Steps to Starting a Business in the UK

Once you have decided to start up a business, setting it up is the next big step to do. It is imperative that you know how you will start and run it. This checklist for steps to starting a business in the UK is designed to help you.

The Thrive Global Community welcomes voices from many spheres on our open platform. We publish pieces as written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Community stories are not commissioned by our editorial team and must meet our guidelines prior to being published.

Register as Self-Employed – Declaring yourself as self-employed allows you to establish yourself as a sole-trader. Then, notify HMRC as you become self-employed to ensure that you’re paying your taxes correctly.

Choosing a Name – Be careful in choosing a name for your business as you don’t want to be receiving complaints from other business owners with the same name as yours. Use the internet in a searching company house websites or other services to ensure that the business name is not in use. Never invest in any brand material unless the business name you chose is confirmed.

Draft a Business Plan – Writing a business plant is an important step to make in starting a business in the UK. A well-written business plan is critical for raising your investment or bank finance. Your business plan should outline your business strategies, identify your business goals, and presents your action plans showing how your marketing strategies will work.

Setting-Up a Business Insurance – Having appropriate business insurance is the last thing you want to miss before your business hits the ground. Although it is a small business, you still need to employ people, and the law requires employers to have liability insurance. Depending on your business nature, you will need key person insurance, professional indemnity insurance, commercial property insurance, or public liability insurance.

Setting-Up Your Billing – Apart from setting up insurance and making your business legal, setting up your billing is a critical step to starting a business in the UK. There is nothing more satisfying than sending your first invoice. You can decide to do the billing for your business since you are just starting, but you may need to get an accountant as your business grows. The use of a grid or a simple spreadsheet is the best way of keeping clear records. Making this a habit can help you bill your customers easily, and at the same time, it is easier for you to keep records of your spending that you will need once you need to audit or reconcile.

Creating a Marketing Plan – This doesn’t have to cost you a fortune if you know or have a better understanding of your niche or customers. Once you know what they want or need, it is easier for you to reach them. Just make sure that in creating a marketing plan, it should work on different kinds of the platform- be it traditional paper or online.

If you’re in the UK and self-employed and depending on DWP allowance, then starting a business is going for you. Why? Its because this is the best way on how to cancel DWP service or benefit and become financially stable and independent. 

Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

You might also like...


Be Your Own Boss: How to Start Your Own Business

by Joe Resendiz

Must-Read Ideas And Inspiration For Home Businesses And Employees

by Three Reasons Why You Should Re-Screen your CURRENT Employees

A Discussion With Jan Jens On How To Remain Resilient In The Face Of Adversity

by Suzie Zeng

Sign up for the Thrive Global newsletter

Will be used in accordance with our privacy policy.

Thrive Global
People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.


We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.