Ten Steps to Starting a Business
Step 1 - Have an idea
Every business starts with a single idea
Step 2 - Research your idea
Once you have your idea you need to thoroughly research it to ensure that it is viable and you can make a living by pursuing it.
Step 3 - Write the business plan
The business plan is where you gather all your thoughts together in such a way that it can easily be understood by you and others.
Step 4 – Decide on your business structure
The business structure that you choose will define your responsibilities and how you go about registering your company with Her Majesty's Revenue and Customs for paying tax and National Insurance.
Step 5 - Getting the finance
Most businesses require finance when starting up to fund premises, machinery, equipment, stock , parts, employees, advertising and day to day expenses like stationary, bills and fuel.
Step 6 - Finding premises
Finding the right business premises in the right location is a key step in starting or expanding a business.
Step 7 - Choosing suppliers
Selecting the right suppliers is essential to ensure you are able to deliver your products and services on time, at the right price.
Step 8 - Statutory regulations
All businesses need to comply with local and national statutory regulations.
Step 9 - Employing people
Recruiting the right people is a key part of being an employer.
Step 10 - Route to Market
Marketing is a multi-disciplined area that comprises: applied common sense, psychology, research, analytics and creativity.
Growth Hub providers – help with starting a business.
Open University – The OU runs a free, 15 hour course aimed at anyone looking to start their own business.
Business is GREAT Britain - a good starting place whether you’re looking to set up a business or you need help in making your business grow.
SETsquared - a partnership between the universities of Bath, Bristol, Exeter, Southampton and Surrey specialising in growing high-tech start-ups.
Institute of Chartered Accountants in England and Wales - provide a series of free downloadable documents aimed specifically at start-ups.
Her Majesty’s Revenue and Customs - have compiled a useful guide packed with information and advice for those in the pre-start up or start-up phase of business.
GOV.UK - provides online information and guidance on starting a business.
Business Finance Guide – a useful guide covering all aspects of business including advice on starting a business and funding.
Start Up Loans - offer government backed funding to enable you to get your business idea off the ground.
Business West Virgin Start Up Loans - Your business may be eligible for Business West’s start up loan scheme in partnership with Virgin Start Up.
British Business Bank - publishes a useful guide to finance options for start ups, SMEs and growing mid-sized companies.
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