Your new business

By Emily du Feu

YOUR NEW BUSINESS START-UP CHECKLIST

Here is our checklist of things to think about when starting a business. Depending on your type of business, there may be industry-specific things you also need to think about, but we have covered the business basics!

PLANNING – THINGS TO THINK ABOUT BEFORE YOU BEGIN

What’s your business idea? What’s the problem you are solving for your consumers? How big is your potential market? How are you different from your competitors? And, importantly, what’s your business’s name?

BUSINESS OPERATIONS

You must register with HMRC if you plan on being a sole trader. If you want to set your business up as a limited company, you need to register it with Companies House.

You also need to complete the ICO checker to see if you need to register and pay an annual data protection fee. Most small businesses pay around £40 a year. You must also pay for the relevant insurance you need, depending on what your business does. These usually include professional indemnity, public liability, and business equipment insurance.

BRANDING

Your business will likely need a logo, even if it is just your name. If you want professional branding that resonates with your target audience, then it is better to pay a professional designer to set your business up for the future. If you don’t have the budget, you can design one yourself using a programme such as Canva.

MARKETING

Choose and register a domain name to create a website – Squarespace, Wordpress, and Wix are all popular options. You could get a web developer to create one for you if you don’t have the skills required.

Set up business social media accounts. The type of customer or client you are targeting will influence which social platforms you should use. Think about your target audience and the type of social media they use.

Consider creating a mailing list, so you can email clients, customers, or people you have met about what you are up to.

FINANCES

By law, you must open a separate business account if you are a limited company. If you are a sole trader, you can continue to use your own current account. However, it does make life simpler by keeping personal and business finances separate.