A UK small business shouldn’t stay at the same level forever. In fact, if you think big, it shouldn’t stay as a small business. Your aim should be to grow your business eventually.
Happy weekend! I hope you’re having a relaxing time. Hey, everyone needs to recharge once in a while. You’ve been working hard all week, and you deserve a break. If you’re still thinking about kicking off your new UK home business, though, you’ve come to the right place.
You may still be wondering what are the first things you need to do to officially get your UK home business idea off the ground. In case you missed it, there are seven.
First things first
From the outset, you don’t need to do anything, except maybe get a bank account to track income and expenses. There’s no need to contact the tax man or register as self-employed until you start making sales.
If, however, you intend to start as a limited company, you should register your business immediately. It’s an advantage to have capital injection into your company formalised. Doing so, you can start expensing costs as you incur them. Keep a close record on the financials so your records don’t bleed out (aka your business drowns in debt). Also – and this is absolutely important – keep your receipts and invoices in a safe place for your accountant.
Depending on the kind of business you have, you may need external premises. When starting out, look for rented premises or serviced offices. When you are more established, you can then move into areas with more space and higher property value.
Otherwise, use your own home as your office, especially if you have an online business! If there’s not much space at home, you could have a space built as an extension of your house, to serve as your home office.
Build your workstation
Think about what equipment you will need to start off. Certainly you’ll need a computer, phone line, and printer (and lots of paper and ink). Landline phones are almost unnecessary these days, as mobile phones are just as good, and you can bring them anywhere. A good internet connection is a big plus; however, it’s a must for an online business.
If your UK home business has any specific requirements, invest in those equipment as well. For instance, you may need a graphics tablet if you’re a graphic designer, or a DSLR camera if you’re a photographer.
A vehicle is optional, but you may need it when your business involves selling any physical products. You could hire courier services to deliver the products for you; this is more convenient. Though if you want to ensure that your customers really get their orders, delivering them by yourself is also a good option. It also gives that personal touch to the delivery if your customer sees the business owner himself/herself bringing the order.
Hey, where’s the rest? Not to worry; click here to find them in the original article.
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Every success to you,
Now you’re almost ready to begin your UK home business. You have an idea of what equipment you need, you have the capital on hand, you’ve decided on a name for your business, and you have products and services to offer. On top of that, you also did your market research, and have found out that your business model is viable, and you’ve also found a good client base.
About Peter Bright
Entrepreneur and Business Development Coach · London, United Kingdom Several businesses including management consulting, social media, online businesses, property investments, passive income creation and second income creation.
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