This article will walk you through some tips from writing a business plan to understanding legal structures as a new business owner. This can appear overwhelming, but with help from Linton Park Accountancy Services Ltd, you can join the many millions of businesses in the UK.

Step One - Register your business name

It is an extremely important step to come up with a name for your business. Consider a name that reflects your brands personality and one that helps you stand out from any competitor. Take into account your specific target audience and reflect a uniqueness that will appeal to your target audience.

Step 2 - Legal Structure

Carefully consider your legal structure. There are 4 main types of business structures in the UK and each has various tax and liability implications for owners and shareholders: Sole trader. Partnership. Limited liability partnership. If you are unsure, this guide explains Choosing the right business structure.

Step 3 - Write your new business plan

An extremely important document, your business plan assists you in developing your business goals, financials, market research and any potential pitfalls. You will need to create a budget as part of your business strategy definition and factor the cost of starting a business which can vary depending on whether you need to purchase specialist equipment, or rent office space.

Step 4 - Finance

Now you have set up your new business plan and budget, you will need to consider how you will finance  your new business set up costs. Your budget plan will identify how much you need and the potential sources of help, whether a loan from a friend, family or bank or savings.

Step 5 - Advertising Strategy

Your finances sorted, you will need to consider how you acquire new customers through your marketing and branding. Market research into your competitors will help you with your pricing models, service/product development to enable you to stand out from the crowd.

Step 6 - Business Insurance

A range of insurance covers are available and which one you take out will depend on the type of business you run.  These are:

• public liability insurance – important if customers visit your premises or you carry out work
  on client sites
• professional indemnity insurance – covers you if a client loses money because you provide
  negligent advice, services or designs
• employers' liability insurance – this is a legal requirement if you have employees
• legal expenses insurance – covers business legal expenses or prosecution fees
• small business health insurance – affordable healthcare cover for you and your employees

Step 7 - Understand your Tax Responsibilities

As a business owner, you need to understand and be very clear on your legal responsibilities with accounting. You will need to register with HMRC or Companies House. Please contact us for more information on the different steps you need to take depending on your business structure (Sole trader/Limited company).

Step 8 - Business Records

It is imperative to maintain good records to stay organised to enable you to meet your tax obligations. Linton Park AS can assist you with your accounting records to allow you to work on your business and increase your customer base.