Starting a small business is hard work. It’s often a struggle to know where to begin. It isn’t for the faint of heart, but it can be incredibly rewarding. There are a few things that you need to do before you can start a business, from registering your business name to buying stock. That’s why business support is always so essential.
As of 2021, there were 5.548 million small businesses across the U.K, of which 75% had just one employee in total, and 25% having between two – 49 employees. This shows that while the vast majority of businesses are sole traders, there’s an array of sizes to this country’s small business landscape. So, competing in this space needs both good ideas and great planning. And as the extra member of your team, Direct365 can try and help you with the planning.
See below some of our key thoughts for what you need to do when starting a business:
Set up Your Business
The act of setting up your business can differ depending on how you want to do that. As a sole trade, for example, it is simpler. The main responsibilities include registering for self-assessment tax as a self-employed person, keeping records and invoices, and paying tax on profits and paying national insurance. As a sole trader you are personally responsible for your business debts.
If you are setting up your business as a limited company, you aren’t liable for your debts as you are being self-employed, but there are additional record-taking and other management responsibility to make sure your business adheres to tax rules.
Rules and Responsibilities for your Business
Other than the tax laws that your business must adhere to, your business may also need specific licences or permits to run. Bars and clubs, for example, need licences to sell alcohol. Additionally, you will need to adhere to rules if you export or import goods or use personal details. You need to explore which rules are personal to your business, so you are operating legally.
Employee Support and Hiring Externally
Depending on how you decide to operate, you will either work alone or employ staff to help with your business. If you employ staff – be that freelance/agency or full-time – you have a responsibility to ensure their health and safety while working on your site and doing the job for you. This involves a health and safety risk assessment, fire assessment and providing first aid and advice for those workers.
In addition to this, you need to think about running payroll, paying national insurance and offering a pension to those staff that are eligible.
Funding for Training and Business Support
For your business to thrive, you should be looking to hire the best people, but also aiming to train both yourself and any staff, so that their skills and abilities get stronger and improve how your business operates and succeeds. Business support doesn’t always have to come from the outside.
Arguably the time when money is most sensitive is when you are starting out. You may feel like it is too much to offer additional training to staff, but there is support for companies both by local and national Government.
Depending on how you want to go, there’s a chance to employ young people on apprenticeship schemes. This offers young people training, and gives you a chance to bring in employees at a smaller cost.
Additional funding can be found through your local authorities, and through websites such as The Grants Hub.
Network Properly
Networking is one of the most worth-while things you can do in business. Especially when you start out. People buy from people, so networking with potential clients and partners could be a really big push in the right direction for your business. These people offer each other business support and advice and are there when they are needed. There are networking opportunities across the country, and there will be one local to you. You need to decide which group to go to and where is best for you. Going to many different events allows you to spread your influence out further but remember that you do have a business to run!
Conduct Research and Be Aware of Competitors
Your competitors are proof that there is room in your industry to make money. Otherwise, they wouldn’t be there. But you can learn from their successes and failures. Ensure that you research what they are doing and what you can take from them and potentially improve upon. Speaking with people who will give you an honest assessment on your business is also good research. Researching your market and service/products before you start will give you a greater platform to succeed.
These are just some tips that we think will be beneficial when starting a new business. It’s all about success and stability with a strong platform. There’s always additional research and preparation to be done, but these elements will help you get off on the right foot. Learning to prepare will provide the greatest level of business support you can get.
Direct365 supports small business. Our array of compliance, fire and health and safety services help your business stay the right side of the law. For more information on our services, fill out the form below.
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