If you think lack of time is stopping you from launching your own business, think again. In this guide, we look at how you can realistically start your own small business by working in the evenings.
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How to start a new business
Key Guides
- Complete Start-Up GuideOut 23-part guide to starting up a business in the UK.
- Start a FranchiseGuides to setting up a business as a franchisee.
- Before you start a business10 essential tips to read before you take the leap.
- Start an eBay business?How to make a business success on the auction site.
- eBay business accounting tipsHow to keep on the right side of the taxman.
- No time to start a business?How to start a new business in the evenings
- Part time business?5 businesses you can set up and run part-time.
- Brilliant or Bankrupt?How to tell if your business idea is a realistic one.
- No money to start a business?5 businesses you can start for a mere £100.
- Learning to grow your businessHow to survive the early years of your new business.
In association with Lloyds TSB Commercial, here are 10 handy hints and tips to consider when setting up your business.
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Very often potential franchisees tend to get excited over the latest new franchise opportunity – without any thought about whether it is the best business model, the right return-on-investment, or whether it means them working “in” the business or not. Leading sales expert Andy Preston highlights the dangers of entering into a franchise opportunity without thoroughly investigating the vital element that will determine whether the business will be success – or a failure.
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Welcome to Bytestart’s complete guide to starting up in business, which features bite-sized guides on each aspect of the start-up process, from choosing your business name to setting up your first website.
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Starting up a business on your own must be one of life’s steepest learning curves – and certainly one of the most challenging.
The start-up process will not only test your knowledge of your industry or key skill areas, but it will also teach you about yourself. By the end of year one, you will be considerably more self-aware.
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Most small businesses set up as either sole traders, or limited companies. In this section of the guide, we look at the most commonly used business structures in the UK.
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Whatever business you want to set up, the name you choose to represent your enterprise will be the first thing potential customers will notice about you. Therefore, your name should be memorable from the outset.
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If ever there was a key skill you’ll need in your business – it’s planning. You can still be your own boss if you’re not the most organised of people, but you’ll find it a very tough slog.
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One of the most annoying parts of running a business is having to hand over a large chunk of your profits to HMRC. Of course, this is a fact of life, and taxation is one area of running a business you really must understand.
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Valye Added Tax (VAT) is a charge on most goods and services sold in the UK.
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Self assessment applies to self-employed people or sole traders as they are often known.
It’s a legal requirement that you register with Majesty’s Revenue & Customs (HMRC) when you start working for yourself. They require you to work out what profit you make each year and how much tax you have to pay on it.
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When you start up your own business, one thing’s for sure – money isn’t going to be in abundance to begin with. It goes without saying that it will go a lot further the more self-sufficient you are in the early days. But if there is one area where it’s worth shelling out for professional help, it’s with your accountant.
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Nobody likes paying tax, but if there is one form of it that could bear the label “political hot potato”, it’s National Insurance (NI). Why? Because its original intended use was to fund certain welfare benefit systems such as the National Health Service and the state pension.
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Selecting the right business bank account for the needs of your new business is one of the more enjoyable tasks of starting up!
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Whatever type of business you run, you will need to take out some kind of insurance just in case things go wrong. Some insurance you must take out by law, and other policies were designed to give you peace of mind.
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There are many different ways to raise money for your business venture – certainly a lot more choice than just asking your bank for a loan.
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If you’ve always been employed by someone else, managing your own business finances will be an interesting new experience for you!
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In an ideal world, everyone who runs a small business would spend at least one day a week actively marketing or selling. Perhaps that’s why this is one of the areas you’re most likely to delegate to someone else.
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Once your marketing efforts have generated you a list of prospects, it’s time to see them and get them to buy. The first thing to remember is that you’re not selling a product or service – you’re selling the benefits it brings to the buyer.
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