Starting a Business

Below is our simplified guide to starting a business. The order in which you carry out each step will vary from business to business.

Business Plan

Decide on the business you want to start by completing market research. Below is an example template you can refer to assist you in the creation of your Business Plan.

Please click here for templates to present your plan and financials

Insurance

Obtain public liability insurance for the business and if employing staff obtain employers and employees insurance too. If using a vehicle, check that you need business insurance for this.

Business Cards

If you decide to get business cards then ensure that they include your business name, phone number/s, email address and website if applicable. Ensure it is clear what type of business you are and if you are location-specific.

Marketing

An ever increasing amount of business is now conducted online. If you choose to develop a website then make sure it is mobile-friendly and use social media to drive visitors to the site.

Registering Your Business

When you are ready to start trading then further information, including the types of business model that may be appropriate to you  can be found on https://www.gov.uk/browse/business/setting-up

You will use this website to register that you are about to start your business. It is advisable to seek the advice of an accountant to help you decide which type of business is best for you.

VAT

You do not have to register for VAT unless your turnover is likely to reach a certain level. Currently this is £80k however this may rise during budget announcements. You can voluntarily register for VAT as this will enable you to claim back VAT on purchases however you must charge VAT to your customers.

General Help and Support

For more detailed support on starting a business please visit www.gov.uk

Most banks also provide start-up support.

For help with finance use the government backed business www.startuploans.co.uk

For larger schemes try Crowdfunding on www.fundingcircle.com

For young people 18-30 support is available from The Princes Trust www.princes-trust.org

For anyone that cannot get a bank account then use the credit union as a way of getting started and improving your credit rating: www.leedscitycreditunion.co.uk

 
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