The United Kingdom is made up of 4 countries: England, Wales, Scotland, and Northern Ireland. The main government is in Westminster in England but each other nation has its own devolved government and its own leader. This means that even though these 4 countries are united and have the same rules and regulations on most things, there are things that will differ from country to country so keep this in mind when deciding where to start your business. The United Kingdom is a great place to start a business as it has some very favorable legislation around small businesses to try and encourage more people to start and run their own businesses. It is also a great place to run a business as it has the 6th strongest economy in the world which will help when it comes to the longevity of your business as it is unlikely to collapse due to the economy crashing. Starting and running a business in the UK can sometimes be complicated as there are a lot of regulations, but if you have a good business idea and take the advice, we’re about to give you then the UK is a great place to start up and have your business become a success.
How to set up your business
There are pages and pages of information provided by the government on their website about how to set up a business, but we’ve found the things you need to know to save you from reading through it all. Firstly, you need to decide on what you’ll be registering your business as whether it’s a sole trader, limited company, or a partnership. A sole trader shares an identity with the company and so you would be liable for any of your companies’ debts, a limited company means that you and the company are separate so you only stand to lose the money you invested into the company and a partnership is for if you want to go into business with someone else.
Once you’ve decided what to register your business as you need to find a suitable name and declare the purpose of the business. This is because some words aren’t allowed to be used in the name of a business, for example, any offensive language, and for certain businesses like selling food, there are additional rules you must follow and some businesses require additional things like licenses. Once you’ve decided on the purpose of your business you will be able to find out more about any additional requirements. Finally, you’ll have to appoint people for various positions such as chairman and inform the government of who is filling these roles.
How to run a business
Once you’ve gotten all of the legal stuff out of the way and have managed to register your new business with companies’ houses then you can begin trading. Running a business is often much harder than setting up a business so we’ve found some great tips to help. One of the most important things in business at the moment is that technology is vital for any business to survive. You should make sure that you have someone on your team who is good with tech, if you don’t then you may want to hire an external contractor. If you’re going to need help with tech then we would recommend setting your company up in London as they have the best tech support firms, one of the advantages of remote IT support for London is that you don’t have to wait for someone to come to you to receive help, they’ll be able to fix your problems straight away over a phone call or video call. However, having someone visit while it may mean you have to wait can sometimes be easier as they’ll fix your issues for you, it is up to you to decide which is better for your business.
Other helpful tips include making sure you are marketing your business, make sure you know your target audience, make sure you keep up to date with your financial records, and try to find a unique selling point to attract more clients or customers.