Guide to starting a UK Business
It is the ambition of many people to run their own business. In recent years this dream has become a reality for some made redundant, whilst others may decide to start up in business to be more independent and to obtain the full financial reward for their efforts.
Whatever the reason for considering setting up in business, a number of dangers exist.
A major concern must be the risk of business failure despite considerable effort and finance having been put into the venture. Time spent in making the decision and thinking through your plans will minimise the risk of failure.
Think carefully about ceasing to be someone else’s employee. Certainty of income, both in terms of quantity and regularity, disappears, whilst fixed outgoings, such as mortgage repayments, remain.
Similarly, other benefits of employment may be lost, such as life assurance cover, a company pension, medical insurance, a company car, regular hours and holidays.
Consider the views of your family and friends. Their support is essential. It is important they understand that the administrative and financial requirements of running a business can be time consuming and stressful.
Success in business depends on many factors, most important is the need to critically review all aspects of the business proposition before progressing too far.
This section of our site highlights many of the practical points which require consideration before trading begins. It cannot cater for every possibility and decisions should be supported by appropriate professional advice.