SUMMER 2022 STARTING A BUSINESS Read on for some top tips on starting your own business Spotted a gap in the market, or think you could do something better? If you dream of setting up your own business, here are seven steps you should think about taking first. Step 1: Do your research Whatever your motivation for starting a business, take time to research the industry and understand the market in which you will be trading. Which sector are you going into, who will be your competitors, and who is your ideal customer? Step 2: Decide on your structure Health and safety should be taken as seriously when operating a company from home as from an office or factory The structure you choose for your business will have an impact on how much tax you pay, the level of risk to your personal assets, and your access to business finance. There is no requirement to register a business to make it official, but you do have to notify HM Revenue and Customs. The five most common business structures are: sole trader (self-employed); limited company; business partnership; social enterprise; and unincorporated association. Step 3: Choose your name and logo Your name, brand and logo should fit with your vision. Avoid long or hard-tospell names, and check online that the name is not being used by someone else. Is it available for a website domain and social media? Also, dont box yourself in; think about your plans for the business and the brand you want to be in the future. Your business logo should set you apart from the competition. Choose a limited colour palette for maximum impact, and think about what your logo will look like online. Youll need variations of it for your social media profiles, the web and marketing materials. Once you have decided on a name and logo, trademark them to protect your intellectual property. Step 4: Write your business plan A business plan is a document that includes a brief description of your business and an outline of its objectives, strategies, sales, marketing and financial forecasts. It sells your ideas and ambitions to potential customers, suppliers or staff, and banks and finance providers will usually require one if you want to apply for finance. Step 5: Figure out your finances Its common to use a personal bank account for business purposes when youre self-employed, but you could save time and manage your money better by separating your personal and business finances from the start. Some banks will insist on it. As a start-up, its possible to manage your own books with simple Excel spreadsheets or online accounting software, but you may want to use an accountant for tax returns and for expert advice. You will also need to work out a framework for invoicing and stick to it! Be clear about what you expect to be paid, and when. Step 6: Where will you work from? Whether you plan to rent office space, set up a shop, or run your business from the kitchen table, you will need to be insured. In addition to property insurance, you may need public liability, employers liability, product liability, or professional indemnity. Health and safety should also be taken as seriously when operating a company from home as from an office or factory. Carry out a risk The FSB has partnered with the assessment and note the changes you can Good Business Foundation to make make to lower these risks. accreditation to the Good Business Good Business Charter Step 7: Get your business online Online website builders make it easy to set up and customise your virtual shopfront, but be sure to do your research about pricing and features to find the best fit for your business. Your website should also offer safe ways for customers to pay online, such as with a credit card or PayPal. Building your following on social media will help advertise your business on a budget. Work out which platforms are best for your business: is your audience fanatical about Facebook, or is Twitter more their cup of tea? Credit: Karen Woolley, development manager, Federation of Small Businesses, Image: iStock / Credit: I going to make a greatest artwork as I can, by my head, my hand and by my mind. The Federation of Small Businesses (FSBs) Skills Hub will help you learn more about digital marketing and social media, and there is a library of free online courses on Google Digital Garage. For more information about setting up your own business, visit the FSBs Start-up Hub. Charter (GBC) accessible to enterprises with fewer than 50 employees. Being part of the GBC demonstrates to current and potential customers that your business is committed to operating responsibly and treating staff with respect and fairness. It also has the potential to make your business stand out from the crowd when it comes to bidding for contracts. To sign up to the charter, a business must meet or be working towards meeting 10 components of the charter, including: paying the living wage; fairer hours and contracts; employee wellbeing; diversity and inclusion; and ethical sourcing. Find out more about how Good Business Charter accreditation could shine a light on your business practices here. For further information, please contact your local Trading Standards Service