Business Startup
How to get started
Starting a business can provide you with a more rewarding life, but there are no guarantees. The start-up survival rate remains low. Estimates vary, but up to a third of new UK businesses are believed to fail in their first year, while more than half fail within two. However, the good news is many new businesses do survive.
If you take care of key start-up tasks properly and in the right sequence, you can get your new venture off to a great start.
Decide which type of business
How much time can you afford to commit and how much money would you ideally like to earn? Be honest and realistic. Answering these fundamental questions will help you to decide whether you need to start a full-time, part-time, spare-time or possibly even a seasonal business. Do you start a business online or offline?
Decide when to launch your new business
You might want to get your business up and running quickly, but if you don’t address key start-up tasks first you risk setting up a business that’s doomed from the start. That doesn’t mean you have any time to waste, but it does mean you should be realistic with your expectations. Fortunately, businesses can be set up quickly. Timing is important, so start your business when demand for your product or service is at its strongest.
Boost your start-up knowledge
Find out what starting and running your own business really involves. There are excellent websites that offer free advice to start ups, including Business Link, Start Up Donut, Smarta and Startups.co.uk. Other sources of advice include your local enterprise agency and your bank. The best way to learn is from those who’ve ‘been there and done it’, so seek tips from other small-business owners. Some people use the services of an accountant when setting up a company, which can help to ensure tax efficiency. As well as taking care of returns, accounts and tax-related administration, usually for a monthly fee, a good accountant will provide sound advice.
Starting a business can provide you with a more rewarding life, but there are no guarantees. The start-up survival rate remains low. Estimates vary, but up to a third of new UK businesses are believed to fail in their first year, while more than half fail within two. However, the good news is many new businesses do survive.
If you take care of key start-up tasks properly and in the right sequence, you can get your new venture off to a great start.
Decide which type of business
How much time can you afford to commit and how much money would you ideally like to earn? Be honest and realistic. Answering these fundamental questions will help you to decide whether you need to start a full-time, part-time, spare-time or possibly even a seasonal business. Do you start a business online or offline?
Decide when to launch your new business
You might want to get your business up and running quickly, but if you don’t address key start-up tasks first you risk setting up a business that’s doomed from the start. That doesn’t mean you have any time to waste, but it does mean you should be realistic with your expectations. Fortunately, businesses can be set up quickly. Timing is important, so start your business when demand for your product or service is at its strongest.
Boost your start-up knowledge
Find out what starting and running your own business really involves. There are excellent websites that offer free advice to start ups, including Business Link, Start Up Donut, Smarta and Startups.co.uk. Other sources of advice include your local enterprise agency and your bank. The best way to learn is from those who’ve ‘been there and done it’, so seek tips from other small-business owners. Some people use the services of an accountant when setting up a company, which can help to ensure tax efficiency. As well as taking care of returns, accounts and tax-related administration, usually for a monthly fee, a good accountant will provide sound advice.