Starting a New Business Guide

13. Professional Registration For some businesses it’s the law that you have to be audited or registered before trading e.g. childcare and you may need to have certain qualifications or certificates. For other industries or services there may be far less red tape. Having some relevant qualifications or a professional body membership will give your customers confidence in trading with you. 14. Capital Everybusinessneedsmoney toget started frompurchasing tools and equipment, to setting up your website or buying livery for your work vehicle. Here are some basic questions to get you thinking about the cash you need. The key is in the first question. • What is the least amount of money you need to get started? • What can you buy cheaply or second hand? • What can you do yourself rather than pay someone else?

• Where can you source cheap services? • Do you need a serviced office or could you work from home? If you can borrow from your own funds (bootstrapping) or get investment from people you know than you can avoid loans and repayment terms. Other options include: going into a partnership with an angel investor, using a kickstart site, looking at formal loans from banks, exploring grants or other funding. If you are 18-30 you could contact the Princes Trust to look at help and funding to get started. Useful Web Pages • www.princes-trust.org.uk/help-for-young-people/ support-starting-business • www.crowdcube.com • www.angelinvestmentnetwork.co.uk • www.crowdfunder.co.uk • www.gov.uk/business-finance-support • www.gov.uk/apply-start-up-loan