{"id":56507,"date":"2021-05-13T16:35:40","date_gmt":"2021-05-13T15:35:40","guid":{"rendered":"http:\/\/startups.co.uk\/?p=56507"},"modified":"2024-03-14T10:31:43","modified_gmt":"2024-03-14T10:31:43","slug":"how-to-start-a-business","status":"publish","type":"post","link":"https:\/\/startups.co.uk\/guides\/how-to-start-a-business\/","title":{"rendered":"How to start a business: an 11 step guide to success"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]In the midst of rising energy bills, continued threat of recession, and a cost of living crisis, you might be surprised to learn that now is still an excellent time for entrepreneurship in the UK.<\/p>\n<p>Despite the economic backdrop, analysis of Companies House data reveals that more than 436,000 businesses were registered in the UK between January and June 2023, an increase of 8% from 2022. On average, 101 new businesses were registered every hour in the first half of 2023, according to iwoca, a small business lender.<\/p>\n<p>Anyone can start a business &ndash; you don&rsquo;t need <span style=\"font-weight: 400\">impressive funding or<\/span> a big-league degree in order to begin. What you do need, however, is a set of actions, a realistic time frame, and a clear goal to work towards.<\/p>\n<p>We&rsquo;ve collaborated with some other small business founders on the below guide to help you get started. Read on for our step-by-step formula to starting a business in 2024:[\/vc_column_text]\n<\/p><div class=\"form-simple\" data-eventcategory=\"feedback\" data-eventaction=\"Email-Subscribe\">\n <form target=\"_blank\" class=\"form-subscribe\" id=\"form-subscribe\">\n\n <div class=\"form-loader\">\n <div class=\"spinner-box\">\n <span class=\"spin-loader\"><\/span>\n <p class=\"form-loader-text\">Verifying<\/p>\n <\/div>\n <\/div>\n\n <div class=\"form-subscribe-info\">\n <p class=\"form-subscribe-title\">Get the latest startup news, straight to your inbox<\/p>\n <p class=\"form-subscribe-subtitle\">Stay informed on the top business stories with Startups.co.uk&rsquo;s weekly newsletter<\/p>\n <\/div>\n\n <div class=\"form-subscribe-box\">\n <div class=\"input-row input-row-text\">\n <input type=\"text\" class=\"form-control\" name=\"first_name\" placeholder=\"Name\" required>\n <span class=\"input-row-error\">Please fill in your name<\/span>\n <\/div>\n\n <div class=\"input-row input-row-email\">\n <input type=\"email\" class=\"form-control\" name=\"email_address\" placeholder=\"Email Address\" required>\n <span class=\"input-row-error\">Please fill in your email<\/span>\n <\/div>\n\n <div class=\"google-inline-captcha\">\n <div class=\"captcha-message\">\n <span class=\"btn-close\"><\/span>\n <span class=\"form-messages\"><\/span>\n <\/div>\n <\/div>\n\n <button class=\"form-subscribe-button btn\" type=\"submit\" data-eventlabel=\"https:\/\/startups.co.uk\/wp-json\/wp\/v2\/posts\/56507\">\n Subscribe <\/button>\n <\/div>\n\n <p class=\"form-subscribe-privacy-policy\">\n By signing up to receive our newsletter, you agree to our <a href=\"https:\/\/www2.mvfglobal.com\/privacypolicy\/b649e\" title=\"Privacy Policy\">Privacy Policy<\/a>. You can <strong>unsubscribe<\/strong> at any time. <\/p>\n\n <\/form>\n<\/div>\n<div class=\"jumplinks-content\">\n <h3 class=\"jumplinks-content-title\">\n This article will cover: <\/h3>\n <ul class=\"jumplinks-content-list\">\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-1-come-up-with-a-business-idea\">Step 1: Come up with a business idea<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-2-research-your-idea\">Step 2: Research your idea<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-3-create-your-business-plan\">Step 3: Create your business plan<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-4-choose-your-business-structure\">Step 4. Choose your business structure<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-5-get-funding\">Step 5. Get funding<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-6-register-your-business\">Step 6. Register your business<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-7-set-up-shop\">Step 7. Set up shop<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-8-build-your-team\">Step 8. Build your team<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-9-choose-your-suppliers\">Step 9. Choose your suppliers<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-10-launch-your-business\">Step 10. Launch your business<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-step-11-grow-your-business\">Step 11. Grow your business<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-conclusion\">Conclusion<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-starting-a-business-faqs\">Starting a business: FAQs<\/a>\n <\/li>\n <\/ul>\n<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-1-come-up-with-a-business-idea\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 1: Come up with a business idea<\/h2>\n<p style=\"text-align: center\"><strong>Ironing out your business idea and operating model<\/strong><\/p>\n<p><span style=\"font-weight: 400\">Every budding entrepreneur starts off with a rough idea of what they want to achieve. The first step is to take this general ambition and turn it into something specific and measurable.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">While this might sound daunting, at this stage you simply need to be able to answer &lsquo;YES&rsquo; to the following top-level questions:<\/span><\/p>\n<p><span style=\"font-weight: 400\">1. Do you know if you want to start a <\/span><b>side-gig <\/b><span style=\"font-weight: 400\">or a<\/span><b> full-time company<\/b><span style=\"font-weight: 400\">?<br>\n<\/span><span style=\"font-weight: 400\">2. Do you know what <\/span><b>product or service <\/b><span style=\"font-weight: 400\">you want to sell?<br>\n<\/span>3. Do you know if you want to <b>sell<\/b> <b>online <\/b>or <b>in-person?<br>\n<\/b>4. Does the idea <b>fit your skillset<\/b>?<br>\n5. Do you know <b>what industry <\/b>you want to sell in?<\/p>\n<h3>What is your business idea?<\/h3>\n<p><span style=\"font-weight: 400\">If you&rsquo;re looking for inspiration, have a read through our <\/span><a href=\"https:\/\/startups.co.uk\/business-ideas\/\"><b>business ideas pages<\/b><\/a><span style=\"font-weight: 400\">. Every year, we research the emerging industry trends to identify the most likely routes to success &ndash; as well as the cheapest ideas to get going quickly on a budget.<\/span><b><br>\n<\/b><\/p>\n<ul>\n<li><a href=\"https:\/\/startups.co.uk\/news\/startups-100-2023-trends\/\"><b>Best business ideas<\/b><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/business-ideas\/cheap-small-business-ideas\/\"><b>Best cheap business ideas<\/b><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/guides\/how-to-start-a-side-hustle\/\"><b>Starting a side hustle<\/b><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/business-ideas\/recession-proof-business\/\"><b>Recession-proof business ideas<\/b><\/a><\/li>\n<\/ul>\n<p><b>Are you starting a business in a specific industry? <\/b><span style=\"font-weight: 400\">Click through our <\/span><a href=\"https:\/\/startups.co.uk\/guides\/\"><b>How To guides<\/b><\/a><span style=\"font-weight: 400\"> to find your niche. Or, go straight to <\/span><b>five trending new business ideas<\/b><span style=\"font-weight: 400\">, as listed below:<\/span><\/p>\n<ul>\n<li><b>&#129658;<\/b><a href=\"https:\/\/startups.co.uk\/guides\/how-to-start-a-care-agency\/\"><b>How to start a care agency<\/b><\/a><\/li>\n<li><b>&#128118; <\/b><a href=\"https:\/\/startups.co.uk\/guides\/how-to-start-a-day-nursery\/\"><b>How to start a day nursery<\/b><\/a><\/li>\n<li><b>&#9749; <\/b><a href=\"https:\/\/startups.co.uk\/guides\/how-to-start-a-cafe-or-coffee-shop\/\"><b>How to start a cafe or coffee shop<\/b><\/a><\/li>\n<li><b>&#127947;&#65039;&zwj;&#9792;&#65039; <\/b><a href=\"https:\/\/startups.co.uk\/guides\/how-to-start-a-gym-business\/\"><b>How to start a gym business<\/b><\/a><\/li>\n<li><b>&#128717;&#65039; <\/b><a href=\"https:\/\/startups.co.uk\/guides\/how-to-start-a-retail-business\/\"><b>How to start a retail business<\/b><\/a><\/li>\n<\/ul>\n<p><b>&#128183; Want to start selling on a budget?<\/b><\/p>\n<p><span style=\"font-weight: 400\">Two of the cheapest business models that you can start up with only a small savings pot include <\/span><a href=\"https:\/\/startups.co.uk\/websites\/ecommerce\/dropshipping-what-is-it-and-is-it-worth-it\/\"><b>dropshipping<\/b><\/a><span style=\"font-weight: 400\"> or <\/span><a href=\"https:\/\/startups.co.uk\/guides\/how-to-start-an-amazon-marketplace-business\/\"><b>selling on Amazon<\/b><span style=\"font-weight: 400\">.<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400\">In comparison, starting a gym business is an expensive venture up-front, thanks to pricey equipment and premises rental costs.<\/span>[\/vc_column_text]<\/p><div class=\"cta-content\" data-eventcategory=\"cta-banner\" data-component=\"cta-image\">\n\n <div class=\"cta-content-image\">\n <img decoding=\"async\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/02\/Sanjay-Lobo-MBE-founder-of-onHand.jpg?width=100&height=100&fit=crop\" srcset=\"\" alt=\"Sanjay Lobo MBE founder of onHand\" width=\"100\" height=\"100\" data-caption=\"\" class=\"flexi-comp-img\" loading=\"lazy\" sizes=\"\"> <\/div>\n \n <div class=\"cta-content-part\">\n\n <span class=\"cta-content-heading\">\n Startups Inspo <\/span>\n \n <p>Lots of businesses launch from a personal need. Sanjay Lobo MBE was inspired to start the volunteering platform onHand when he needed a cheaper way to get carers for his dad, who had Parkinson&rsquo;s.