How do you set up a small business

How do you set up a small business and what is involved

You now know what business you want to start so where do you go from here?

Start Up

Start by deciding whether you are going to work as a self-employed, or register to set up a company for yourself

You don’t need to have employees to set up as a company, this is a common misconception, you can be an individual and a company at the same time

Registering as a company later down the line if you start off as self-employed is an option. Either way, you need to register one of the ways, so that you can work out your taxes and returns

If you are looking to start a blog you can see How To Start Blogging For Free post

Be Insured

Insurance protects you against specific liabilities including any accidents or incidents. This can be for you personally and the work place

Specific insurance will depend on the kind of business that you are running, and the potential damage that could be caused to others by you or by your business

One of my favourite places to get competitive quotes for insurance is Money Supermarket

Bank Account

You are under no obligation if self-employed, to open a business bank account at this stage, a lot of business accounts charge a monthly fee or premium which will only add to your outgoings

The most important thing is that you keep our business money separate from your personal money

However, if you have set up a company, then having a business bank account is essential to show your income and out goings

Once again ensure you do your research to get the best rates, price comparison websites are free to use, make sure you search for the right account for you

Plan Finances

Some businesses will need some equipment to get you up and running, or even a vehicle which can be pricy. You might need to look into business bank loans to secure enough capital to buy the essentials

Once again shop around and comparison websites like Compare Business Loans can help you get the best rate for your loan, and make sure you are not paying back more interest than necessary

If you don’t need any start up funds or already have all the equipment required then you need to make sure you have all your budgets in place, knowing how much you will need to pay out each month is crucial for your affordability plan for the business

Business Plan

A business plan will lay out your ideas, and research you have made into costs and the product and service you are looking to supply

It is always good to have your business plan laid out on paper or a document that you can provide upon request, as if you do opt to get a business loan, or open a business bank account this might be required to ensure you get the account you want

This is only a rough guide to starting up and if you are looking to get set up this is the bare minimum you will need to have thought about

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