Starting your own business is a mammoth task that will present many unforeseen complications. Before you even get to that stage, however, you need to know a few things. The very initial stages of setting up a business are quite exciting, especially as you start to see everything fall into place. We’re going to break down a few things you need to know before you get started.
Register Your Business
This is my favourite part! You need to start by officially registering your business. By now, I’m hoping you’ll have thought of a suitable name and done your research beforehand. When it comes to officially registering, you’ve got a few options at your disposal. Company Registration services usually come with a range of different package options. While some will simply register the business for you, others will come with extras like bank account registration. Consider your options and choose what’s right for you.
Understanding Taxes
Starting your own business comes with a range of different tax obligations that you’ll be required to adhere to. Firstly, there’s the obvious VAT registration that you’ll have to go for if your revenue exceeds a certain amount per year. Even if you’re planning to set up your small business from home, there’s a lot of things you’ll need to research. Look at the gov.uk website if you’re having any trouble as it details everything you’ll need to know. You can always contact them directly for additional help as well.
Plan Ahead
It’s one thing to make an initial plan; it’s another to think about the future. While you might find success in those first few months, you need to have a long-term plan in place. I encourage you to make sure all avenues are covered before you get started. It’s also important to have backups in case things go wrong. We’ve already mentioned how you’ll run into unforeseen circumstances, and you’ll need to be able to get around them. If your main plan goes wrong, you’ll be grateful for that cushion to soften the blow.
Think About Your Location
Where are you going to be running your business from? Is this a solo venture that you can run out of your bedroom, or will you be hiring employees to help? Either way, there’s plenty of things to consider. If you’re going to be renting property, you need to get out there and search for the best deals. Look online for help, and consider the contract presented to you. Think about whether the building will satisfy your business’s needs. Even if you’re planning to run your company from home, you’ll need a registered office. This is a legal requirement in the UK.
Remember; this is just a brief guide to starting a business. I’m sure you’re aware that there are many more things that you’ll need to consider. Take your time and don’t quit your day job while you get everything together. You’ll be much better prepared when the time finally comes to get started. Enjoy your new venture!
