Our guide to starting a business

Starting up a business can be a daunting prospect, there are so many decisions to make that will affect your future and yet you’re expected to make them before you even start trading!!

Don’t worry Ben Masters our Director who looks after a lot of our new start ups is here to help you look at your options and make the decisions that are right for you.

Here are just a few questions that you will need to ask yourself before you begin:

  • What product or service are you going to sell?
  • Have you carried out research about your chosen market?
  • Have you assessed the competition in your chosen market?
  • How are you going to finance your business (personal funds, bank loans, grants)?
  • Will you need a business plan to assist in obtaining finance?
  • Have you prepared a cash-flow forecast to ensure the business will be able to support itself?
  • What form will your business take (Sole Trade, Partnership, Limited Company, etc.)?
  • Will you trade under a business name and is that name available?
  • Are you aware of all legislation governing your chosen market?
  • Have you registered your business with HM Revenue & Customs?
  • How do you intend to remunerate yourself from the business?
  • Where will your business operate from (home, purchased premises, leased premises)?
  • Will you be employing staff and have you ensured they have contracts of employment?
  • Will you need to set up a business PAYE scheme?
  • Will you or anyone who works for you need training?
  • Will the business need to be VAT registered?
  • Have you ensured the business has all the relevant insurances necessary to operate?
  • Do you have sufficient IT systems and equipment in place?
  • Will you need to register a website or domain name if you intend to operate online?
  • Have you ensured there are suppliers available who can meet the needs of your business at the right price?
  • How will you advertise your product or service?
  • Do you have any intellectual property that you will need to protect from competitors?
  • Are you able to meet the health and safety requirements in your chosen area of trade?
  • How do you intend to keep track of the business transactions for accounting purposes?
  • Have you appointed relevant advisors (Solicitors, Accountants)?

If you’re still unsure why not book a free meeting with me or my team to review your business idea and let us help you set up tax efficiently and make sure you make the right operating decisions and safeguard your business’s future.

Just contact me on 0845 3651000, or email me at ben.masters@hsj.uk.com and let me help you.

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