<\/p>\n \n <a class=\"cta-content-link\" href=\"https:\/\/startups.co.uk\/startups-100\/2023\/onhand\/\" data-cta-type=\"cta-image-link\" target=\"_self\">Read more about the idea behind onHand <\/a>\n <\/div>\n\n \n<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-2-research-your-idea\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 2: Research your idea<\/h2>\n<p style=\"text-align: center\"><strong>Conducting market research, market analysis, and competitor analysis&nbsp;<\/strong><\/p>\n<h3>&#128269; Market research<\/h3>\n<p>The aim of <a href=\"https:\/\/startups.co.uk\/strategy\/types-of-market-research-to-plan-or-launch-your-business\/\"><strong>market research<\/strong><\/a> is to build up a complete dataset of who your audience base is, including age, gender, and socioeconomic status. Typically, it takes the form of a physical or online survey. Here are the key questions you should ask:<\/p>\n<ul>\n<li>Who is your target customer or client? Where are they based?<\/li>\n<li>What products or services do they already use that you&rsquo;ll compete with?<\/li>\n<li>What makes your product or service worth the money?<\/li>\n<li>How much would your target customer or client be willing to pay?<\/li>\n<\/ul>\n<p>[\/vc_column_text]\n <\/p><div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" preserveaspectratio=\"none\" viewbox=\"0 0 116 6\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n <g stroke=\"none\" stroke-width=\"1\" fill=\"#dd3333\">\n <path d=\"M94.0845406,5.55784045 C93.4629887,5.58758734 92.7723755,5.58758734 92.2198849,5.64708111 C92.0127009,5.66195455 91.7824965,5.67682799 91.5062512,5.66195455 C89.5955547,5.58758734 87.6618377,5.5727139 85.7511411,5.67682799 C85.5669776,5.69170144 85.2446914,5.67682799 84.9914666,5.67682799 C82.8275451,5.66195455 80.6866442,5.63220767 78.4997023,5.67682799 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10.7864935,4.05859596 Z M93.4369469,5.03977318 C93.5273365,5.03977318 93.7081157,5.02037466 93.7081157,5.02037466 C93.7382456,5.00097614 93.5574663,4.98157762 93.3766871,4.98157762 C93.2862975,4.98157762 93.1055183,5.00097614 93.1055183,5.00097614 C93.0452585,5.03977318 93.2260378,5.03977318 93.4369469,5.03977318 Z M64.6758363,6 C64.7963558,6 64.977135,6 65.0072649,6 C65.1579143,5.98060148 64.977135,5.96120296 64.7963558,5.96120296 C64.7059662,5.96120296 64.5854467,5.96120296 64.4950571,5.98060148 C64.5553169,5.98060148 64.6155766,5.98060148 64.6758363,6 Z M90.6789362,4.03643854 C90.5885466,4.03643854 90.4680271,4.01704002 90.3776375,4.01704002 C90.1365986,4.01704002 90.0160791,4.03643854 90.1667284,4.05583706 C90.2269882,4.05583706 90.4077674,4.07523558 90.498157,4.05583706 C90.5885466,4.07523558 90.6186765,4.05583706 90.6789362,4.03643854 Z M86.2696559,4.0213508 C86.0888766,4.0213508 85.9080974,4.0213508 85.7273182,4.0213508 C85.546539,4.0213508 85.4260195,4.04074932 85.4862792,4.04074932 C85.6369286,4.04074932 85.8478377,4.06014784 86.0286169,4.06014784 C86.1792662,4.06014784 86.2696559,4.04074932 86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><strong>Top tip: <\/strong>Your market research <strong>must not involve family or friends.<\/strong> Aim to get a truly randomised set of respondents that will give you an accurate, unbiased reflection of your business idea.<\/p>\n <\/div>\n <\/div>\n[vc_column_text]\n<h3>&#128269; Market analysis<\/h3>\n<p>Once you&rsquo;ve completed your market research, you should carry out broader market analysis to see how your audience findings might align with any current sector challenges and opportunities. Market analysis uses a combination of <strong>field research <\/strong>and <strong>desk research<\/strong>.<\/p>\n<p><strong>Field research = <\/strong>market reports, news articles, and competitor websites.<br>\n<strong>Desk research = <\/strong>feedback from market testing like customer questionnaires or focus group feedback.<\/p>\n<h3><strong>&#128269;<\/strong> Competitor analysis<\/h3>\n<p>Finally, it&rsquo;s time to check out the competition. Download a <a href=\"https:\/\/startups.co.uk\/project-management-software\/free-competitor-analysis-templates\/\"><strong>free competitor analysis template<\/strong><\/a> to evaluate what options your target audience currently have. That way, you can identify any needs that aren&rsquo;t currently being met.<\/p>\n<h4>List the key information about your competitors:<\/h4>\n<ul>\n<li>Name<\/li>\n<li>Location<\/li>\n<li>Business size<\/li>\n<li>Product\/service offering<\/li>\n<li>Sales channels<\/li>\n<li>Pricing<\/li>\n<li>Strengths\/weaknesses<\/li>\n<li>Direct or indirect?*<\/li>\n<\/ul>\n<p>*Competitors take two forms: direct or indirect. <strong>Direct <\/strong>competitors sell the same or similar products or services. <strong>Indirect <\/strong>competitors sell substitute or alternative products or services[\/vc_column_text]<\/p><div class=\"cta-content\" data-eventcategory=\"cta-banner\" data-component=\"cta-image\">\n\n <div class=\"cta-content-image\">\n <img decoding=\"async\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/01\/Drop-Bear-Founders.jpg?width=100&height=100&fit=crop\" srcset=\"\" alt=\"\" width=\"100\" height=\"100\" data-caption=\"\" class=\"flexi-comp-img\" loading=\"lazy\" sizes=\"\"> <\/div>\n \n <div class=\"cta-content-part\">\n\n <span class=\"cta-content-heading\">\n Startups Inspo <\/span>\n \n <p>Sarah McNena and Joelle Drummond founded low-alcohol, zero-carbon brewery Drop Bear Beer Co. after they couldn't find any similar product idea during market research.<\/p>\n \n <a class=\"cta-content-link\" href=\"https:\/\/startups.co.uk\/startups-100\/2023\/drop-bear-beer\/\" data-cta-type=\"cta-image-link\" target=\"_self\">Read more about how Drop Bear beat its rivals <\/a>\n <\/div>\n\n \n<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-3-create-your-business-plan\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 3: Create your business plan<\/h2>\n<p style=\"text-align: center\"><strong>Downloading a business plan template to build your strategy<\/strong><\/p>\n<p>Business plans are often thought of as a tool for attracting investment. Even if you&rsquo;re not interested in raising capital straight off the bat, a business plan is a solid roadmap to launch your business.<\/p>\n<p>Our comprehensive guide to <a href=\"https:\/\/startups.co.uk\/strategy\/business-plan-template\/\"><strong>how to write a business plan<\/strong><\/a> has more information about what to include. Here&rsquo;s a quick overview:<\/p>\n<h3>&#9999;&#65039; Business description and objectives<\/h3>\n<p>A business plan should include all of the below strategy materials to give the reader an idea of how you will run your business, and what your idea of success looks like.<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/startups.co.uk\/strategy\/successful-elevator-pitch-examples-and-how-to-write-your-own\/\">Elevator pitch<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/strategy\/how-to-write-a-mission-statement\/\">Company mission statement<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/strategy\/company-values\/\">Core company values<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/strategy\/organisational-culture\/\">Organisational culture<\/a><\/strong><\/li>\n<\/ul>\n<h3>&#128202; Financial analysis<\/h3>\n<p>Entrepreneurs are often surprised at the average cost of starting a business. Recent estimates put <a href=\"https:\/\/startups.co.uk\/news\/start-up-costs-average-12000\/\"><strong>the figure at around &pound;12,601.<\/strong><\/a> To demonstrate that your business idea is financially viable, your business plan needs to include a <a href=\"https:\/\/www.google.com\/url?q=https:\/\/startups.co.uk\/accounting\/how-to-create-a-cashflow-forecast\/&sa=D&source=docs&ust=1676975696043683&usg=AOvVaw302fcZr9lX-DDrQLkxsLSz\"><strong>cash forecast.<\/strong><\/a><\/p>\n<p>A cash forecast is a thorough plan of your expected startup costs (how much you&rsquo;ll spend getting set up) and business overheads (how much you&rsquo;ll spend when you&rsquo;re up and running).<\/p>\n<h4>What are startup costs?<\/h4>\n<p><strong>Startup costs &ndash; <\/strong>also known as <strong>sunk costs &ndash; <\/strong>are the fees associated with launching your company. No matter if your firm succeeds or fails, you can&rsquo;t get them back as they will already have &lsquo;sunk&rsquo; into the business venture.<\/p>\n<p>Your startup costs will differ depending on your operational model (online firms won&rsquo;t need to pay for office space), but here are the most common for new business owners:<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/startups.co.uk\/people\/payroll\/how-to-decide-how-to-pay-yourself-in-your-business\/\">Paying your salary&nbsp;<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/people\/payroll\/how-much-should-you-pay-your-staff\/\">Paying any employee salaries<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/funding\/loans\/\">Loan or grant repayments<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/people\/labour-costs-guide\/\">Labour costs<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/insurance\/starting-a-business-what-insurance-do-you-need\/\">Insurance <\/a><\/strong>(including <strong><a href=\"https:\/\/startups.co.uk\/insurance\/what-is-employers-liability-insurance\/\">Employer&rsquo;s Liability Insurance<\/a><\/strong> if you decide to hire staff)<\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/technology\/small-business-software\/\">Software costs<\/a><\/strong><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/premises\/offices\/cheap-office-space-london\/\"><strong>Office rental costs<\/strong><\/a><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/websites\/builders\/\">Making a website<\/a> <\/strong>or <strong><a href=\"https:\/\/startups.co.uk\/websites\/creating\/finding-a-web-designer\/\">hiring a website designer<\/a><\/strong><\/li>\n<\/ul>\n<p>The financial analysis section in a business plan should also outline a company&rsquo;s expected sales revenue. This can be calculated based on how much you expect to make from any products or services &ndash; also known as your <a href=\"https:\/\/startups.co.uk\/strategy\/pricing-strategy-guide\/\"><strong>pricing strategy<\/strong><\/a><strong>.