How to Start a Small Business
It's probably everyone's dream to be their own boss and leave the 9-5 rat race behind and start their own business and most people don't get the opportunity or don't take action. In times of economic uncertainty, redundancy may force people (or provide opportunities due to additional funding) to actually realise their business dreams.
The SmallBusinessPro site is dedicated to help people start businesses and grow them successfully.
First off, see what business skills are needed to run your own business and decide what business you want to start. Once you are ready with your ideas that you believe will work and generate profits for you, see what business startup costs you will incur.
You may want to develop effective time management skills to ensure you get your business off to a great start and ensure you achieve your overall objectives this year.
Decide on the Business You Want to Start
Many people know exactly the type of business they want to start, but sometimes it's just the idea of being your own boss that attracts new business owners and any type of business will do!. It's best to think about your own skills and knowledge that you can use to develop and implement products and services to your prospective customers that indicates what business may be best for you. If you need ideas, then see the following.
If you don't yet have an idea of what business your skills are best matched towards then these top 10 profitable small businesses to start may provide you with some inspiration to get yourself going today.
Business Start-up Guides
These guides provide more in-depth analysis and understanding to help the starting of a range of businesses. One of the most popular is starting an online business on the internet which is a low cost business you can operate from home.
A popular business is a self employed courier business as all you need is a van and insurance. The guide takes you through everything else. If you have finance skills, then how about starting a bookkeeping business that you can operate from home.
If you have a teaching qualification or just want to look after pre-school children, many people want to start a nursery school business which requires a lot of certification but well worth it. Many an entrepreneur dreams of running their own restaurant so check out our guided to starting a restaurant business and you too could be realising your dreams.
In these tough times it can be difficult to get new customers and keep the profits flowing so we have the ultimate small business owner's guide to survive the recession that covers marketing as well as reducing costs.
Other guides on starting your business you may find helpful:
- Best home business ideas
- Business glossary
- Gross profit margin calculation
- Limited Liability Partnerships LLP
- Companies House Direct
- Entrepreneur ideas
- Setting up a limited company
- Starting a cleaning business how to start
- Home office computer desks
Writing a Business Plan
For any new business a business plan is an essential document that covers all the essentials of what the business objectives are going to be set and how they are to be achieved. Although it may seem a tough exercise to undertake it's worth it in the long run as many as 70% of businesses fail in their first year that didn't have a business plan and the converse is true that 70% of businesses that succeed after their first year had working business plans.
Get an approved method and business plan structure with guidance on how to write a business plan for any type of business. You can start to sketch out your plan instantly and then complete the blanks at a later date. There's a range of free business plan templates you can download and use now.
Anyone who is self-employed must inform HMRC (the tax office) of their intentions within the first three months of trading otherwise they will fine you £100. There are many regulations in force that you may have to adhere to whether you are a sole trader, a partnership (LLP - limited liability partnership) or have a limited company.
For all income tax and national insurance issues as a self employed person operating as a sole trader on your own see this comprehensive self employed tax advice guide that covers what you need to do to satisfy the tax office.
Just follow this guide and the videos to ensure you and your business activities are compliant for tax purposes and reduce your chances of being fined by HMRC.