Setting up a UK-based business is generally quick, cheap and easy. However, whether you are a small business entrepreneur or a scalable start-up, the road ahead can be treacherous and there are common pitfalls which can be easily avoided. Some of the key requirements to setting up and maintaining a healthy business are listed below:
Make sure your business ideas are viable before investing too much time and money.
Test out your ideas by conducting surveys, questionnaires and/or focus groups. Ask friends and family for their honest opinions. You will likely receive critical feedback that could help you improve your product or service.
You must give serious thought to how you will finance your business. This includes start-up costs and expenses, as well as running costs and personal income management. Many small businesses are self-funded. Others require financial assistance.
There are several ways to finance a business ranging from personal savings, small business loans to angel or corporate investors.
If you plan to employ other people to work for your business, you will have a number of obligations and responsibilities:
Register with HMRC as an employer.