Starting a New Small Business in the UK Checklist
Category: Business Advice
Tags: business startup checklist, new small business, starting a business
Starting a new small business in the UK definitely comes with it’s challenges, thus having a checklist to starting your own small business is very important.
This small business startup checklist is a tool which is intended to help you, and guide you though all of the issues you should consider and those which may come up in the process of starting a small business. We recommend you take the checklist and adapt it towards your own small business and add in your own points as well to improve on it.
Examine your motivation for business ownership and choose a business suitable for you
- Personal goals and motivation
- Personal skills
Evaluate the feasibility of your chosen business
- Calculate financial projections that do not count on loans
- Know where your living expenses will come from during the first year
- Make sure your family is on board
Consider start-up requirements and common pitfalls
- Legal forms of organization
- Learn permits, licenses, rules and regulations applicable to your type of business
- Determine the steps to establish a legal business entity
- Determine the types of records to be kept for tax purposes
- Determine the types of recordkeeping and control systems for internal management
- Determine professional needs: marketing, advertising, legal, accounting, tax, insurance and banking
- Create a business plan
- Think through details
- Revisit and adapt regularly
- Choose a business name and set a starting date
- Choose an adequate location/office space
- Identify your customers and potential competitors
- Develop a marketing plan
Develop your financing request and obtain initial capital
- Create a investor presentation (consider the Investor PitchDeck)
- Browse all your funding optionsĀ (personal, private, government)
- Get access to the funding schemes database
Finalize all start-up requirements
- Legally separate yourself from your business
- Sign contracts and lease agreements
- Apply for and obtain a business license, pay permits and fees
- Obtain utilities services etc.
- Get furniture and equipment
- Design and print business cards
- Open a business bank account
- Elaborate customers/providers forms and contracts
- Set up your accounting system
- Obtain business insurance
- Open a website and register in social media (when applicable)
Again this checklist is a reminder thatĀ a lot can go wrong if you aren’t careful when launching your business. Be sure to take the advice of experts and learn from other entrepreneur’s mistakes. Use a checklist to ensure your small business goes from startup to a success story with no problems.
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