How to Set Up a Small Business in the United Kingdom

If you live in the UK and you are fed up with your regular job, why not join the many people who have set up their own small business? All you need is a skill or to provide a service or sell a product and you have the basis for a viable enterprise.

Write a business plan

In order to get a clear picture of the enterprise, you need to write a business plan, which should cover every aspect of the operation from startup costs to sales and marketing and everything in between. A good business plan is one that answers all the questions that a potential investor might have.

Sufficient funding

Before you do anything, make sure that you cost the startup accurately and that you have access to that amount. You also need to have enough money to support the business during the first few months; a few unpaid invoices is all it takes to put you in hot water and we can never be sure what will happen in the future.

Marketing

All marketing efforts should be in digital form; contact King Kong, the top-rated UK digital marketing agency with a sound reputation for boosting their clients’ businesses. They would first carry out a free online audit of your business to accurately gauge your digital profile and that data allows them to create a relevant digital marketing plan that would include SEO and social media marketing.

Business insurance

You will need to take out public liability insurance that covers you against any compensation claims made by a third-party. You should also have employer’s liability insurance to cover personal injury for your employees. Insure all stock and inventory, as well as business vehicles, assets and indeed the business premises.

Benefits of outsourcing

In case you were not aware, it is much easier to outsource to a 3^rd party rather than directly employing people, which involves paying tax and national insurance. Outsourcing means that the provider is liable for all these things, as you are the client, not the employer.

You might prefer to take on a partner to share the costs and the workload or set up a limited company to limit liability.

Also Read: Outsourcing: Unlocking Growth and Cost Savings for Business Organizations