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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How to start a new business
Our 22-Part Start-Up Guide
- 1. An introduction
- 2. Before you start-up in business
- 3. Self employed or limited?
- 4. Choosing a business name
- 5. Why you need a business plan
- 6. What business taxes are there?
- 7. Overview of Value Added Tax (VAT)
- 8. The self-assessment process
- 9. Accounting for your business
- 10. Overview of National Insurance (NI)
- 11. Choosing a business bank account
- 12. How to insure your business
- 13. How to fund your new business
- 14. Make sure you get paid on time
- 15. Marketing & PR for your business
- 16. How to generate more sales
- 17. How to get your business online
- 18. Overview of employing staff
- 19. Legal implications of employing staff
- 20. Work from home or use an office?
- 21. Using technology in your business
- 22. How to keep on top of business
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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When you set up a business, chances are you will take out some kind of business insurance – some types are mandatory, whereas others will provide you with peace of mind while you concentrate on building up your enterprise.
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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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If your new business is a success, at some point you may find yourself wanting to take on some assistance.
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This is one of the key decisions you’ll have to make right at the start: where is the best place for you to locate your business? There are a number of things to consider before you get carried away with excitement and sign your first lease.
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