How to Start a Business

Starting a new business can be an exciting and rewarding venture. Whether you have a passion for digital artwork or any other industry, the process of launching a successful business requires careful planning and execution.

But it isn’t rocket science. The hardest part is deciding what your new business venture is going to offer the world. Once you’ve figured that out, the rest is really easy, especially if you’ve got a good support network and the right professionals ready to help you prepare the necessary bits you’ll need. In this guide, we will provide you with the essential steps to help you start your new business on the right foot.

Define Your Business Idea

The first step in starting a new business is to define your business idea. This involves identifying a unique product or service that fills a gap in the market. For example, if you are interested in digital artwork, you could create a platform that connects artists with potential buyers.

Conduct Market Research

Before diving into your new business venture, it is crucial to conduct thorough market research. This will help you understand your target audience, competitors, and industry trends. By gathering data and insights, you can make informed decisions and develop a competitive advantage.

Create a Business Plan

A well-crafted business plan is essential for the success of your new business. It serves as a roadmap, outlining your goals, strategies, and financial projections. Your business plan should include details about your target market, marketing strategies, operational plans and financial forecasts.

Business Type

You might want to consider whether you want to trade as a sole trader, partnership or a limited company, but a chat with an accountant should help you make this decision. If you are going to be the sole-owner of your business, you can be a limited company or a sole trader. If you are going to be in-partnership with someone else, you can either be a limited company or a partnership. Either way, you can employ staff, and you need to be registered.

How to Set Up as a Sole Trader

To set up as a sole trader or partnership you must register with HMRC within 3 months of starting your business. You will be responsible for paying income tax on your profits through self assessment, also paying national insurance contributions. You’ll also need employers liability insurance as a legal minimum if you’re employing one or more staff to work for you. Other protections like public liability insurance are optional.

How to Set Up a Limited Company

To set up as a limited company you must register with HMRC and companies house, with a registered office (can be your home), a memorandum of association (all parties agreeing to form a company) and articles of association (rules for the company to follow). You’ll pay income taxes through paye separately to corporation tax payments to HMRC. employers liability insurance is a legal minimum if you’re employing one or more staff To work for you.

Create Your Identity

You need to create an identity – a brand – to take to market. Your identity will say alot about how you want to be seen by customers. You will need a logo, colour palette and marketing materials, including branded stationery, business cards, adverts, vehicle graphics and signs.

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Your Online Presence

In today's digital age, having a strong online presence is crucial for the success of any business. Create a professional website that showcases your products or services and provides a seamless user experience. Utilize social media platforms and digital marketing strategies to reach your target audience.

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New Company Starter Package

costs

£1,035

Then £40 per month (first two months free)

What does this include?

The creation a professional logo & company branding, website, business cards & flyers.

print & materials.

What do you get in this package?

Logo designs & colour schemes • all files to use across all platforms and print work • a logo guidelines document that explains how your logo should be used across all media & marketing.

web design package

1,500 x 300gsm (55 x 85mm) double-sided business cards.

10,000 x 170gsm DL (99 x 210mm) double-sided flyers.

All quantities can be customized to fit your budget.

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Customer Service

Customer satisfaction is key to the success of any business. make sure to provide excellent customer service by promptly responding to inquiries, addressing concerns, and delivering high-quality products or services. Build strong relationships with your customers to foster loyalty and encourage repeat business.

Adapt & Improve

The business landscape is constantly evolving, so it is important to continuously adapt and improve your strategies. Stay updated on industry trends, monitor your competitors, and seek feedback from your customers. By staying agile and making necessary adjustments, you can stay ahead of the competition and ensure the long-term success of your business.