<\/strong><\/p>\n<p>Subtract this from the total of your cash forecast and you&rsquo;ll be able to find the point at which you&rsquo;ll start making a profit &ndash; also known as the <a href=\"https:\/\/startups.co.uk\/strategy\/how-to-calculate-your-break-even-point\/\"><strong>break-even point<\/strong><\/a><strong>.<\/strong>[\/vc_column_text]\n <\/p><div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" preserveaspectratio=\"none\" viewbox=\"0 0 116 6\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n <g stroke=\"none\" stroke-width=\"1\" fill=\"#ea0037\">\n <path d=\"M94.0845406,5.55784045 C93.4629887,5.58758734 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97.9334846,4.98157762 C97.6623158,4.98157762 97.3610171,4.98157762 97.4212768,5.02037466 C97.4815366,5.02037466 97.7527054,5.02037466 97.843095,5.03977318 Z M10.7864935,4.05859596 C11.7205195,4.05859596 12.3231169,4.07799448 13.3174026,4.01979892 C12.3231169,4.03919744 11.7205195,4.0004004 10.7864935,4.05859596 Z M93.4369469,5.03977318 C93.5273365,5.03977318 93.7081157,5.02037466 93.7081157,5.02037466 C93.7382456,5.00097614 93.5574663,4.98157762 93.3766871,4.98157762 C93.2862975,4.98157762 93.1055183,5.00097614 93.1055183,5.00097614 C93.0452585,5.03977318 93.2260378,5.03977318 93.4369469,5.03977318 Z M64.6758363,6 C64.7963558,6 64.977135,6 65.0072649,6 C65.1579143,5.98060148 64.977135,5.96120296 64.7963558,5.96120296 C64.7059662,5.96120296 64.5854467,5.96120296 64.4950571,5.98060148 C64.5553169,5.98060148 64.6155766,5.98060148 64.6758363,6 Z M90.6789362,4.03643854 C90.5885466,4.03643854 90.4680271,4.01704002 90.3776375,4.01704002 C90.1365986,4.01704002 90.0160791,4.03643854 90.1667284,4.05583706 C90.2269882,4.05583706 90.4077674,4.07523558 90.498157,4.05583706 C90.5885466,4.07523558 90.6186765,4.05583706 90.6789362,4.03643854 Z M86.2696559,4.0213508 C86.0888766,4.0213508 85.9080974,4.0213508 85.7273182,4.0213508 C85.546539,4.0213508 85.4260195,4.04074932 85.4862792,4.04074932 C85.6369286,4.04074932 85.8478377,4.06014784 86.0286169,4.06014784 C86.1792662,4.06014784 86.2696559,4.04074932 86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><strong>Top tip: <\/strong>Complete a <a href=\"https:\/\/startups.co.uk\/strategy\/business-continuity-plan\/\"><strong>business continuity plan<\/strong><\/a> to outline how your business will stay afloat in the event that you run out of money.<\/p>\n <\/div>\n <\/div>\n[vc_column_text]\n<h3>&#128640; Marketing and sales plan<\/h3>\n<p>The business plan should also provide details on how you plan to stand out from competitors through your marketing strategy. Mention what your <strong>USP <\/strong>is, <strong>where and how you will advertise it<\/strong>, and any associated <strong>advertising costs.&nbsp;<\/strong><\/p>\n<p>For example, your strategy could detail whether you intend to use social media to <strong>reach customers through Twitter<\/strong> or <strong>Instagram. <\/strong>We&rsquo;ll go into more detail on marketing tips and tricks in the &lsquo;Branding&rsquo; section below.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-4-choose-your-business-structure\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 4. Choose your business structure<\/h2>\n<p style=\"text-align: center\"><strong>Selecting a business structure that best fits your growth plans<\/strong><\/p>\n<p>To register your business, you&rsquo;ll first need to <a href=\"https:\/\/startups.co.uk\/setting-up\/choosing-the-right-business-structure\/\"><strong>choose your company structure.&nbsp;<\/strong><\/a><\/p>\n<p>You can either start as a <strong>sole trader, a partnership, <\/strong>or as <strong>a limited company. <\/strong>All of these have different tax rules and liability considerations. The most suitable option will depend on how quickly you plan to scale up your business.<\/p>\n<ul>\n<li><a href=\"https:\/\/startups.co.uk\/setting-up\/become-a-sole-trader\/\"><strong>Sole trader<\/strong><\/a>. You&rsquo;ll own the business exclusively and be entitled to all profits &ndash; but also liable for any losses.<\/li>\n<li><strong>Partnership. <\/strong>Similar to the option above, but profit and liability are split between all founders.<\/li>\n<li><strong>Limited company. <\/strong>A private company where your liability is only tied to the amount you have invested.<\/li>\n<\/ul>\n<h4>Register as a sole trader if you are:<\/h4>\n<p>&#10004;&#65039; Not sure how profitable your business will be<\/p>\n<p>&#10004;&#65039; Prefer simplicity<\/p>\n<p>&#10004;&#65039; Don&rsquo;t want lots of admin.<\/p>\n<h4>Register as a limited company if you are:<\/h4>\n<p>&#10004;&#65039; Sure your business will be profitable<\/p>\n<p>&#10004;&#65039; Sure you will grow quickly<\/p>\n<p>&#10004;&#65039; Wanting to work with agencies<\/p>\n<h3>Which is cheaper? Sole Trader vs. Limited Company<\/h3>\n<p>It is important to note that the startup costs for a sole trader are much less when <a href=\"https:\/\/startups.co.uk\/setting-up\/sole-trader-or-limited-company-which-business-structure-is-best\/\"><strong>compared to a partnership or corporation.&nbsp;<\/strong><\/a><\/p>\n<p>All you need to become a registered sole trader is your <strong>national insurance number.<\/strong> Partnerships need to cover the legal cost of drafting a partnership agreement and other registration fees.<\/p>\n<p>However, there is a tax incentive for registering as a limited company. <strong>Sole traders pay 20%-45% income tax, whereas limited companies pay upwards of 19% corporation tax.<\/strong>[\/vc_column_text]\n <\/p><div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" preserveaspectratio=\"none\" viewbox=\"0 0 116 6\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" 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The differences between your business structure are substantial and are worth proper consideration.<\/p>\n <\/div>\n <\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-5-get-funding\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 5. Get funding<\/h2>\n<p style=\"text-align: center\"><strong>Funding your business using grants, loans, and private equity<\/strong><\/p>\n<p>Unsurprisingly, funding is often cited as one of the biggest barriers to setting up a new business, which makes it a very important step to get right when starting up.<\/p>\n<p>According to analysis by CB Insight, 38% of ex-startup owners cite running out of cash as the main cause for their firm&rsquo;s closure.<\/p>\n<h3>How can I fund my business?<\/h3>\n<p>There are a lot of different <a href=\"https:\/\/startups.co.uk\/funding\/sources\/business-finance-6-sources-of-finance-for-a-business\/\"><strong>sources of business finance<\/strong><\/a><strong>.<\/strong> Among the most popular for startups are:<\/p>\n<ul>\n<li><strong>Business loans<\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/funding\/grants\/small-business-grants-how-to-apply\/\">Small business grants<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/funding\/investors\/how-to-find-angel-investors-for-your-start-up-business\/\">Angel investors<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/funding\/investors\/how-does-venture-funding-work\/\">Venture capital<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/funding\/crowdfunding\/crowdfunding-your-start-up-seedrs\/\">Equity crowdfunding&nbsp;<\/a><\/strong><\/li>\n<\/ul>\n<p>That said, the startup funding world is a big place to conquer. We&rsquo;ve come up with a detailed list of the <a href=\"https:\/\/startups.co.uk\/funding\/sources\/10-ways-to-fund-your-business-without-a-bank-loan\/\"><strong>10 best alternative ways to fund your business,<\/strong><\/a> helping you explore every possible financing route.<\/p>\n<h4>&#128222; How do I find an investor?<\/h4>\n<p>Talking to peers, such as friends or family members, is a good source of <strong>small grassroots <\/strong>funding. In fact, successful business owners have told us it was the <strong><a href=\"https:\/\/startups.co.uk\/entrepreneurs\/what-you-need-to-start-business\/\">key ingredient to starting a business<\/a>.<\/strong><\/p>\n<p>More ambitious, limited company owners should look to private investment, like an angel investor. They can provide businesses with<strong> larger amounts of growth capital.&nbsp;<\/strong><\/p>\n<p>Making a strong impression at <a href=\"https:\/\/startups.co.uk\/strategy\/the-ultimate-guide-to-networking\/\"><strong>small business networking events<\/strong><\/a> is probably the best way to capture the attention of funders and get them interested in your business idea. Search online for relevant events that industry leaders might attend.