Starting a Business
Advice to help you start your new business.
So you are thinking of starting a new business. There are a number of issues you need to think about.
- Prepare a Business Plan including market research, financial assumptions and projections.
- Decide on your legal structure i.e. Sole Trader, Partnership, Limited Company.
- Decide on a business name – remember copyright issues and protection of name.
- Register for taxation and national insurance through the Inland Revenue. You can access free training directly from the Inland Revenue – 0845 302 1453.
- Check for any potential planning issues, necessary licenses, health and safety legislation, data protection etc...
- Register for VAT if necessary. For example, if your turnover is expected to reach £58,000 in any financial year.
- You are required to maintain your financial records by hand or on a computer package. Consider whether you need an accountant? A book keeper? You must retain your financial records for at least 6 years.
- You are advised to have separate business and personal bank accounts. Consider a business savings account to cover future tax and VAT bills.
- Do not commence trading without business insurance cover. Talk to insurance brokers, trade associations or professional bodies associated with your business, for information on packages, costs etc...
- Remember that Business Link and the other enterprise agencies in Lincolnshire are here to help you with a variety of business start-up support, including one to one business advice, free training, mentoring and networking – 0845 058 6644.
If you look in the library below you will find documents you can download to help you.
Business and Licensing - documents
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