Setting up a business depends on type, location, and hiring plans. The steps differ accordingly.
1. Get your business registered as a sole trader, limited company, or partnership.
Starting a business as a sole trader is simple, but it comes with responsibilities like being accountable for business debts and handling accounting duties. It’s crucial to take note of these before you start. On the other hand, if you establish a limited company, its finances will be separate from your personal finances, but it requires additional reporting and management duties. A professional, like an accountant, can assist you with this. If you’re running a business with partners, a partnership is the best way to share debts and accounting responsibilities for a smooth collaboration.
2. As a business owner, it’s crucial to understand your obligations.
Licences or permits may be required for your specific type of business, such as selling food, playing music, or trading on the street. Insurance and adhering to specific regulations for selling goods online, buying/selling abroad, or storing personal information are also important. Take the time to research what applies to your business to avoid any potential issues.
3. The importance of your business location cannot be overstated. It can make or break your success.
When deciding on a location, there are many factors to consider. Whether you operate from home or rent a space, it’s crucial to understand your obligations. If you purchase or rent a property, you may be required to pay business rates. However, small businesses may be eligible for a discount or exemption. It’s also important to investigate if you can claim expenses for your office, property, and equipment. By staying informed, you can save money and improve your chances of success.
4. Are you planning to hire agency workers or freelancers?
Just a friendly reminder that you’re accountable for their safety and well-being. In case you opt for employees, brace yourself for additional duties such as managing payroll, covering their National Insurance (although an allowance can help you cut down expenses), and providing workplace pensions for qualified staff.
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