<\/p>\n<p>If you have already secured a meeting with a potential investor, read our guide to <a href=\"https:\/\/startups.co.uk\/funding\/investors\/10-steps-to-structuring-your-funding-pitch\/\"><strong>putting together a funding pitch<\/strong><\/a><strong>.&nbsp;<\/strong><\/p>\n<h4>&#129309; How do I take out a business loan?<\/h4>\n<p>Business loans allow you to retain business ownership, protect your credit score and personal wealth, and &ndash; most importantly &ndash; <strong>get your business off the ground.<\/strong><\/p>\n<ul>\n<li><strong>Startup loans <\/strong>&ndash; the <strong>Startup Loan<\/strong> is a government-backed scheme that lets first-time business owners borrow up to &pound;25,000 with a fixed interest rate of 6% p.a.<\/li>\n<li><strong>Business loans<\/strong> &ndash; <strong>business loans<\/strong> are similar to startup loans, except that they are not just for new businesses and don&rsquo;t have the same caps.<\/li>\n<\/ul>\n<p>Be wary that some loan providers can charge hefty interest rates. Loans can also put your credit score at risk if you don&rsquo;t pay them back in time.<\/p>\n<p>Don&rsquo;t take out a loan unless you are <strong>100% certain<\/strong> that you&rsquo;ll make the money back. Speak to a third-party accountant or financial advisor if you&rsquo;re still not sure.[\/vc_column_text]<\/p><div class=\"cta-content\" data-eventcategory=\"cta-banner\" data-component=\"cta-image\">\n\n <div class=\"cta-content-image\">\n <img decoding=\"async\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/02\/Victoria-Coe.png?width=100&height=100&fit=crop\" srcset=\"\" alt=\"Victoria Coe\" width=\"100\" height=\"100\" data-caption=\"\" class=\"flexi-comp-img\" loading=\"lazy\" sizes=\"\"> <\/div>\n \n <div class=\"cta-content-part\">\n\n <span class=\"cta-content-heading\">\n Startups Inspo <\/span>\n \n <p>Victoria Coe grew KinKind to profitability off the back of a &pound;25k Government backed Startup Loan. The business has since won multiple beauty industry awards and featured in the Startups 100 Index - twice.<\/p>\n \n <a class=\"cta-content-link\" href=\"https:\/\/startups.co.uk\/startups-100\/2023\/kin-kind\/\" data-cta-type=\"cta-image-link\" target=\"_self\">Read more about KinKind and its incredible journey so far <\/a>\n <\/div>\n\n \n<\/div>\n[vc_column_text]\n<h4>&#127873; How do I apply for a small business grant?<\/h4>\n<p>Small business grants differ from a business loan as there are <strong>no repayments <\/strong>or interest fees. Plus, you won&rsquo;t have to go through as many checks to apply for one.<\/p>\n<p>Our full guide to applying for a <a href=\"https:\/\/startups.co.uk\/funding\/grants\/small-business-grants-how-to-apply\/\"><strong>small business grant<\/strong><\/a> has more information on the schemes available based on your specific industry.<\/p>\n<h4>&#128187; What technology do I need?<\/h4>\n<p>Although funding is vitally important, it is also essential that you are able to effectively track and manage your money further down the line. That&rsquo;s where the below business finance tools come in handy:<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/startups.co.uk\/accounting\/best-accounting-software-small-businesses\/\">Small business accounting software<\/a> <\/strong>is a useful tool for automating complex bookkeeping tasks, like self-assessment.<\/li>\n<li>For sole traders, there is even <strong><a href=\"https:\/\/startups.co.uk\/accounting\/best-free-accounting-software\/\">free accounting software<\/a><\/strong> to get started with no charge.<\/li>\n<li>Opening a <a href=\"https:\/\/startups.co.uk\/banking\/how-to-open-a-business-bank-account\/\"><strong>business bank account<\/strong><\/a> is a requirement if you&rsquo;re a limited liability company. They&rsquo;re also popular with sole traders to keep professional and personal finances separate.<\/li>\n<\/ul>\n<h4>&#129406; Can I fund myself?<\/h4>\n<p>Yes! Also known as<strong> bootstrapping,<\/strong> many entrepreneurs choose to fund their venture using <strong>personal savings<\/strong>. It is a popular method for those who find it harder to apply for large amounts of capital, such as full-time workers.[\/vc_column_text]<\/p><div class=\"cta-content\" data-eventcategory=\"cta-banner\" data-component=\"cta-image\">\n\n <div class=\"cta-content-image\">\n <img decoding=\"async\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/01\/Tiwani-Heritage.jpg?width=100&height=100&fit=crop\" srcset=\"\" alt=\"\" width=\"100\" height=\"100\" data-caption=\"\" class=\"flexi-comp-img\" loading=\"lazy\" sizes=\"\"> <\/div>\n \n <div class=\"cta-content-part\">\n\n <span class=\"cta-content-heading\">\n Startups Inspo <\/span>\n \n <p>Carol Lathbridge and Lola Cawood bootstrapped their vegan hair extensions brand, Tiwani Heritage, while being new mothers and working 9-5 jobs.<\/p>\n \n <a class=\"cta-content-link\" href=\"https:\/\/startups.co.uk\/startups-100\/2023\/tiwani-heritage\/\" data-cta-type=\"cta-image-link\" target=\"_self\">Read more about Tiwani Heritage&rsquo;s impressive growth journey <\/a>\n <\/div>\n\n \n<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-6-register-your-business\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 6. Register your business<\/h2>\n<p style=\"text-align: center\"><strong>Registering on Companies House and trademarking your name<\/strong><\/p>\n<p>Now that you&rsquo;ve got a company name and a company structure, you need to register and trademark them to ensure that rival entrepreneurs cannot steal your design.<\/p>\n<h3>&#128221;How to register your business name<\/h3>\n<p>Our full guide to <a href=\"https:\/\/startups.co.uk\/setting-up\/how-to-register-a-company-name\/\"><strong>registering a company name<\/strong><\/a> has more details but the process can be done easily online.<\/p>\n<p>Simply make an account on the Companies House website and use the <a href=\"https:\/\/beta.companieshouse.gov.uk\/company-name-availability\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Company Name Availability Checker<\/strong><\/a> to make sure your ideal name isn&rsquo;t taken or too similar to an existing company&rsquo;s name.<\/p>\n<p>Once that&rsquo;s confirmed, you&rsquo;ll need to input some basic information, like a <strong>business address, SIC code, <\/strong>and <strong>director names.<\/strong><\/p>\n<p><strong>&#128179;<\/strong> You&rsquo;ll be<strong> charged &pound;12<\/strong> by Companies House to register the company online.<\/p>\n<h3>How to register for corporation tax<\/h3>\n<p>An important part of registering a limited company is signing up to pay <a href=\"https:\/\/startups.co.uk\/tax\/what-is-corporation-tax\/\"><strong>corporation tax.<\/strong><\/a> This <strong>must <\/strong>be done within <strong>three months of trading <\/strong>or you will receive a penalty from HMRC. Sole traders<strong> do not need to register for corporation tax.<\/strong><\/p>\n<h3>&trade;&#65039;How to trademark your business name<\/h3>\n<p>Many entrepreneurs incorrectly assume that registering a business on Companies House &ndash; or even owning a domain name &ndash; means that their brand is protected. In reality, without a trademark, it is easy for another business to come along and claim your name or logo.<\/p>\n<p>Our guide to <a href=\"https:\/\/startups.co.uk\/setting-up\/apply-for-a-trademark\/\"><strong>applying for a business trademark<\/strong><\/a> breaks down the process into simple, actionable steps, including what paperwork is required.[\/vc_column_text]\n <\/p><div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" preserveaspectratio=\"none\" viewbox=\"0 0 116 6\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n <g stroke=\"none\" stroke-width=\"1\" fill=\"#ea0037\">\n <path d=\"M94.0845406,5.55784045 C93.4629887,5.58758734 92.7723755,5.58758734 92.2198849,5.64708111 C92.0127009,5.66195455 91.7824965,5.67682799 91.5062512,5.66195455 C89.5955547,5.58758734 87.6618377,5.5727139 85.7511411,5.67682799 C85.5669776,5.69170144 85.2446914,5.67682799 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85.9080974,4.0213508 85.7273182,4.0213508 C85.546539,4.0213508 85.4260195,4.04074932 85.4862792,4.04074932 C85.6369286,4.04074932 85.8478377,4.06014784 86.0286169,4.06014784 C86.1792662,4.06014784 86.2696559,4.04074932 86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><strong>Top tip: <\/strong>Once registered, you can use the &reg; symbol to show that your brand and logo are protected. Registered trademarks can also be sold, traded, and even used as security on loans and mortgages.<\/p>\n <\/div>\n <\/div>\n[vc_column_text]&#128179; First timers will be charged<strong> &pound;170 for a standard trademark application<\/strong> done online (<strong>&pound;200 by post<\/strong>).\n<h3>How else can I protect my intellectual property (IP)?<\/h3>\n<p>While a trademark protects <strong>brands, logos, and slogans, <\/strong>a patent protects new <strong>inventions, processes, or scientific creations.<\/strong><\/p>\n<p>Innovative entrepreneurs that want to stop anyone from using their unique product should also look to file a patent application through the <a href=\"https:\/\/www.gov.uk\/patent-your-invention\/apply-for-a-patent\" target=\"_blank\" rel=\"noopener noreferrer\">government website<\/a>.<\/p>\n<p>&#128179; Patents cost around <strong>&pound;300 in the UK, <\/strong>but you have 12 months from the day of filing to settle the bill.