Perhaps you have many ideas in your mind already or you need some inspiration. If you need inspiration visit start-up website, where different business ideas are categorized. Remember that if you come up with a new business idea it is easy to become overly enthusiastic. Remain critical and carefully analyse pros and cons. Moo interactive chart will help you figure out if you are really ready to start up a new business.
Get your business plan right
Whether you want to raise money from investors or get a bank loan you will need a business plan. Even if you are planning to rely on your own funds, writing a professional business plan is beneficial to set a clear structure and business objectives for your start up idea. For help check out the official governmental website with free advice on writing business plan. If you need business plan to get a bank loan, it is worth to look for guidance at official Barclay’s bank advice.
Before you can launch your start up, you will need to secure funding. Look at Entrepreneur article to discover 10 different ways to fund new business. If you are planning to get a commercial bank loan it is worth to check websites of major banks such as: HSBC, Barclays, Lloyds or RBS.
Register your start up
If you want to start a new business, there are different options available with various legal implications that you need to understand. The best place to get started is the UK Government website, which provides relevant and official information about starting a company. You can register a start up as: a sole trader, limited company or ordinary partnership. If you want to employ people then you will have to learn how to manage: payrolls, National Insurance and pensions.
Stay connected with other Entrepreneurs
Whether you are planning to start up a business or you already own one, it is crucial to network with other entrepreneurs. Check out Google for Entrepreneurs website, which is a brilliant platform connecting professionals. If your business is technology related, check out Tech London website for events and more. There are also many social groups meetup.com, dedicated for start ups.