, and hire new members on the way. You might also want emergency back ups in case someone gets sick.
Depending on the type of business, you might not even need a commercial location for your business. If the customer needs to come to you, you'll need a commercial location. If you'll be providing a service where you don't need to meet your customers in your "office", then all you need is two hundred bucks and a phone line!
All that is after you make that business plan.
Make sure you know the costs, the income, the profit, the demand, the supply, and the location of the most profitable clientele!
Contact Business Gateway or your local LEC (in Scotland) or TEC (In England & Wales).
They will offer advice and support for business planning, start up funding, marketing, financial forecasting, book keeping, employing staff, Inland Revenue and any subject relevant to your business.
You do not need to be out of work for them to help. Anyone can apply for guidance. And the beauty is that their services are always free.
Answers & Comments
Verified answer
No sure if you're UK based or other. If UK, you'll need to:
- decide if you're going to be a sole trader, limited company, partnership, etc. Speak to an accountant for advice
- register with Companies House if you become a Ltd company
- do a business plan (see website below)
- register with Inland revenue when you start trading
- make sure you know the legal obligations you have (distance selling regs, invoicing requirements, keeping records, etc)
To be honest, I found it all a bit daunting, but struggled through. The attached website is a great help, as it tells you all the places to go and all the things to do. At the end of the day, accountants, banks, and even the tax man are all here to help, and I've found the tax man to really be helpful. Always talk to these people if you're not sure, rather than try and struggle through and find you overlook something critical that you're supposed to do
All the best
http://www.businesslink.gov.uk/bdotg/action/home?d...
The first step is to develop a business plan. That will tell you based upon your knowledge of the product, the market, the costs of production, distribution, etc. whether or not your product has a chance of being profitable. After doing all of this you might want to give up should you find that you have the greatest buggywhip in the world, but there isn't a market, okay a small market lol The business plan is your basic first step though. Most people come up with a good idea, or what they think is and rush into business, that's why well over 50% of new businesses fail in year one.
Generally, what you need to do is to set up a plan. You can buy a software or get free templates online. It doesnt matter how small you are going to start off; it just gives you a mapping of where you wants to go and clear things up as the responsibilities gets more and more. The next thing that you need to decide is the legal set-up; for example if its going to be sole ownership, Limited company, partnership etc. This will of course depends on the type of business that you are starting; but most small business starts as a sole ownership. You can always change to a limited company afterwards by paying about £70 to a company that does company formation. This will give you a certificate of incorporation and list you in a public register. You can read about this some more by visiting business link or barclays and they will be happy to send you out a pack. You need to consider things like bank accounts, names that no one else has, if you will be employing staff and so on.
Your business plan should be able to answer all these questions for you; so you should remember to write one first. A website is a good choice and you can check the source link below to set-up one for a low budget. You may need to consider a shopping cart such as paypal ect. Go for it and all the best it your venture.
If you're in the UK look for a book called Start Your Business Week By Week by a guy called Steve Parks. It's basically a step by step guide, and each week you add a new section to your business plan and build your idea. Once you get going you should check out some of his other books as well.
Okay, here's what you do: First you make flyers about your business and put them in peoples' mailboxes. On the flyer put the people in the business (have at least two other people in your business, preferably friends). Also put a special phone number for them to call, an e-mail address, and a website. Where to get one? I totally recommend Tripod. Create a website there easily (unless you already have one). Then have some party or something to promote your business. Start out inviting people you know, and then have them tell their friends about it. Then keep your business on track, and hire new members on the way. You might also want emergency back ups in case someone gets sick.
Does that help?
Get a business license!
Depending on the type of business, you might not even need a commercial location for your business. If the customer needs to come to you, you'll need a commercial location. If you'll be providing a service where you don't need to meet your customers in your "office", then all you need is two hundred bucks and a phone line!
All that is after you make that business plan.
Make sure you know the costs, the income, the profit, the demand, the supply, and the location of the most profitable clientele!
Good luck!
Contact Business Gateway or your local LEC (in Scotland) or TEC (In England & Wales).
They will offer advice and support for business planning, start up funding, marketing, financial forecasting, book keeping, employing staff, Inland Revenue and any subject relevant to your business.
You do not need to be out of work for them to help. Anyone can apply for guidance. And the beauty is that their services are always free.
Assuming your in the UK - book an appointment with Business Link, free advice and a helping hand!
in the uk you will need business plan to present to the bank, if you require their funding ...
they actually provide hlp nowadays as there are many laws involved in running a business, tax payments, employee welfare etc etc
but i depends what sort of buniness you are considering starting ?? you will need to research your area for your plan
a major conglomerate or a small two man team, an internet sales site .. etc etc
You need to work on a very detailed business plan and ensure there is a real demand for you product or service.