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-7-set-up-shop\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 7. Set up shop<\/h2>\n<p style=\"text-align: center\"><strong>Purchasing a business premises, equipment, and\/or software<\/strong><\/p>\n<p>If you&rsquo;re launching a business that you can&rsquo;t really offer as an online service, then you&rsquo;ll need to <a href=\"https:\/\/startups.co.uk\/premises\/legal\/commercial-lease\/\"><strong>rent or lease a commercial property<\/strong><\/a>. To decide on the location and size of the property, you&rsquo;ll need to consider <strong>five key areas:<\/strong><\/p>\n<p><strong>1. Customer base &ndash; <\/strong>If your customers are based in a particular geographical area, or travelling via a particular mode of transport, it makes sense to locate your business where they can easily find you.<\/p>\n<p><strong>2. Competitors &ndash; <\/strong>Where are your competitors? Do you want to be close to a cluster of competitors that already attract customers, or to have exclusivity in your area?<\/p>\n<p><strong>3. Supply chain &ndash; <\/strong>Think about proximity to suppliers. If you&rsquo;re a fish and chip shop offering fresh scampi to your customers, it will shorten and cheapen delivery to base yourself near the coast.<\/p>\n<p><strong>4. Layout &ndash; <\/strong>Think about internal layout and access limitations &ndash; you may need to provide access for employees, customers, and deliveries outside working hours.<\/p>\n<p><strong>5. Planning permission &ndash; <\/strong>Seek advice from a property law expert to see if future expansion is possible. Failing this, local authorities now have online planning portals to find the planning history for a building.<\/p>\n<h3>&#128064; How do I find a commercial property?<\/h3>\n<ul>\n<li>Search <strong>property websites, like Zoopla,<\/strong> and arrange viewings independently<\/li>\n<li>Speak to <strong>universities <\/strong>and other <strong>public institutions&nbsp;<\/strong><\/li>\n<li>Search <strong>local council websites<\/strong> for nearby business parks and knowledge districts<\/li>\n<li><a href=\"https:\/\/webforms.startups.co.uk\/co-working-space?nwid=central&_gl=1*ipj9uo*_ga*Mjk3MjI0ODQ3LjE2MjM4NTEyODk.*_ga_TV8NP29ZR1*MTY3NjI3Nzc4My43ODkuMS4xNjc2MjgwNjI0LjAuMC4w\"><strong>Compare coworking costs<\/strong><\/a> for flexible workspace<\/li>\n<\/ul>\n<h3>&#128394;&#65039; Should I licence, lease, or buy?<\/h3>\n<p><strong>Licensing<\/strong> your property <strong>=<\/strong> <strong>maximum flexibility, but minimum security. <\/strong>It typically suits smaller businesses and startups as it covers a short period of time &ndash; usually a few months.<\/p>\n<p><strong>Leasing <\/strong>your property <strong>=<\/strong> <strong>less flexibility, but security of tenure for the term of the lease<\/strong>, which is generally between three and 25 years. You&rsquo;ll also be responsible for internal maintenance of the property.<\/p>\n<p><strong>Buying <\/strong>a property <strong>= zero flexibility, but maximum security. <\/strong>You&rsquo;ll own the freehold and will be responsible for all maintenance and upkeep. 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86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><strong>Top tip: <\/strong>Consider how the decision to licence, lease, or buy your premises affects your pricing strategy. The more expensive your upfront costs, the more you&rsquo;ll need to charge to stay in profit.<\/p>\n <\/div>\n <\/div>\n[vc_column_text]\n<h3>Do I need to rent a commercial property?<\/h3>\n<p>If you reach a point where you have a team and require an office space <em>but<\/em> you don&rsquo;t want to fork out tens of thousands on an annual rent bill, coworking spaces and managed offices are a good alternative.<\/p>\n<p>Alongside lower costs and more flexible contracts, these can also provide an added benefit of networking potential with your fellow tenants. Learn more about the benefits of flexible work spaces with our <a href=\"https:\/\/startups.co.uk\/premises\/offices\/what-is-coworking\/\"><strong>handy guide to coworking &ndash; all you need to know.<\/strong><\/a><\/p>\n<h3>&#127968; What about a home office?<\/h3>\n<p>It&rsquo;s not always vital to rent a business premises. Many entrepreneurs <a href=\"https:\/\/startups.co.uk\/premises\/offices\/how-to-set-up-a-home-office\/\"><strong>set up a home office<\/strong><\/a><strong>, <\/strong>starting out with just a website, to save money.<\/p>\n<p>This will save you money in the long run. Remember, <strong>you will still need to pay insurance<\/strong> to <a href=\"https:\/\/startups.co.uk\/insurance\/starting-a-business-from-home-what-insurance-do-you-need\/\"><strong>start a business from home<\/strong><\/a><strong>.&nbsp;<\/strong>[\/vc_column_text]<\/p><div class=\"cta-content\" data-eventcategory=\"cta-banner\" data-component=\"cta-image\">\n\n <div class=\"cta-content-image\">\n <img decoding=\"async\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/01\/Bold-Bean-Co..jpg?width=100&height=100&fit=crop\" srcset=\"\" alt=\"Bold Bean Co.\" width=\"100\" height=\"100\" data-caption=\"\" class=\"flexi-comp-img\" loading=\"lazy\" sizes=\"\"> <\/div>\n \n <div class=\"cta-content-part\">\n\n <span class=\"cta-content-heading\">\n Startups Inspo <\/span>\n \n <p>Amelia Christie-Miller launched Bold Bean Co. in a basement flat in Madrid. In one year, the startup has won listings in Planet Organic, Selfridges, Gorillas, and Waitrose.<\/p>\n \n <a class=\"cta-content-link\" href=\"https:\/\/startups.co.uk\/startups-100\/2023\/bold-bean-co\/\" data-cta-type=\"cta-image-link\" target=\"_self\">Read more about the Bold Bean Co. growth story <\/a>\n <\/div>\n\n \n<\/div>\n[vc_column_text]\n<h3>&#128179; What are the associated costs when renting a commercial property?<\/h3>\n<ul>\n<li><strong>Rent or mortgage costs<\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/premises\/legal\/how-to-calculate-your-business-rates\/\">Business rates <\/a><\/strong>(similar to council tax, this is a fee paid to local authorities)<\/li>\n<li><strong>Contents insurance <\/strong>(for leasing or buying a property)<\/li>\n<li><strong>Utilities <\/strong>(gas, electricity, telephone connections, and internet)<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-8-build-your-team\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 8. Build your team<\/h2>\n<p style=\"text-align: center\"><strong>Developing a senior leadership team and recruitment strategy<\/strong><\/p>\n<p>Depending on your industry or specialism, hiring might be put off until later, or it might be a fundamental step that needs to happen immediately. However, any entrepreneur wanting to scale their business will eventually need to <strong><a href=\"https:\/\/startups.co.uk\/people\/employment-law\/a-step-by-step-guide-to-setting-up-a-new-employee\/\">hire staff members<\/a><\/strong> to delegate tasks to.<\/p>\n<h3>How to develop a hiring strategy<\/h3>\n<p>Making a bad hire can have expensive repercussions &ndash; particularly if you&rsquo;re a startup with a limited budget available.<\/p>\n<p>One of the most important parts of building a team is to know in advance what you want so you can hire strategically, not randomly. Think about:<\/p>\n<p>1. Business objective and mission statement. What roles will you need to get there?<br>\n2. Location and working model. How closely will you work together?<br>\n3. <strong><a href=\"https:\/\/startups.co.uk\/people\/management\/leadership-styles\/\">Leadership style.<\/a><\/strong> How well do you work with others? Do you want to make all the decisions?<\/p>\n<p>&#128105; <strong><em>Example<\/em>: <\/strong><strong>Jane is an ex-journalist who wants to launch a remote PR agency in Sheffield. Her customer base is in London. She has no experience managing clients.<\/strong><\/p>\n<p><em>1. Jane hires a sales manager to onboard clients and grow the business.<\/em><br>\n<em>2. To enable in-person networking, Jane recruits a Londoner who she can manage remotely.<\/em><br>\n<em>3. 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<\/g>\n <\/svg>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><strong>Top tip: <\/strong>In the early stages, you may want to use a recruitment consultant to help fill roles. This can be expensive, but you are paying a premium for experience and connections that may be difficult to replicate.<\/p>\n <\/div>\n <\/div>\n[vc_column_text]Another option is to <a href=\"https:\/\/startups.co.uk\/people\/recruiting\/how-to-take-on-an-apprentice\/\"><strong>hire an apprentice.<\/strong><\/a> Training apprentices is known to be more cost effective than hiring skilled staff, as it tends to require lower overall training and recruitment costs.\n<p>You can also adapt their training according to the needs of your business, so you&rsquo;re essentially investing in the business&rsquo; future, as well as that of the employee&rsquo;s.<\/p>\n<h3>How (and when) to outsource talent<\/h3>\n<p>There are a lot of benefits to outsourcing talent to freelancers. This flexible contract option allows you to &lsquo;try before you buy&rsquo; if<strong> you&rsquo;re not sure whether you need a full-time employee just yet.<\/strong><\/p>\n<p>That said, if you&rsquo;re hiring any contract employees, we recommend purchasing <a href=\"https:\/\/startups.co.uk\/people\/management\/best-hr-software-and-systems\/\"><strong>HR software. <\/strong><\/a>Essentially an automated HR manager, this tool removes pressures on employee management and admin &ndash; helpful if you have a big team of gig workers.