Business Startup Basics

There aren’t many things you need to do start up a business as a Sole Trader.  But these are the essential things you absolutely, definitely can't do without!


Register with HMRC
When you become self employed you must register with HMRC within the first 3 months.  Either call the newly self-employed hotline on 08459 15 45 15 or register online.  Make this your Number 1 priority - if you don't register in time you'll face a fine!

Find the right place to keep your money
Don't use your personal bank account for your business, open a separate business bank account. It'll be much easier to keep track of how much you're selling and how much you're spending, and when you do your tax return. 

Make it easy for people to pay you!
You can make your invoices as simple or sophisticated as you like, but there's some essential information you must include that will help you get paid on time. 

Get insured
Depending on what you're doing some insurances are compulsory.  Others are optional but well worth considering. 

Do business on your own terms
Make sure your customers know what to expect by having clear, written terms and conditions of business.
You can keep this very basic with just a simple description of what you're supplying, the price you're going to charge and what your payment terms are.

What's in a name
Check out our do's and don'ts of choosing a name for your business

And that’s basically it!  You're ready to roll!
You'll find more information, including links to help you with all these points, at NowLet'sGetStarted

Get paid to start your own business!

We think some of the ‘new’ package of intensive support to help those who’ve been unemployed for 6 months or more announced today is not necessarily new at all.

We think the 'new' bit is the payment of £2500 to employers who train someone who's been unemployed for 6 months or more. But the cash support to help unemployed people to start-up their own business has in fact been in place for a while now and is run through jobcentre plus.

Their service provides a range of training and mentoring to help people develop their business idea into a business plan and to undertake a testing stage, of up to 6 months, where they can run their business whilst still getting their Jobcentre Plus allowance payments as well as continuing to receive ongoing mentoring support.

For those interested, more info is at:
http://www.jobcentreplus.gov.uk/JCP/Customers/Self_Employment/Dev_011591.xml.html