The UK is one of the best countries in the world to set up a small business, mainly because of the amount of support you can receive from the government, which can be quite substantial. If you have had enough of being a company employee and you would like to set up your own business, you have come to the right place, as we offer useful information on creating a small business in the UK.
Research your chosen business sector
Whether you plan to sell a product or service, you need to carry out some in-depth research into the industry to find out the pitfalls and things to watch out for. Take a close look at your competitors and see precisely what they have to offer, then you can plan to offer more.
You need to ask questions like:
- Does this industry have a future?
- What liabilities will I have to expect?
- Do I have the necessary tools and resources to compete with my rivals?
The answers to these and other questions will help you to prepare.
Writing a business plan
People tend to be optimistic by nature and this is not good when planning to launch a small business. You should play Devil’s Advocate and try to find reasons why the business might fail, then you can take steps to avoid such a scenario from ever arising.
A comprehensive business plan should contain the following:
- An overview of the business – Typically a couple of paragraphs outlining the scope of the business.
- Digital marketing plan – A leading UK SEO agency such as King Kong can help you with this.
- List of business assets – All assets owned by the company should be listed, along with estimated value.
- Organisation flowchart – This chart shows all stakeholders, detailing what each person is responsible for.
- Logistics – How you will manage your logistics.
- Detailed costing of the startup – All costs related to the business launch.
- Running costs – Estimated running costs.
Do spend as much time as is necessary to compile a detailed plan of action and consult with a business coach and ask them to give their opinion on your business plan.
Visit the UK government website to discover how much support you can receive and we hope that your new venture enjoys a level of success.
