Six essential steps to starting a business

Depending on whose advice you take, starting up a business can seem an easy process, or a complicated one. It’s all in the preparation, and if you put the work in at the right time, you will be well on your way.

For a simple ‘how to’ we’ve collated six things you should do when starting a business.

  1. Find a business partner

Working with a business partner is a good way to combine knowledge, experience and expertise. It will also help to share the workload, particularly in the early days of your business.

Most start-ups and entrepreneurs realise that long hours, determination to succeed and merging skills are needed for success. Having a business partner to discuss ideas, share the load and finesse your brand and service is a great way to start.

  1. Decide on a name

Your business name is important. It will form the basis of all your communications, from your branding to your website. It should incorporate what you do if possible, and it’s important to consider domain name availability.

Brainstorm your ideas and ask friends and family for feedback. Do plenty of research into your sector and your competition and come up with a name that feels right for your business.

  1. Register at Companies House

When making the crucial name decision, use Google searches and Companies House to find out whether the name and URL is available. When you have sorted your name, you need to register at Companies House.

You’ll find a list of Standard Industrial Classification codes on their website. When you’ve found the one that defines your business, fill in the required forms and wait for approval. This usually comes within a couple of days.

  1. Set up a business bank account

This can take some time, so research into the best bank for your business should start as soon as possible. There are plenty of price comparison sites online that will help you find the bank with the best interest rates.

Set aside a couple of weeks from start to finish for setting up your business account, as it can often take longer than you think. When it’s set up, initiating online banking can then take a further few days.

  1. Set up your website and domain name

If you’re pressed for money when you’re starting out, you can create your own website across a variety of products set up for this purpose. While this can be a good initial option, outsourcing to a professional web designer is ideal.

If that’s not yet possible, spend time on your logo and web design as it’s the first impression customers will get. Buy your domain name from a reputable provider and make sure it’s securely set up.

Go ahead with designing your logo and website – there are lots of tools available online to help. Include high quality photos, a coherent design, and make it as professional and accessible as possible.

  1. Network and market your business

These steps are simple to take when setting up a business in the UK. The most important use of your time, when the basics have been set up, is to find work. Effective marketing using social media, blogs and news on your website is vital.

Attend industry events and utilise platforms like LinkedIn to network both on and offline. Although time and some outlay must go towards the initial start-up costs, you must get on with finding work immediately. Good luck!

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Six essential steps to starting a business