Category: Starting Up
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Common mistakes when starting up – and how to avoid them
Launching a small business can be risky and success is not always guaranteed. Businesses are most vulnerable to failure during the early years of trading, with 20 per cent of new businesses folding within their first year and 50 per cent within their first three years. These figures should not scare you off, but should…
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Environmental responsibilities
You have a legal responsibility for the impact your business has on the environment. For example, it’s up to you to ensure that your waste is treated and disposed of properly. Going beyond environmental compliance can also bring business benefits. Many businesses have realised that acting in a socially and environmentally responsible way is more…
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Preparing to export
Exporting can extend your market, boost your turnover and prevent you having too great a dependence on your UK-based customers. But it isn’t always an easy option. Starting to export poses a whole new set of challenges, from identifying promising markets and customers to ensuring that you can fulfil your export contracts. Developing new export markets…
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Non-disclosure agreements
Developing a unique product or idea can often be crucial to the success of a new business. Sharing new knowledge and original work which you intend to use commercially requires a high level of mutual trust. It is essential that you consider confidentiality before approaching another company or individual when seeking to develop your ideas. The…
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Research and develop your business ideas, new products and services
Developing your business idea into a viable product or service is a critical part of building a business. Thorough assessment and market research at an early stage will help you to establish whether there is a market for your product or service. Once you begin trading, new products and services will be very important, and…
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Set up and register as self-employed
Setting up as a self-employed sole trader is the simplest and quickest way to start a business. There isn’t much paperwork to do. There are no registration fees to pay, but you must register with HM Revenue & Customs for tax and National Insurance purposes. Record keeping and accounting is straightforward, and there are the…
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Prepare a business plan
It is essential to have a realistic, working business plan when you’re starting up a business. A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within your business. This…