<\/p>\n<h3>How to run a business on your own<\/h3>\n<p>There are currently <strong>2.9 million sole proprietorships<\/strong> in the UK (companies that do not employ anyone beside the owner). Instead, they rely on software apps to stretch out their resources and play the roles of multiple departments.<\/p>\n<p>Business technology costs can quickly add up, which is why downloading a <strong>free version of the top software brands<\/strong> is a good short-term option &ndash; until you&rsquo;re ready to upgrade.<\/p>\n<p><strong>Here are the best <em>free <\/em>systems for startup owners:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/startups.co.uk\/accounting\/best-free-accounting-software\/\">Free accounting software<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/crm-software\/best-free-crm-software\/\">Free Customer Relationship Management (CRM) software&nbsp;<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/project-management-software\/best-free-project-management-software\/\">Free Project Management (PM) software<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/people\/payroll\/best-free-payroll-software\/\">Free payroll software<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/websites\/builders\/best-free-website-builders\/\">Free website builder software<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/websites\/ecommerce\/best-free-ecommerce-website-builders\/\">Free ecommerce software<\/a><\/strong><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-9-choose-your-suppliers\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 9. Choose your suppliers<\/h2>\n<p style=\"text-align: center\"><strong>Finding and analysing your supplier list<\/strong><\/p>\n<p>When you sell a product or service, you become a part of the business supply chain. It should go something like this: <strong>Manufacturer &gt; Distributor &gt; Vendor &gt; Customer.<\/strong><\/p>\n<p>It&rsquo;s important to focus on sourcing a good, high-quality supplier you can trust to get a job done. Should a supplier make a mistake and disappoint a customer, for example, if your chosen courier loses a parcel, <strong>this could severely affect customer satisfaction.<\/strong><\/p>\n<p>Suppliers will also inform several other key areas, such as the quality and pricing of your sales offering.<\/p>\n<h3>&#128269; Supplier analysis<\/h3>\n<p>When researching a supplier to partner with, you should think about these four key aspects:<\/p>\n<ol>\n<li><strong> Supplier cost<\/strong> &ndash; prices between suppliers can vary dramatically, so it&rsquo;s important to look for the best deal.<\/li>\n<li><strong> Quality<\/strong> &ndash; the quality of any purchased products will determine how much you charge customers.<\/li>\n<li><strong> Reliability<\/strong> &ndash; when choosing a new supplier, you&rsquo;re entering into a long-term business partnership. It&rsquo;s wise to ask for references from any previous or existing customers.<\/li>\n<li><strong> Location<\/strong> &ndash; you&rsquo;ll likely want to find a local supplier based near your premises or your customers. This will help to reduce shipping and delivery costs.<\/li>\n<li><strong> Working culture <\/strong>&ndash; find out how they like to work and what they value. Are they a company you can build trust and loyalty with?<\/li>\n<\/ol>\n<h3>&#128064; How do I find a supplier?<\/h3>\n<p>Reaching out to vendors can be as simple as sending a quick message via an online channel or handing over a business card at a networking event.<\/p>\n<p>If they&rsquo;re a particularly sought-after supplier, you might need to organise a more formal meeting and design a business pitch to get them on your side.<\/p>\n<p>&#128230; Business-to-consumer (B2C) startups most typically partner with a wholesaler. They will provide the products and resources you will need to complete your product lines. Our <a href=\"https:\/\/startups.co.uk\/strategy\/the-ultimate-wholesale-guide\/\"><strong>ultimate guide to wholesaling<\/strong><\/a> has more information on how they work and how to find one.<\/p>\n<p><strong>Want to start a dropshipping company? Our guide to the <\/strong><a href=\"https:\/\/startups.co.uk\/websites\/ecommerce\/best-dropshipping-suppliers\/\"><strong>best dropshipping suppliers<\/strong><\/a><strong> has more information on who the best providers are for new startup owners.<\/strong>[\/vc_column_text]<\/p><div class=\"cta-content\" data-eventcategory=\"cta-banner\" data-component=\"cta-image\">\n\n <div class=\"cta-content-image\">\n <img decoding=\"async\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/01\/Modern-Milkman.jpg?width=100&height=100&fit=crop\" srcset=\"\" alt=\"Modern Milkman\" width=\"100\" height=\"100\" data-caption=\"\" class=\"flexi-comp-img\" loading=\"lazy\" sizes=\"\"> <\/div>\n \n <div class=\"cta-content-part\">\n\n <span class=\"cta-content-heading\">\n Startups Inspo <\/span>\n \n <p>The Modern Milkman, which came in fourth in this year&rsquo;s Startups 100 Index, utilises a local supply chain of farmers to deliver on its promise of fresh groceries, sold sustainably.<\/p>\n \n <a class=\"cta-content-link\" href=\"https:\/\/startups.co.uk\/startups-100\/2023\/modern-milkman\/\" data-cta-type=\"cta-image-link\" target=\"_self\">Read more about The Modern Milkman's mission <\/a>\n <\/div>\n\n \n<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-10-launch-your-business\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 10. Launch your business<\/h2>\n<p style=\"text-align: center\"><strong>Building your brand and marketing to customers<\/strong><\/p>\n<h3>Branding your business<\/h3>\n<p>How you choose to brand will depend on various factors, most of which can be informed using your market research:<\/p>\n<ul>\n<li><strong>Who is your target audience?&nbsp;<\/strong><\/li>\n<li><strong>What is your product?&nbsp;<\/strong><\/li>\n<li><strong>What is your unique selling point (USP)?&nbsp;<\/strong><\/li>\n<li><strong>What platforms should you use to advertise?&nbsp;<\/strong><\/li>\n<li><strong>What platforms do competitors use to advertise?<\/strong><\/li>\n<\/ul>\n<h4>What branding elements do I need?<\/h4>\n<p><strong>Materials <\/strong>&ndash; eg. a logo, brand colours, font, and promotional imagery.<br>\n<strong>Tools <\/strong>&ndash; check out our <a href=\"https:\/\/startups.co.uk\/marketing\/tools\/\"><strong>marketing tools<\/strong><\/a> guides for more information on available software.<br>\n<strong>Channels <\/strong>&ndash; where will you advertise? eg. what social media channels are you using?<\/p>\n<p>Across every channel and marketing tool, ensure that all aspects of your brand &ndash; font, colour, design patterns &ndash; are consistent.<strong> Choose one style and stick to it<\/strong> throughout any campaigns, so that it&rsquo;s clear to customers who you are and how you are appealing to them.<\/p>\n<p>In such a competitive landscape, having attractive imagery on pages like Instagram is crucial to ensure your brand&rsquo;s &lsquo;voice&rsquo; <span style=\"font-weight: 400\">is seen as well as heard on<\/span> users&rsquo; screens.<\/p>\n<h4>&#128119;&zwj;&#9794;&#65039; How do I build a website?<\/h4>\n<p>It&rsquo;s almost impossible to have zero online presence in today&rsquo;s business world. While lots of startups begin with social media pages and business listings, these alone aren&rsquo;t enough to showcase your brand and build trust with customers.<\/p>\n<p>In fact, research by YP and LSA found that <strong>30% of customers automatically strike a business from consideration if they don&rsquo;t have a website.<\/strong><\/p>\n<p>There are three basic approaches to building a website:<\/p>\n<p><strong>&#129521;<\/strong><strong> Use a <\/strong><a href=\"https:\/\/startups.co.uk\/websites\/builders\/best-website-builders-uk\/\"><strong>small business website builder<\/strong><\/a> &ndash; <a class=\"js-aw-brand-link\" href=\"https:\/\/startups.co.uk\/go\/Wix-WB-primary\" target=\"_blank\" rel=\"nofollow sponsored noopener\" data-feed=\"X62Dbq7xwPJVBvTvhprbtYyQFL4JFQrC\" data-cta-type=\"inline-link\">Wix<\/a> and <a class=\"js-aw-brand-link\" href=\"https:\/\/startups.co.uk\/go\/squarespace-WB-primary\" target=\"_blank\" rel=\"nofollow sponsored noopener\" data-feed=\"sa1OE6r82IIghYbWxV2Le1sPLul5z9Oj\" data-cta-type=\"inline-link\">Squarespace<\/a> are both simple and efficient tools for web creation.<\/p>\n<ul>\n<li><a href=\"https:\/\/startups.co.uk\/websites\/builders\/easy-website-builder\/\"><strong>Best easy-to-use website builders<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/websites\/creating\/how-to-create-a-business-website\/\"><strong>How to build a business website<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/websites\/creating\/tips-first-business-website\/\"><strong>Expert tips for building your business website<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/websites\/builders\/best-free-website-builders\/\"><strong>Best free small business website builders&nbsp;<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/websites\/builders\/2021-wix-awards\/\"><strong>Design tips for branding your website&nbsp;<\/strong><\/a><\/li>\n<\/ul>\n<p><strong>&#129521;<\/strong><strong> Build it yourself using open-source software &ndash; <\/strong>we only recommend this route for those who are very experienced with coding and software development.