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You should consider a number of issues when you start your own business, even if it is only on a part-time basis.

1. Are you ready to start up?

There are lots of reasons to consider starting a business but you need to be sure that you are ready. You'll need to assess your own skills and where you might need some extra development or 91香蕉黄色视频 - for example, looking after the business' finances.

You should also think carefully about the product or service that you want to sell, the audience you're selling to and what you have that makes you stand out from the crowd.

2. Choosing the right legal structure for your business

You will need a formal legal structure for your business. This can take the form of anything from a sole trader to a limited company. When you have decided the structure, you will need to register with HMRC and (if it is a limited company) with Companies House - see legal structures for businesses - an overview.

3. Business premises

You may have decided to run your business from home but you need to be aware of the implications of this as there are tax, health, safety and security issues. You might find that separating your work area from your living area will maximise efficiency - see starting a business from home.

If you decide not to work from home, see choosing business property.

4. Financing your business

Your business will start out small and you will still need to fund both the set-up and the development of your business to help it grow. Creative thinking and planning your finances might save you money and make it less costly than you think to start your own business - see business financing options - an overview.

5. Business plan

It is essential to have a realistic, working business plan when you're starting a business. A business plan is a written document that outlines your business objectives and how you plan to achieve them. It describes a business, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within your business - see write a business plan: step-by-step.

For further information see ten steps to a successful start-up.

When you set up a part-time business you need to inform HM Revenue & Customs (HMRC).

To set up as a sole trader, you need to register for Self Assessment and file a tax return every year - GOV.UK provide further .

If you set up as a limited company, you'll need to register it as well. . You'll also need to register for Corporation Tax within three months of starting to do business - see Corporation Tax.

You also have an obligation to maintain accurate financial records - see set up a basic record-keeping system.

These requirements are the same whether you are starting a full or part-time business but there are other issues to consider which are specific to part-time businesses.

For further information on legal structures for businesses see:

• working for yourself
• set up as a sole trader
• set up a business partnership
• set up a limited company

Continuing in paid work?

If you continue in paid work when you are not running your business, you have to decide whether to tell your employer. You should look at your contract of employment, as this may require you to tell your employer if you have another source of income.

In addition, if your new venture is likely to compete with your employer, you have a conflict of interest which could cause problems.

You must be very careful about separating your personal business activities from those of your employer. Taking phone calls, sending emails, and writing letters that relate to your business may constitute a breach of contract, unless you have permission to do so.

If you discuss your plans with your employer, they could become a source of encouragement or work, especially if you are a valued employee.

Just running the business?

If you don't have other paid employment - eg you might be a parent or carer with family responsibilities - you still need to tell HMRC and, if appropriate, register with Companies House. If you were previously unwaged and had been receiving benefits, you will need to check whether your new venture affects that income, and report it to HMRC if necessary.

GOV.UK provide further guidance and help with .

If you are working from home, you need to take into account insurance and health and safety issues - see starting a business from home.

There are many advantages and disadvantages to running a business on a part-time basis.

Advantages of running a part-time business

Advantages include:

• you are able to stay in paid work and have the security of a regular income until the business is up and running
• you can use skills you have learned working for an employer in starting and building your own business
• if you have obligations such as caring for dependents, it is a way of having an income
• you can test whether there is a market for your products or services without a major financial commitment
• if you have a hobby that you would spend time on outside work anyway, you may be able to make money from your interests

Disadvantages of running a part-time business

It is important to note that there can be disadvantages to running a part-time business, including:

• finding the time to run a business can be difficult and it may take up more time than you have available
• you may find it hard to concentrate on paid work if the business has a problem
• you may have to put in long hours, which can cause stress
• it might take a long time for the new business to develop and become viable
• if you stay in work, you'll have to pay tax on both sets of income, which may mean the business is not financially viable

A wide range of help is available to you if you're starting a business - through government agencies or business mentoring. You can get help from a variety of sources online, while other forms of 91香蕉黄色视频 can be obtained from events such as networking meetings.

Support includes:

• Go Succeed Start experts in your local council will help you to create a business plan, seek funding and put all the foundations in place to get your business up and running - or call 0800 027 0639 to register for this free advice and guidance.
• The Northern Ireland business 91香蕉黄色视频 finder is a searchable database that can help you find publicly-funded and not-for-profit sources of assistance you may be eligible to apply for. Support may be available in a number of forms, including financial assistance and free or subsidised advice services. Search for business 91香蕉黄色视频 and finance.
• Invest NI's regional office network offers training and advisory services to those starting up in business - .
• Enterprise NI is a network of local enterprise agencies that offers key assistance to your business, whether you are already established or just starting up - .
• Mentoring can help you develop business skills. Building a relationship with a mentor can have a positive effect on your business, whether you are just starting up or are already established. A mentor can help you develop important business skills, 91香蕉黄色视频 you in making important decisions and put you in touch with useful business contacts - see the benefits of business mentoring.
• Northern Ireland Chamber of Commerce offers and may organise networking meetings for businesses of a similar size and in similar business sectors.
• You might find it helpful to join the , where you will be able to interact with peer businesses for advice and information.

My New Business

My New Business is a free online service that covers everything you need to plan, start and run a business. It has videos and tools, plus other learning resources - like tutorials and case studies. All of them are aimed at helping people like you get your business started - see My New Business.