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For those wishing to start a business in the UK

The UK is a great place to start a business, so many people move here with that in mind. Starting a business in the UK is fairly simple, quick, and inexpensive. The basic rules, guidelines, and resources apply practically equally to all businesses, whether online or traditional ones, that provide services rather than sell goods.

Anticipate start-up costs and accumulate capital

Before starting a business, it is very important to make sure that you have enough funds to start your company. Inadequate finance is one of the main reasons for business failure. When evaluating what is needed to start a business, try to keep the budget as low as possible. Make sure you don’t spend money on unnecessary things, especially those that can complicate your business. You can find a list of groups investing in companies and other financial resources on the Gov.UK website.

First of all, you should calculate the available finances and choose the nature of the business.

We will briefly describe the four main business structures in the UK:

Sole trader – is a one-person business. Most new companies are registered specifically as one-person businesses or, in other words, individual companies that can also hire employees. It has no fees and is much simpler to register and manage. Most such companies provide services.

Partnership – a partnership. It is a type of business in which responsibilities are distributed among partners and profits and expenses are shared. It is also not difficult to register and manage it. Most of the time, this business structure is the growth stage of the sole trader business.

Limited Liability Company (Ltd) – a limited liability company is a slightly more complex business structure, which also has many advantages (see the section Why is it worth creating a limited liability company?). To legalize such a company, it will be necessary to fill out more documents and experience the burden of bureaucracy. However, limited liability companies benefit from favorable tax rates and offer excellent financial protection for company managers. Such a company can be registered online or by contacting a consulting company.

Limited Liability Partnership (LLP) – limited liability partnership. This is a fairly new business structure in the UK, which is, essentially, a combination of a traditional partnership and a limited liability company. This type of business structure is best suited for service companies.

Business plan

Almost every business development consultant will probably tell you that before starting any business, you should first prepare a more detailed business plan. In short, a business plan is as important as a plan for building a house. The business plan must be detailed and include all the details of the future business. The plan must also include all relevant financial information. One should not forget to include growth and marketing strategies at all stages of business development. A well-prepared business plan also includes benchmarks that help you track your company’s progress against industry standards.

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