Founding a business can seem complicated, especially in the United Kingdom. There are many factors to consider before starting your business. From implementing your idea, to registering your company, fundraising, and many more, building your business could be a huge task. This article will guide you on how to start a successful business from scratch in the UK in a few steps.
Let’s dig in!
#1 Research your business ideas: The process of coming up with ideas is time-consuming, but you must ensure that you get through the ideation process to get a great business idea. Most importantly, researching your business idea can be a major determinant of success for your business. It is also crucial that you analyze and define your target market before implementing your business ideas.
#2 Create a business plan: A business plan is a structured outline that entails the business's objectives, core values, and details. Having a business plan helps you sort out your thoughts and present them to potential investors and partners. Moreover, a great business plan creates a big difference between your business and your competitors.
#3 Register your business: There are different types of business registration in the UK. Your business structure determines the type of registration. The types of business structure include sole trader, limited company, private limited company, public limited company, limited liability partnership, and limited partners. You must select the structure of the business based on your business operation.
To register your company, visit The UK's Company Registration and Filling website. Registration takes about 30minutes if you have the required details ready. Registration costs about £12 online, and it takes 24hours to get your company registered. The details required for registration include:
- Company name
- Address of the company
- Details of company shares
- One or more director’s words and details
- A memorandum and articles of association
#4 Set up your finances, accounting, and tax: After setting up your company's legal structure, financial and tax responsibilities should follow. Before generating income or any financial transaction, you are expected to open a bank account to send, receive and secure your money. You should select a bank carefully. There are many banks in the UK, and it’s important to choose a bank that fits your services best.
#5 Insure your business: After completing your financial requirements, ensure that you protect your business from unpredictable events with a well-established insurance firm.
#6 Create a brand identity for your business: The world's most successful companies have a public face. A brand identity is defined as the elements or values that are associated with your company. To begin your brand identity journey, develop an image that will represent your business in the market. Furthermore, create your website, leverage social media platforms, and have an official email address. Having a brand identity makes you stand out in a competitive environment.
Starting a business in the United Kingdom can seem overwhelming without a guide, which is why I have created this six-step guide to help you build your dream company. Reach out to me if you need clarification or help on your entrepreneurial journey.
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