Whenever I am talking to someone with a fantastic idea for a business, or a young entrepreneur I always get the same first question: “Well, how much is it going to cost me?” While this is a valid question, there are so many answers that I could give you, and cost always comes down to exactly what your business is and what you are offering to the UK.
First and foremost, you have to understand that it is going to cost you more than you think to start a small business in the UK and actually get it up off of the ground.
There are a lot of costs to start a small business, especially at the beginning, in order to make your product (or deliver your service) and register a business name, have an office and more. However, I have some insight that I think will help you greatly right away!
Creating A Plan:
I want to direct you towards the Business Plan Builder Tool. This particular tool offered by UKStartups offers an interactive way to help you create a solid and professional business plan. In order to truly determine your costs and how much it will cost to start your own personal business, you must have a plan in place. In order to gain capital into your business and have investors interested, they will always ask for a business plan. They want to know how you are going to make money and what exactly it is that you do. Without a business plan it will be impossible for you to discover how much it will cost to run your business. I highly recommend using this tool as it supports your process, especially if you are a beginner entrepreneur with a lot of questions.
Looking For Funding:
While I am almost certain that you will have to invest some of your own money into your business at the beginning, I think you need to look into grants and loans available through the government in order to help you out. What you have to understand is that the UK government wants your small business to succeed. Small businesses have the power to give people jobs and boost our economy. The government is willing to invest in a company that they believe in. There are hundreds of business grants available to you at local, regional and national levels. Try the Funding Database offered by us here at UKStartups to help point you in the right direction of grants and loans of interest for small business owners.
Your first initial cost will definitely be registering your name with the UK government. While these costs to start a small business vary by region, and the type of business you are starting (i.e. sole traders, business partnerships etc.), you will have to register a name first. This generally costs £12-£40 and I think should be the first thing you do. Once you have a name, you can now have a vision, and get started on a business plan in order to find out exactly how much it will cost to start your small business!