Setting up your own business – the essentials

Becoming self-employed has become increasingly popular over the last couple of decades with the number of self-employed workers has increased from 3.3 million in 2001 to 4.8 million in 2017.

The benefits of owning your own business include doing something you’re passionate about, having more control over you income and working hours and being able to work around other commitments.

Although you may have your business idea in place, setting up your own business may seem overwhelming, so we have put together an essential guide to help you with key parts of the process…

1) Look for help available from the Government

There’s plenty of government-backed advice available in the UK to help you with creating a business plan, market research and more. Depending where you live there’s different resources available, check out the Business Wales website to find out the support available in Wales.

2) Decide the best structure for you

There are several different types of self-employed businesses such as Sole Trader, Partnerships, Private Limited Companies, Limited Partnerships and Limited Liability Partnerships. Do your research to find which structure is best for your, and seek advice if needed.

3) Create a name and logo

Your business name and logo are key in representing your brand and should reflect the type of business you are running. Check Companies House to ensure your name is available, you may also want to consider buying a website domain with this name and registering social media pages.

4) Create a business plan

Your business plan should outline your marketing and sales strategies and your financials. If you need to raise finance for your business, it’s key that you have a professional, well-written business plan to present to people. Ensure that you regularly review update your plan.  

5) Find an accountant

With all the technicalities of starting your own business, it’s best to find an accountant who can help advise you on the necessary steps you need to take such as paying taxes, opening a business account and registering for VAT and getting business insurance amongst others. Gaining professional advice will help to ensure you that all steps are being taken.

7) Find a work space

Once you have established what you will be doing, it’s important to find a work space that suits the needs of you and your new business. Whilst working from home may work for some people, if you work online most of the time, coworking may be a great option for you, where you can rent a desk on a full or part time basis which is a great way to seperate your home and work life and to join a community of like minded people whilst avoiding the high cost of finding and renting your own space.

To find out how our expert advisers at South Wales Connect can help you when setting up your business, get in touch.