Starting Your Own Business  


Ok, you've decided that you want to be "the boss"; on this and the other pages in our "You're the Boss" section we'll look at starting your own business, some of the pros and cons, what type of business to start and where to go for more advice.

To start your own business you need some money (capital), motivation, capability, creativity, determination, an eye for detail and research and a pinch of luck. Whatever type of business you decide upon, you need to be totally committed from day one if you are to succeed.
Running your own business can be a great way to be in control of your life, but, what a massive challenge! It takes a determined person to start up a business and to persevere through all the challenges you'll face, but the rewards will be all yours if you succeed!

A few questions you need to ask yourself are;
  • Do you have the support and backing of your family?
  • Are your family prepared to take a back seat while much of your thoughts, energy and time will be spent on the business?
  • It can mean years of hard work before you see any return on all the energy and money you are investing, is this viable?
  • Can you work alone or do need others to spur you on?
  • Is your business idea realistic?

Types of business 

Generally there are three main business areas you can consider:
  • Setting up a new business from scratch, whether as sole trader, limited company or in partnership.
  • Buy an established business.
  • Purchasing a franchise - see our Franchise page for more advice.

No matter what type of business you decide to go for, the basics are the same:
  • Plan and research - it is vital to go in with your eyes open
  • Get good advice - see our links below to get you started
  • Get some training - many local colleges and other organisations offer short courses dealing with business basics

Getting Started 

Here are some links which will get you on your way:
Business Link - a free, government backed, business advice service operating both locally and nationally. Business Link offer help and advice in all areas of business.

HMRC - If you start your own business, you're going to be dealing with HMRC at some point.
Even if you're getting professional advice in starting and running your business, it's advisable to have a good look through their site.

Companies House - Companies House is the agency responsible for the registration of limited companies in the UK.
If you intend to set up a limited company, it is worth looking at their site before you seek the services of a firm specialising in company formations. You may find that you are able to incorporate your own company quickly and easily by dealing directly with Companies House, rather than through specialist firms.