For those that have just relocated to the U.K., starting a business is an exciting first step to kickstarting your new life.
If you live in a large city such as London, there’s a plethora of opportunity and gaps in the market to start a venture that’ll change your life and those around you forever.
The U.K is a great place to start a business according to Forbes. The government offers business grants for small startups, and while the application process can be complex and difficult they are incredibly beneficial if successful. Anyone from the E.U. can start a business in the U.K. And luckily for you, we’ve got five helpful tips for those of you that are taking the plunge and want to start your own business.
Write a business plan
You will not get far without creating a detailed and accurate business plan. Business plans will show investors, or lenders issuing loans in the U.K. a good idea of how well thought out your business is and its chance of success.
Conduct thorough research into your target market. You’ll need to plan and adapt your business to your audience, so your business plan should be tailored towards them too. Your business plan needs to be concise – you’ll need to keep people interested, and nobody is going to read a huge plan. Finances are a key aspect of your business plan, so make sure they’re all accurate. Your business plan will act as your pitch to people interested in your business so you need to get it right.
Organise your finances
You will, naturally, need to have your finances well organised if you’re thinking of starting up a business. If you’ve recently moved to the U.K. – an expensive move – then you might be spread thin financially. Friends and family are often the first port of call for those looking to seek funds for their new business, but this can lead to strained relationships.
Crowdfunding is an increasingly common way to finance a new business, but it is an overcrowded market. Getting a small cash loan is by far one of the easiest methods of sourcing funding for your new startup business. Loans or pozyczki in the U.K are quick and easy to secure online, just make sure that you can afford repayments as defaulting can negatively affect your credit score.
Decide which legal structure your business falls into
For anyone starting any kind of business in the U.K, you must be registered with HM Revenues & Customs (HMRC). But before that, you’ll need to decide what kind of business you’ll be registering. Different types of business require different types of registration and will affect how your new business is structured. Businesses can be set up a sole trader, in which you alone will be directly responsible for all of the finances of the business. Are you the only person running the business? Are you involved in a partnership? Registering as a partnership is the easiest way for those with two or more people involved. You can also run as a limited company where the finances are separate from your personal finances but there’s a lot more paperwork with this method.
Build a brand
Your business will need to have an identity, no matter what sector you decide to go into in order to differentiate from other businesses. Make use of social media and word of mouth. Your passion for the business should shine through your branding. Make sure your branding is appropriate for your business, but don’t be afraid to think outside of the box in order to stand out from the crowd.
Protect yourself
You’ll need to organise insurance for your business. If your business grows beyond a one man team, you’ll also need to make sure any employees are adequately insured as well. You’ll need to take out public and employee liability insurances; the former protects you if the public are harmed in any way as a result of your business venture, the latter protects your employees.
You’ll need to protect your ideas too! Helen Watson from gov.uk recommends business owners consider protecting any relevant forms of intellectual property such as trademarks, patents and design rights.
All In All
Moving to the U.K. is a big step, and so is starting a new business. Anyone endeavouring to do both will be starting an incredibly exciting chapter in their lives. Starting a business can be a complex and exhilarating process to undertake. Create a detailed and concise business plan to sell your ideas to people. You will need to be financially sound – there are plenty of options to funding your business from crowdfunding to securing small cash loans in the U.K. Protect your employees and ideas. Your business will succeed in no time.
