Starting a New Business Guide

Setting up a Business We have written this guide to make the process of setting up a business as simple as possible and have added all the key elements you need to get started. This guide is really designed for those planning to go self employed as a sole trader. 1. Write a Plan A business plan is a strategy document about the service you want to offer or the product you want to sell. This doesn’t need to be complicated or long but taking the time to sit down and write out the basics will help you get clarity about what it is you want to achieve. Follow these questions to get you started. What is your product or service? Who is your target market? Who is already out there doing what you do? What do they charge? What will you charge? Are there any gaps in the market you can fill uniquely? How will you market your business? Where do you want the business to be in 3 years time?

Will you need capital to get going? If so, how much?

For more information on writing a business plan look at www.gov.uk/write-business-plan 2. Choose a Name Your business name is important. It will be your brand, your identity to your market. Make sure it fits with what you are doing and is easily recognisable to potential customers. The simpler the name the better. It is always good to bounce idea’s off friends and family before you finally decide. If you need an online presence check to see what domain name you could get. There are business generators like www.businessnamegenerator.com that can help you choose a name or if you have an idea try sites such as www.names.co.uk . Domain sites can cost as little as £10 per year and its worth getting the .co.uk or .com ones if you can. Tip – While you are registering your domain you can often get a free email account, so worth having that.