<\/p>\n<p><strong>&#129521;<\/strong> <a href=\"https:\/\/startups.co.uk\/websites\/creating\/finding-a-web-designer\/\"><strong>Hire a website designer<\/strong><\/a><strong> to build one for you<\/strong> &ndash; this is a good option if you&rsquo;re not at all confident about building a website. However, remember that <strong>the more complex the site, the more it will cost.&nbsp;<\/strong><\/p>\n<div id=\"attachment_148171\" style=\"width: 716px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-148171\" class=\"wp-image-148171 size-full\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2020\/02\/Wix-mobile.jpg\" alt=\"Screenshots of an Italian restaurant website, menu, and booking service on mobile and desktop format, with the background of an Italian flag.\" width=\"706\" height=\"459\" srcset=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2020\/02\/Wix-mobile.jpg 706w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2020\/02\/Wix-mobile-480x312.jpg 480w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2020\/02\/Wix-mobile-640x416.jpg 640w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2020\/02\/Wix-mobile-172x112.jpg 172w\" sizes=\"(max-width: 706px) 100vw, 706px\"><p id=\"caption-attachment-148171\" class=\"wp-caption-text\">Available on mobile and desktop, our number-one rated small business website builder is Wix<\/p><\/div>\n<h3>Marketing your business<\/h3>\n<p>Good planning will start you in the right direction when launching your business, but it&rsquo;s customers that will ultimately generate sales<\/p>\n<p>There are several ways to attract customers. We&rsquo;ve touched upon <strong>launching a website <\/strong>above, but to find success it&rsquo;s also important to focus on increasing local awareness. In Salesforce&rsquo;s <a href=\"https:\/\/www.salesforce.com\/company\/news-press\/stories\/2020\/7\/salesforce-snapshot-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">latest customer survey<\/a>,<strong> 48% of respondents said they were keen to support small businesses in their nearby community.&nbsp;<\/strong><\/p>\n<h4>&#128421;&#65039; How do I develop an online presence?<\/h4>\n<p>Unless your target audience is specifically based elsewhere, concentrate on directing advertising and networking to localised channels, like:<\/p>\n<ul>\n<li>Sending a <a href=\"https:\/\/startups.co.uk\/marketing\/tips\/how-to-write-a-press-release-template\/\"><strong>press release<\/strong><\/a> to <strong>newspapers <\/strong>or <strong>business directories<\/strong><\/li>\n<li>Community groups on <strong>Instagram, Twitter, TikTok, <\/strong>or <strong>YouTube<\/strong><\/li>\n<li>Local entrepreneurs on <strong>LinkedIn<\/strong><\/li>\n<li>Local <strong>Facebook <\/strong>and <strong>Google <\/strong>advertising<\/li>\n<\/ul>\n<h4>Read more about:<\/h4>\n<ul>\n<li><a href=\"https:\/\/startups.co.uk\/marketing\/digital-marketing-trends\/\"><strong>Top digital marketing trends<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/marketing\/tips\/twitter-for-business\/\"><strong>How to reach customers through Twitter<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/marketing\/tips\/how-to-use-instagram-for-business\/\"><strong>How to use Instagram for business<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/marketing\/facebook-ads-cost\/\"><strong>How to use Facebook ads<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/marketing\/instagram-ads-cost\/\"><strong>How to use Instagram ads<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/marketing\/tips\/affiliate-marketing\/\"><strong>How to use affiliate marketing<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/startups.co.uk\/marketing\/tips\/ai-marketing\/\"><strong>How to use AI marketing&nbsp;<\/strong><\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text]\n <\/p><div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" preserveaspectratio=\"none\" viewbox=\"0 0 116 6\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n <g stroke=\"none\" stroke-width=\"1\" fill=\"#ea0037\">\n <path d=\"M94.0845406,5.55784045 C93.4629887,5.58758734 92.7723755,5.58758734 92.2198849,5.64708111 C92.0127009,5.66195455 91.7824965,5.67682799 91.5062512,5.66195455 C89.5955547,5.58758734 87.6618377,5.5727139 85.7511411,5.67682799 C85.5669776,5.69170144 85.2446914,5.67682799 84.9914666,5.67682799 C82.8275451,5.66195455 80.6866442,5.63220767 78.4997023,5.67682799 C76.0825561,5.72144832 73.5963485,5.64708111 71.271284,5.73632176 C69.3605874,5.81068898 67.5649931,5.76606865 65.7003374,5.76606865 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86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><strong>&#9968;&#65039;Top tip:<\/strong> Most early-stage marketing is a process of trial and error. You may need to test a number of methods and approaches before seeing results.<\/p>\n <\/div>\n <\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-step-11-grow-your-business\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 11. Grow your business<\/h2>\n<p style=\"text-align: center\"><strong>Identifying opportunities for future growth and scale-up<\/strong><\/p>\n<p>Once you&rsquo;ve completed all of the above steps, you&rsquo;ll have laid the foundations to get your business idea off the ground. Now, it&rsquo;s all about building upwards.<\/p>\n<h3>Identifying growth opportunities<\/h3>\n<p>According to a 1957 article by acclaimed business manager, Igor Ansoff, there are <strong>four recognised methods <\/strong>for developing your business strategy, product, or service offering. These are:<\/p>\n\n<table id=\"tablepress-1042\" class=\"tablepress tablepress-id-1042\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Strategy<\/th><th class=\"column-2\">What is it?<\/th><th class=\"column-3\">Example<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Market penetration<\/td><td class=\"column-2\">Improve sales figures by digging into an existing customer base<\/td><td class=\"column-3\">A restaurant introduces a special discount offer for local customers<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Market development<\/td><td class=\"column-2\">Improve sales figures by advertising to a new customer market<\/td><td class=\"column-3\">A small clothing store opens a location in another region with a younger audience base<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">Product development<\/td><td class=\"column-2\">Developing a new product, or improving an existing design, to bring to market <\/td><td class=\"column-3\">A software brand upgrades their app to be compatible with Android phones<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\">Diversification<\/td><td class=\"column-2\">Expanding into a new market by offering an alternate revenue stream<\/td><td class=\"column-3\">A local cake shop decides to also sell branded aprons <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h3>Building your network<\/h3>\n<p>Almost all successful new businesses rely upon partnerships made along the way. They can be the key towards finding like-minded businesses and referrals that accelerate your growth, providing opportunities in areas like:<\/p>\n<ul>\n<li><strong>Knowledge-sharing: <\/strong>Established companies can advise or give feedback on your ideas.<\/li>\n<li><strong>Logistics: <\/strong>Company partners might be able to give you access to professional equipment and tools.<\/li>\n<li><strong>Hiring: <\/strong>You&rsquo;ll meet other, qualified professionals in your industry who may be right for a future role.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/startups.co.uk\/strategy\/the-ultimate-guide-to-networking\/\"><strong>Networking with others in your industry<\/strong><\/a> will help you to build brand awareness, which could also grab the attention of potential investors.<\/p>\n<h3>Managing customer relationships<\/h3>\n<p>Strong client or customer relationships are the lifeblood of any business. That&rsquo;s why startups need to stay on top of changing customer demands to ensure they feel engaged and looked after by the company and its employees.<\/p>\n<p>Investing in <a href=\"https:\/\/startups.co.uk\/crm-software\/what-is-crm\/\"><strong>Customer Relationship Management (CRM)<\/strong><\/a> tools and tricks is the straightest path to developing an effective customer service strategy.<\/p>\n<p>Among others, <a href=\"https:\/\/startups.co.uk\/crm-software\/best-crm-for-small-business-uk\/\"><strong>small business CRM software<\/strong><\/a> assists with:<\/p>\n<ul>\n<li><strong>Email marketing and outreach&nbsp;<\/strong><\/li>\n<li><strong>Storing customer information&nbsp;<\/strong><\/li>\n<li><strong>Coordinating campaigns&nbsp;<\/strong><\/li>\n<li><strong>Complaints and enquiries&nbsp;<\/strong><\/li>\n<li><strong>Customer data and insight&nbsp;<\/strong><\/li>\n<li><strong>Converting leads into sales<br>\n<\/strong><\/li>\n<\/ul>\n<p>Customer needs will differ depending on the sector you are based in. For industry-specific CRM systems, read our <a href=\"https:\/\/startups.co.uk\/crm-software\/\"><strong>CRM software guides.<\/strong><\/a><\/p>\n<h3>Streamlining your operations<\/h3>\n<p>Another important growth step is to <strong>identify the areas where you can save resources <\/strong>to minimise costs and maximise profit.<\/p>\n<p>&#129302; Look for any processes that a business can <strong>automate<\/strong>, like completing payroll, helping to free up management time.<\/p>\n<p>&#128338; Look for low-level skills that are taking up management time. <strong>Simplify these tasks <\/strong>by giving them to a cheaper, junior employee to increase efficiency.