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Business Start Ups- Top 5 Things You Will Need to Know and Do

According to Lord Young’s report on enterprise published in 2012, the number of start-up businesses has increased rapidly from 4.26million to 4.8million making a business start-up a popular idea. Many are shunning the drudgery of the 9 to 5 or battling with other 2.51 million unemployed to thrive in the business sector.

Here at Simpson Millar we have come up with 5 things you should know and do if starting a business is the path you wish to take.

1. Find an idea, research and register your brand.

This may seem obvious but researching whether you have a viable idea could help you in the long run. Four out of five new businesses fail within their first year. Registering your brand, name or design also stops others from using it without your permission. There’s nothing worse than seeing something you came up with months ago being debuted on the local news!

2. Choose a legal structure for your new business.

What structure you choose will determine and define your legal responsibilities. Most businesses in the UK are sole traders, limited companies or business partnerships.

  • A sole trader means you are running the business as an individual. After paying income tax you can keep all the profits your business has made. As an individual you take personal legal responsibility for the business
  • A limited company is responsible in its own right and its finances are separate from personal finances. This type of business also pays corporation tax. Usually it is the shareholders that take any profits out
  • There are 2 common types of business partnership. In an unlimited partnership, a group of sole traders all take personal responsibility. Limited partnerships are mostly LLP’s (limited liability partnerships) and have one or more ‘nominated partners’. An LLP is like a company, it is registered at Companies House and it takes responsibility if there is a claim, not individual partners

3. Funding for business start-up is crucial to its survival

Bad debt and poor financial decisions often lead to the corrosion of a business. It is at start-up stage that your market research is crucial. Will customers want and pay for your products or services? There are various ways in which you can fund your enterprise, from government schemes to bank loans and selling shares - if you really want that business to start with a boom you should first the financial aspects in order.

4. If you do choose to become a limited company you will have to register with Companies House, which stores information about companies and makes it available to the public

Registering with HM Revenue & Customs (HMRC) is also a necessity for the majority of businesses. HMRC deal with all aspects of tax and VAT concerning your business so it is best to inform them from the beginning.

5. There may well be additional permits, registrations or requirements depending on the type of business you want to run

Running a nursery for example requires the screening of the individuals who run it and its staff by the local authority.

The message when starting a business should be that if you fail to prepare you prepare to fail! Careful consideration should be given to your business’ requirements so that you can be a success.

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Dated: 02/07/2013

Author: Greg Cox

Business Start-up

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