Free Business startup support, Information and Advice.All our information is provided 100% free of charge- whatever you need an answer to, or help with you will find on this site.
The goal of this site is to provide free information on starting a business plus info on grants, starting up, even dealing with nasty customers and much more.
We are proud of our commitment to free business startup advice and information and it shows. If you are looking for a small business grant there are many options open to you and not just in the UK, also the EU or Europe. Business funding is not so difficult to obtain when you are starting up and in any case, it pays for the government to give you a grant as they will also benefit as will the society.
Starting a small business
Our free small business advice site is updated on a regular basis and we will be posting useful information to help you in business, helping you along the way to flourish and prosper.
We created this business website to genuinely help people, all the information contained on this site is free of charge, however it may not be copied or duplicated in any way as it is copyrighted. Managing a business and getting started or starting a business, is no easy task there are many hurdles to overcome from financing and marketing to taxation and more, no matter if you are a home business or have premises we supply all the information you need for FREE.
The key to expansion is understanding and making goals plus achievable targets which would include having a mission statement, business planning, finance for the venture – cash flow ,finding staff, business VAT etc this all adds up to the ideal scene when you can just get started.
Small Business grants plus understanding the VAT and TAX in the UK and when you have to register, through to Business Startup packs, Business ideas business banking , starting a franchise and new business ideas plus lots more.Our mission is ongoing and your success in business is worth all the effort in bringing this site and data to you. We provide free business advice on our downloads page and lots more.
Starting a Business
Starting a small business could well be one of the biggest things you do in your lifetime, as most people work in a 9-5 job, it’s the person who really wants t o expand and seeks the fulfillment that comes with starting a small business in the UK.It’s all about the willingness to decide to start-up your venture. This is the primary point were talking about here.
So, let us look at what it takes to initially get going and actually starting a business is major challenge in the UK today as we know, with the government blabbering on about how tight things are and other waffle, the primary point is making a decision and going for it. It would be a good idea perhaps to not follow the business news on the television as it make you feel its pointless, whereas its not! worthless
Starting a business in the UK
1. Make a plan: Its all very well having a great business idea, but first you need a plan. For starting a small business. Sketch out your business, the products and potential audience before you do anything else. It would be advisable to research the area you want to operate in, its easy enough to do and can pay dividends in time saved.
An example: You want to go into business as a florist. Your first point would be to check either the yellow pages or Bing to find out how many florists our operating in your area. Make a list of 10 flower shops that you find and study what they offer. Next, make a twist on the products/service they offer. For example, if they sell 10 roses for £15, you could do the same for £13.99 and offer a cuddly toy as well for an additional £5.99 – this enables you to make 2 sales in 1 go, you make profit on both the flowers and toy. After all, most people looking for flowers will appreciate your idea and buy both.. do you see what I mean?
2. Arrange Finance: You may have this part covered already, but it’s key. Make sure you have enough money to startup and to live for the predicted time it takes to get your business off the ground. Remember you will have no income initially.. think ahead!and arrange business finance to get started
There are small business grants you can apply for from various sources and also your bank may arrange an overdraft to get you started. Ideal scene here is you have the money already but raising it is not such a big deal and business finance can be gotten far easier than you may think.
The point on finance is , estimate how much money you will need for bear essentials until you get the sales rolling in. As with most people starting a business if you do your sums right you will end up making profit very quickly. So, do calculate what you will need, raise the money and get started.
3. Skills: Are you skilled in your proposed venture? You need to be. As you get going you need to ensure you are skilled in the proposed business and why is this you my ask, its because in the early stages lets say you have a staff member working for you who is skilled and that person goes off ill, you need t be able to hold the reigns of the job and deliver products to customers.
This is a fact, if you are on your own, you need to know all about the products you sell. It may be of use to really laser your skills by doing home study course and subscribing to a magazine in that trade, this will give you all the latest news and views and off course new innovations in your chosen field. Do bear this in mind when your starting a business, its really important.
4. Sort out premises: Off course you will need somewhere to work, aim for 3 quotes for premises, don’t take the first quote offered and read the terms and conditions carefully. To keep costs down on starting up, and depending on the area of trade you may wish to work at home until cashflow improves and with this confidence gets healthier.
To find premises to work from in your area, try going on Bing.co.uk and searching for business premises and the area you live in , this should return a list for you to call and contact.Don`t fall for the salesman’s patter, look for yourself and make your own mind up. After all , with all things said and done, its you who is starting a business and not the salesman.
6. Business Name: So choosing your name to trade is important, and off course it’s the name people remember you buy. There are countless names to choose from and the catchier the better from experience. A tip here would be to check companies house and use there web check service which is free of charge. If you find a limited company with this name its really now worth trading as it as this can cost you potentially in the future. Write down 10 names and check them, if they aren’t registered then your good to go, if they are avoid them. This would apply also to website address, if its taken don’t be tempted to register a website address on a dot org extension, it’s really not worth it. The penalty could be thousands of pounds and your goal of starting a small business goes down the drain.
Starting a business right now
7. Finding Staff: This is very easy, call your Job Center and they (at the moment) will provide you with staff for free over 3 months and you will receive money for employing that person. Do check with your local job center on this scheme. This is a great way finding staff and help you start your own small business. There are many people in the UK who are unemployed and willing to work so reaching them via the job center is one way (although the job centers selection process is hugely questionable) you might wish instead to place a small ad in your local newspaper, it could be as simple as:
JOE BLOGS FLOWERS
We are recruiting! New florist based in xxxxxxxxxx looking for bright, articulate people to join us and help us expand. Apply today, email us your CV info@joeblogsflowerss.com etc
This would normally work a treat obviously reword it too fit but this little ad should get you lots of replies. Try it and see.
A word on recruitment companies. So depending on the field you will be trading in you may get calls from recruitment agencies – especially in you place an ad in the local newspaper. From my experience recruitment agencies work for some trades, for others they don’t. NEVER, NEVER accept cold calls as introductions, always get information in the post so you can study it at your leisure. Following on the from this, if you chose an agency, read the contract and T&Cs very carefully, don’t be rushed and make sure you understand the agreement in full.
5. Profit: Yes you need to understand the basics of profit and loss when starting a small business. Depending on what your selling you would look ideally at least 100% gross profit, after deductions you are left with a net profit which at the end of each week leaves you with a total net profit of £XXXX which off course you draw your salary from. The net profit is after all costs are removed example below:
Gross Profit: £5000
Less VAT: £xxxx
Less Product Cost: £xxxx
Leaves £XXXXX
Less Costs of Shop/Building: £XXX
Les Delivery: £xx
Leaves: £XXXX
National Insurance: £xxxx
PAYE: £XX
Salary Sum £XXXX
Net Profit: £XXXX
Money to Reserves: £
This is a simple calculation and can be adapted to fit your company. The idea of money to reserves would be setting a small amount each week aside and use this as a buffer, but don’t ever touch it! This is protection and peace of mind.
6. VAT. Check with HMRC as VAT is not applicable on everything and has different rates so for letterheads and business cards its 20% but for foodstuffs it’s a lot less. You can find out more about business VAT here
5. Apply for a grant: Yes, at this point apply for a grant for your company, either UK or EU. Your a new startup and deserve all the help you can get! See small business grants for more information.
Starting a business is major challenge in the UK today. We are pleased to provide you wit this hard won information to help you in starting a business right now. YBS are your business startup specialists.
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