<\/p>\n<p>&#128193; Look for inefficient processes to <strong>fix or eradicate<\/strong>. For example, poor file storage leaving staff members unaware that their work was already done (recently or in the past).<\/p>\n<p><strong>Tips for scaling your business operations&nbsp;<\/strong><\/p>\n<p>1. Develop an <a href=\"https:\/\/startups.co.uk\/project-management-software\/best-action-plan-templates\/\"><strong>action plan<\/strong><\/a> as a first step<br>\n2. Keep goals <a href=\"https:\/\/startups.co.uk\/project-management-software\/smart-objectives\/\"><strong>SMART <\/strong><\/a>(<strong>S<\/strong>pecific, <strong>M<\/strong>easurable, <strong>A<\/strong>chievable, <strong>R<\/strong>ealistic, <strong>T<\/strong>ime-Bound)<br>\n3. Stay on top of <strong>market trends<br>\n<\/strong>4. Don&rsquo;t rush into big decisions &ndash; be <strong>slow to hire<br>\n<\/strong>5. Know when to <strong><a href=\"https:\/\/startups.co.uk\/strategy\/leadership-delegation\/\">delegate<\/a><br>\n<\/strong>6. Build a strong <strong>management team<br>\n<\/strong>7. Make sure to <a href=\"https:\/\/startups.co.uk\/business-ideas\/connecting-with-customers\/\"><strong>connect with customers<\/strong><\/a><br>\n8. Don&rsquo;t forget about<strong> profitability!&nbsp;<\/strong>[\/vc_column_text]<\/p><div class=\"cta-content\" data-eventcategory=\"cta-banner\" data-component=\"cta-image\">\n\n <div class=\"cta-content-image\">\n <img decoding=\"async\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/01\/Haris-Pylarinos_Founder-_-CEO-at-HTB-4-1.jpg?width=100&height=100&fit=crop\" srcset=\"\" alt=\"Haris Pylarinos_Founder _ CEO at HTB (4) (1)\" width=\"100\" height=\"100\" data-caption=\"\" class=\"flexi-comp-img\" loading=\"lazy\" sizes=\"\"> <\/div>\n \n <div class=\"cta-content-part\">\n\n <span class=\"cta-content-heading\">\n Startups Inspo <\/span>\n \n <p>Haris Pylarinos bootstrapped the cybersecurity firm Hack the Box. Despite raising $70m across three funding rounds, Pylarinos has prioritised profitability to ensure the business&rsquo; survival, as well as growth.<\/p>\n \n <a class=\"cta-content-link\" href=\"https:\/\/startups.co.uk\/startups-100\/2023\/hack-the-box\/\" data-cta-type=\"cta-image-link\" target=\"_self\">Read more about Hack the Box's impressive growth story <\/a>\n <\/div>\n\n \n<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-conclusion\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Conclusion<\/h2>\n<p>This guide has covered <strong>all 11 steps involved in starting a business<\/strong>, including researching and planning your business idea, registering your business, sourcing funding and fostering business relationships, and finally &ndash; growing your business!<\/p>\n<p>At this point, you&rsquo;ll know your company better than anyone, and will be best-placed to control the direction of travel. But while we&rsquo;ve made it all sound easy, we know <strong>the reality of getting started can be a bit daunting.&nbsp;<\/strong><\/p>\n<p>The most important part of setting up a successful company is to<strong> get stuck in when you&rsquo;re ready.<\/strong> You will likely make mistakes as a new business owner, but true entrepreneurs can appreciate the importance of failure: an opportunity to learn from your mistakes.[\/vc_column_text]<\/p><div class=\"cta-content\" data-eventcategory=\"cta-banner\" data-component=\"cta-image\">\n\n <div class=\"cta-content-image\">\n <img decoding=\"async\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2022\/09\/Photo1.jpg?width=100&height=100&fit=crop\" srcset=\"\" alt=\"fred and charlie Wild founders\" width=\"100\" height=\"100\" data-caption=\"\" class=\"flexi-comp-img\" loading=\"lazy\" sizes=\"\"> <\/div>\n \n <div class=\"cta-content-part\">\n\n <span class=\"cta-content-heading\">\n Startups Inspo <\/span>\n \n <p>It took Wild cofounders Charlie Bowes-Lyon and Freddy Ward nine months and multiple failures to create the UK&rsquo;s first plastic-free deodorant.<\/p>\n \n <a class=\"cta-content-link\" href=\"https:\/\/startups.co.uk\/startups-100\/2023\/wild-2023\/\" data-cta-type=\"cta-image-link\" target=\"_self\">Read more about the incredible story of Wild <\/a>\n <\/div>\n\n \n<\/div>\n[vc_column_text]\n<h3>Useful reading:<strong><br>\n<\/strong><\/h3>\n<ul>\n<li><strong><a href=\"https:\/\/startups.co.uk\/news\/money-saving-tips-to-survive-a-recession\/\">10 tips for entrepreneurs to save money in a recession<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/business-support\/business-tools-services\/\">Best business tools for new entrepreneurs<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/startups-100\/\">Inspirational business stories<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/startups.co.uk\/websites\/hosting\/how-to-set-up-a-business-email\/\">How to set up a business email<\/a><\/strong><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-starting-a-business-faqs\"><\/div>\n<\/div>\n<div class=\"faq\">\n <span class=\"faq-title\">\n Frequently Asked Questions <\/span>\n <ul class=\"faq-list\">\n <li class=\"faq-item\">\n\n <span class=\"faq-question\">\n How can I start my own business with no money? <\/span>\n\n <div class=\"faq-answer\">\n The good news is you have complete control over much you want to spend. Starting a business can be expensive - but if you make use of free tools like a website builder or project management software, and work from home instead of an office, you can keep spending to a minimum. All owners will need to spend &pound;12 on registering their business, as a starting cost. <\/div>\n<\/li>\n\n\n<li class=\"faq-item\">\n\n <span class=\"faq-question\">\n Can I start my own business from home? <\/span>\n\n <div class=\"faq-answer\">\n Yes. Lots of successful entrepreneurs have developed a home-grown idea into a multi-million pound company, as a useful way to save on premises and utility costs when starting out. Dropshipping and other remote business models are also ideal for starting a business from the comfort of your home. <\/div>\n<\/li>\n\n\n<li class=\"faq-item\">\n\n <span class=\"faq-question\">\n How much does it cost to start a business in the UK? <\/span>\n\n <div class=\"faq-answer\">\n Generally speaking, startups should budget at least &pound;5,000 to get started, but the total cost will depend on your business model and what you are planning to sell. <\/div>\n<\/li>\n\n\n<li class=\"faq-item\">\n\n <span class=\"faq-question\">\n When should you start a business? <\/span>\n\n <div class=\"faq-answer\">\n Whenever! There is no exact 'right time' to start selling a product or service. While it's a good idea to be aware of the market you're selling in and the current challenges, as long as you have the key ingredient - a good idea that you feel passionately about - you can start a business at any time. <\/div>\n<\/li>\n\n\n <\/ul>\n <script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"How can I start my own business with no money?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The good news is you have complete control over much you want to spend. Starting a business can be expensive - but if you make use of free tools like a website builder or project management software, and work from home instead of an office, you can keep spending to a minimum. All owners will need to spend \\u00a312 on registering their business, as a starting cost.\"}},{\"@type\":\"Question\",\"name\":\"Can I start my own business from home?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. Lots of successful entrepreneurs have developed a home-grown idea into a multi-million pound company, as a useful way to save on premises and utility costs when starting out. Dropshipping and other remote business models are also ideal for starting a business from the comfort of your home.\"}},{\"@type\":\"Question\",\"name\":\"How much does it cost to start a business in the UK?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Generally speaking, startups should budget at least \\u00a35,000 to get started, but the total cost will depend on your business model and what you are planning to sell.\"}},{\"@type\":\"Question\",\"name\":\"When should you start a business?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Whenever! There is no exact 'right time' to start selling a product or service. While it's a good idea to be aware of the market you're selling in and the current challenges, as long as you have the key ingredient - a good idea that you feel passionately about - you can start a business at any time.\"}}]}<\/script><\/div>\n[\/vc_column][\/vc_row]\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]In the midst of rising energy bills, continued threat of recession, and a cost of living crisis, you might be surprised to learn that now is still an excellent time for entrepreneurship in the UK. Despite the economic backdrop, analysis of Companies House data reveals that more than 436,000 businesses were registered in the UK [&hellip;]<\/p>\n","protected":false},"author":91483,"featured_media":159070,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2999],"tags":[],"acf":[],"yoast_head":"\n<title>How to Start a Business in 2024 | Startups.co.uk<\/title>\n<meta name=\"description\" content=\"Startups walks you through the 11 steps you need to start a business in the UK, from your initial business plan to making your business a success.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/startups.co.uk\/guides\/how-to-start-a-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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