Starting your own business is challenging, but can be very rewarding when your hard work comes to fruition and you are running a successful business. The turbulent economy has increased the pressure on business owners and managers, with reduced access to funds and often difficult markets. The Government is keen to support the Tech sector as it is a growth area for our economy, positioning the UK as an innovative leader in this area. This centralised support may offer opportunities for those start up businesses who are able to take advantage of the tax reliefs and incentives available.
Comprehensive business planning is essential and taking advice in the early stages of starting your business can make all the difference. There are many sources of such information, from desk based online research through to the support of your professional advisors, which may include your accountant, solicitor and bank. Professional advice is essential to the efficient running of your business and to ensure you start in the best possible position.
Networking with peers is also a useful source of information and advice. There are many networking groups set up to facilitate introductions, either virtually or in person. It is worth investing time in these from the outset in order to build up a support network that you are able to rely upon for advice.
Checklist – Key considerations when starting up your own business
- Research and business planning
- Funding (supported by the business plan)
- Legal structure
- Tax reliefs (patent box, R&D tax credits, SEIS, EIS, corporation tax)
- Legal arrangements/contracts
- Trading laws
- Data protection act
- Disaster recovery
- Accounting software
- Impact on short term finances
- Impact on family and or work/life
- Drive to succeed
- Good support network