Starting up

Introduction

In order to start up in business you must first come up with an idea that you think you can turn into a product or service. Alternatively you may already have that idea or product you have invented that you think people will want to buy. In this case you should consider protecting your IP.

Further Information

When looking to start a business there are some recommended first steps to explore.

• If you haven’t already done so it is useful to look at the types of skills that would be beneficial to have as a business owner and to understand the issues and challenges that come with running your own business; as well as common pitfalls to avoid.
• It is helpful to have an idea of the different types of legal structures for business so you can chose the right one for you.
• It is vital to write a business plan to focus your thoughts on what it is you want to do and how you are going to do it. If you are looking to apply for finance most funders will ask to see a business plan and a financial forecast.
• It is important to research your market, to find out who will buy your product and who your competitors are to make sure your business idea is viable.
• You will also need to decide how you are going to market your business and the type of internet presence you want.

Free Factsheets!

We have access to thousands of practical and digestible reports, guides & factsheets for start ups, including; Creating a business logo, Mandatory contacts for start ups, Writing a business plan, Introduction to preparing a budget & Choosing the right legal structure, and more! Request a factsheet.

Useful Links

1. Research your market – identify potential customers. Talk to them and find out if your idea is meeting a real need.
2. Develop and plan – test your product or service with real customers, make changes, and test it again. Keep doing this until you’re sure there’s a demand for it.
3. Find partners and suppliers – think about who you’re going to work with to develop and sell your idea.
4. Set up your business – work out which legal structure is right for you, and register for tax.

This short video from Innovate UK provides you with quick and easy tips for successful business networking which can be a key benefit for start ups.

Start Up Donut – Free online information and tools for starting a business, such as writing a business plan, start-up costs, producing invoices, and cash flow forecasting.

Business is GREAT Britain – Online guidance on starting and running a business.