Although we are going through a financially challenging period, many people are still deciding to start a new business. There are many benefits that include working in an area you are passionate about, being autonomous, and being able to work flexibly.

Starting a new business is exciting, but many challenges can be handled better if you know what steps to take to start the process. We have worked with many business start-ups and wanted to share some tips that we hope will help.

Ensure that your product/service is needed.

You may decide to set up a business based on your passion or area of expertise. This is great because it will keep you motivated through the challenging times at the very start of your journey. However, it is important to make sure that product or service that you plan to sell is of interest to potential customers. It is worth starting off by doing some market research into whether people will be interested in what you are selling. You should also do a competitor analysis to understand what your competitors are offering, which can help you build a strong value proposition for your business.

How will you fund the business from day 1?

Once you start a business, you need to fund the start-up costs as well as have money to live on. Many people use their savings or money received from a redundancy package. You can get bank loans or look for investors. Start-Up Government Funding is available, allowing you to borrow up to £25,000. Whatever approach you take, make sure you are confident you can repay any repayments.

Decide on the best company structure.

There are quite a few different types of company structures; they determine who will make business decisions and how much tax you need to pay. The most common types of company structure are Sole trader, Limited Company, and Partnership. Read our article – Best company structure for Start-ups to find out more.

Open a business bank account.

It’s important that you set up a business bank account, particularly if you decide to operate as a sole trader. This allows you to separate your business and personal finances and makes it easier when preparing your tax return. It’s worth shopping around to find out which bank can give you the best deal in terms of interest rates and which bank will give you the most support. Some banks have business advisors that are very proactive in supporting their clients.

Find a good accountant.

Finally, it is very important that you find a good accountant who takes the time to understand your business and your personal situation. They should be able to help you by advising you on what to do at the start of setting up your business and on the best way to collate your income and expenditures. Most businesses use accounting software now, so your accountant can advise on the best software for your business.

We hope you found this useful; if you are starting a new business or know someone that is considering doing this, then please do get in touch with us. We love helping businesses get off the ground and being involved at this very exciting stage of the journey. You can call us on 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it.