So you’ve thought about it and decided to go for it and start your business – Great! There’s a lot to consider, We’ve compiled a handy checklist to help you keep on top of everything.
- Choose a business name. Something catchy and relevant, or maybe your own name
- Set up your legal structure – You can be a sole trader, limited company or a limited liability partnership.
- Register with Companies house and HMRC- You must register with companies house if you are a Limited company or a limited liability partnership
- Register business for payment of PAYE, NI, taxes, VAT
- Prepare a Business plan – go through thought process of all aspects of business.
- Finances– Complete a survival budget, plan your cash flow.
- Open a business bank account.
- Consider record keeping, taxes, VAT
- Budget for equipment and materials needed.
- Consider record keeping, taxes, VAT
- Budget for equipment and materials needed.
- Suppliers to be set up – agree payment terms.
- What IT systems do you need? Do you need an accounting system?
- Do you need to get an accountant?
- Pricing for your services and agree payment terms strategy.
- Marketing Plan – should be part of your business plan.
- Market research, what are the market needs in your sector.
- Website design and social media marketing. Which social media platform is best for you?
- Do you need a premises to work from– type, size, costs, availability. Or will you work from home?
- Will you need staff? Think about recruitment, terms, employment contracts, PAYE, pensions, National Insurance.
- You must provide access to a stakeholder pension scheme if you have more than 5 employees
- Management structure – how the business will operate
- Insurances – mandatory and advisory, If you’re working from home, ensure that your home insurance covers the business and if you’re using your car for work don’t forget to check your car insurance covers you for business use
- Employer’s Liability – as soon as one employee is recruited. £10 million minimum cover against bodily injury, disease etc sustained at work.
- Public Liability – insurance against claims by the public £5 million acceptable but £10 million if you work for another company.
- Professional Indemnity – Insurance for action taken against negligent or bad practices.
- Vehicles must have insurance to be on the road
- Equipment and materials needed.
- Health and Safety
- Register with HSE.
- A company with more than 5 employees must have a written H & S Policy.
As part of the Inspiring Enterprise project we run free workshops in Marketing, Business Planning and Finance. Get in touch to find out more.