Starting Up in Business

Introduction

In order to start up in business you must first come up with an idea that you think you can turn into a product or service. Alternatively you may already have that idea or product you have invented that you think people will want to buy. In this case you should consider protecting your Intellectual Property (IP).

The First Steps

When looking to start a business there are some recommended first steps to explore.

• Skill Sets – If you haven’t already done so, it is useful to look at the types of skills that would be beneficial to have as a business owner and to understand the issues and challenges that come with running your own business; as well as common pitfalls to avoid.
• Legal Structures– It is helpful to have an idea of the different types of legal structures for business so you can chose the right one for you.
• Business Plan – It is vital to write a business plan to focus your thoughts on what it is you want to do and how you are going to do it. If you are looking to apply for finance most funders will ask to see a business plan and a financial forecast.
• Research – It is important to research your market, to find out who will buy your product and who your competitors are to make sure your business idea is viable.
• Marketing – You will also need to decide how you are going to market your business and the type of internet presence you want.

Useful links

• Research your market – Identify potential customers. Talk to them and find out if your idea is meeting a real need.
• Develop and plan – Test your product or service with real customers, make changes, and test it again. Keep doing this until you’re sure there’s a demand for it.
• Set up your business – Research which legal structure is right for you and follow the set up steps. Register for tax.
• Business Support Service (from Gov.uk) – for further help with setting up your business –  (Tel: 0800 998 1098)
• Online marketing support – Free online information and tools for starting a business, such as writing a business plan, start-up costs, producing invoices, and cash flow forecasting.
• Online Start Up support – extensive guidance on starting and running a business.

Get your Start Up resource pack

Receive our Growth Hub Business Start Up and Finance for Start Ups resource packs now. These packs contain information and factsheets on topics such as choosing the right legal structure, business insurance, start-up regulations and a business plan template which includes a pre-formatted cashflow template. Our pack will provide you with all the information you need to start the process of setting up in business.

Get in touch with our Growth Hub team to access further guidance and other sources of start-up finance and support.