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.