Starting Your Own Business

Starting your own business is exciting, but there are also lots of things you’ll need to consider. In this article, we take a look at some important considerations to help you get started.

Develop your business skills

When starting a new business it’s essential to understand the skills you will need to help make your venture a success. There are lots of free online training courses that allow new startups to develop their business skills at their own pace. For example, OpenLearn from the Open University provides free courses on starting your own business. The courses cover topics such as business structures, marketing, responsibilities and financial issues.

Preparing a business plan

Writing a business plan is one of the most important tasks when starting a new business. It will help you collate ideas, set targets and plan for the future, as well as confirm your business idea is realistic. There are lots of useful resources to help you create a business plan, such as this template from the Prince’s Trust.

Financing your business

When starting a new business, it is essential that you understand how much finance and funding you’ll need to get started and get through the crucial first months of trading. The Business Finance Guide from ICAEW and the British Business Bank provides advice and information about how to access finance at all stages of business.

Business support and advice

Speaking to a business advisor or mentor can help new startups to develop their business idea, understand what’s involved in getting started, and access support tailored to the needs of their business. This useful blog from Accelerator London provides an introduction to incubators and accelerators, including how they can support businesses to start-up and grow.

Intellectual property

The Intellectual Property Office has published a useful guide to help businesses protect their intellectual property (IP). It provides an overview of the different types of IP, and the steps you should take to protect yours.

Taking on your first employee

Taking on your first employee is exciting, but it can also be daunting. However, there are lots of useful resources to help first-time employers understand their responsibilities and take on staff. For instance, HM Revenue & Customs has published a number of checklists to help businesses get ready for employing someone.