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.