Registering a business in the United Kingdom is a very straightforward process, unlike in other countries. Everything that needs to be done can be done online, saving you the trouble of having to fill out paperwork and visit government offices.
There’s a lot more to starting a business than just registering it, however. One must take branding, funding, and marketing into consideration. In addition to explaining how you can register your business in the UK, this article will also explain how you can set it up as efficiently as possible:
Creating a Name and Concept
The first two things that you need to do if you want to start a business is to create a name and come up with a novel concept. Before you settle on a name, check with Companies House and see if there are any other businesses operating under it. You will also want to see if a web domain is available under this name because these days a website is absolutely essential. In terms of concept, there’s not much that hasn’t already been done, but you can still leave your flair on it.
Write Out a Plan
Another important thing to do at the very beginning is to write out a plan and give your business’s structure some thought. If you don’t meticulously plan your business, it will fail. You can’t just wing it when it comes to starting a new business, especially if you are investing a lot of money into it. If you aren’t good at planning things or don’t know where to start, then you can hire a professional business planner to map out your business for you. Business planners can be expensive though, so it is generally best to do it yourself.
Registering Your Business
Registering a business is very easy. One needs to first decide whether one will be setting up a private limited company, starting a partnership, or operating as a sole trader. You can register your business online, through the official gov.UK website. Alternatively, you can pay a service to register your business for you. These days, hiring a third-party service is much more efficient than doing it yourself, especially if you are already busy setting up your business. In addition to making the process more efficient, these services charge very little and handle everything for you.
Acquiring Relevant Licenses
Depending on the type of business that you are starting, you may need to apply for licensing. Many different types of businesses require a license, from restaurants to nightclubs. If you start operations without a license, then you can be fined and even forced to close. The council can attend your business’s premises and shut you down completely. For this reason, make sure that you get all of your licenses first. The licensing process is very simple and very affordable. You may also be able to pay for your licenses monthly in order to avoid one large payment.
Business Insurance Policy
You will want business insurance. If you employ staff, then you will be required to get liability insurance by law. Insurance protects your business against disasters, accidents, or mistakes. It is absolutely necessary because it can help you to keep your business afloat after unexpected events occur. Business insurance is very affordable, despite what many people think. Like with car and home insurance, business insurance can be paid for monthly. This allows you to break down the payment into a series of affordable instalments. Saving money should be one of your primary focuses, as a new business owner.
Educating Yourself
Even after you have the relevant licenses, insurance coverage, and have registered with Companies House, you still need to take the time to educate yourself about business laws and regulations. There are lots of laws in the UK governing how businesses operate and if one were to fall afoul of them, one could be fined or taken to court. On the gov.UK website, there are lots of instructional guides available, written to help newfound business owners to come to terms with the various laws and regulations found in the U.K related to business ownership.
Scouting Locations
If you are going to be running a business that requires a physical shopfront, then you need to spend time scouting locations. For shops, you will want to invest in a location that is in a built-up, high traffic area. If your business is going to be a factory, warehouse, or design studio, then you can find a location in an industrial estate or more rural area. Make sure to explore your options before settling on a location. The costs of renting commercial property have skyrocketed since the pandemic began, so fully explore your options before committing to anything. You need to get the most for your money.
Brand Development
You need to spend a lot of time thinking about what your brand’s image will be. In addition to brand image, you need to consider your company’s missions statement. These days, consumers expect businesses with whom they do business to have a mission statement, preferably one that expresses concerns about the environment and brings down global carbon levels. Your brand needs a catchy phrase, an image, and a consistent theme among all forms of media. If you aren’t sure how to create a brand, then you can pay a professional to do it for you.
Marketing Online
Marketing should be one of your primary focuses. Effective marketing can help your business to achieve positive exposure. There are myriad ways of marketing one’s business. One of the most effective and most utilized currently is ‘influencer marketing’ which employs the use of social media personalities. These influencers are so-called because of their ability to influence the decisions of their followers. Influencers are used to push consumers into buying products from the businesses that they represent. You can hire one for your business for as little as $100. Some do charge much more than that, however.
Starting a business doesn’t need to be difficult, especially with this guide’s help. Anybody can start a business, and thanks to the internet, there’s no shortage of ideas. Make sure to follow each step carefully in order to ensure your business’s long-term success.
