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If you're thinking about taking the plunge and starting a business of your own, there are some key steps you need to take first.

1. Business idea

Every business develops from an initial idea. Ideas can range from spotting a gap in the market to coming up with a brand new product or service.

For further information on researching and developing your basic business idea, see research and develop ideas, new products and services.

2. Business name

Choosing a name for your business is a creative and enjoyable process. It is also one that you need to get right. It is a good idea to be objective and choose a name that reflects your business strategy - see how to choose the right name for your business.

3. Business structure

Choosing the right legal structure for your business is vital. Most start-ups are sole trader, partnership or limited company, but there are other options, for example social enterprise. For more information see:

• set up as a sole trader
• set up a business partnership
• set up a limited company
• set up a sal enterprise
• legal strociuctures for businesses - an overview

4. Market research

You should 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 - see how to create your marketing strategy.

5. Finance your new business

You must also think about how you are going to finance your start-up and what effect it will have on your personal finances while you wait for profits to show - see business financing options - an overview.

The following material will help you better understand what is required to start a business:

• managing business finance during the start-up phase
• write a business plan: step-by-step

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.

It also includes checklists that cover everything from coming up with a strong business idea and developing it, to identifying and reaching your customers to turn that idea into a successful business - see My New Business.

When considering starting a business, you should think about the different business options available to you.

Business hours and premises

You might want to start your business full-time or part-time, or even in your spare time. You could also choose to work from home or separate premises.  

For further information see:

• starting a part-time business
• starting a business from home
• buying business property
• renting commercial property

Business structures

It's worth thinking carefully about which structure best suits the way that you intend to do business - see legal structures for businesses - an overview

Business name

Choosing a business name is a creative and enjoyable process, it is recommended that you choose a name that reflects your business strategy - see how to choose the right name for your business and the rules for naming your business.

For further research see:

• choose business property - explains how to choose the right premises and consider the options available to you as a start-up
• buy a franchise explains what franchising is and why it might suit you more than starting your own business
• buy an existing business looks at the issues around buying an established business, which may be quicker and easier than starting from scratch
• avoid common mistakes when starting a business- this guide will help you avoid the most frequent assumptions and mistakes made by new business owners

Your business skills

You should also think about assessing 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.

Watch the video below to help you discover how your skills and experience can help you start-up.

When you start up your new business or become self-employed, you will need to have a clear understanding of what an ideal or typical customer looks like. You will also require a way of identifying groups of customers with a similar profile.

Understanding target customers and their needs is a key aspect of your market research. Developing a marketing and sales plan is an important next step in planning how you will reach these customers through promotional activities while also enabling you to budget for the cost.

For further information see:

• market research and market reports
• understand your competitors
• create your marketing strategy

Once you have gained new customers it is vital that you build a long-term relationship with them so that you can enjoy their repeat business. It is significantly easier and cheaper to do business with existing profitable customers than to find new ones.

Retaining valuable customers also requires you to understand in detail the effectiveness of your customer service as seen from the customer's point of view. This customer feedback on your performance will help you to make informed decisions when making adjustments to your offer. It also increases the likelihood that your customers will talk about you positively to others and make referrals.

Once you have gained a customer base, it is important that you continue to engage and build on your relationships - see:

• understand your customers' needs tells you what you need to know about your customers and how to use this information to sell more effectively
• manage your customer service explains how you can use customer contact, feedback and loyalty schemes to retain customers
• retain and grow your customer base explains how to keep existing customers, grow your customer base and improve the effectiveness of your sales

When you start-up in business or self-employment you will need money to get under way and to keep the business going until you get paid by your customers. You will also need to cover your personal expenses until the business can 91香蕉黄色视频 you.

There are many different sources of funding for start-ups including:

• personal savings 
• money from family and friends
• bank loans and overdrafts
• equity funding from private investors
• crowdfunding
• grants and government 91香蕉黄色视频

Creative thinking and planning your cashflow might save you money and make it less costly than you think to start your own business.

The following guidance can help:

• business financing options - an overview
• choose the right finance when starting up
• managing business finance during the start-up phase

Managing business cashflow

Managing your cashflow is vital for business survival. To run your business effectively, you need to balance the timing and amount of your costs with those of your income.

The following financial forecasts will help you to calculate how much money you will need to start and run your business:

• Sales forecast - the amount of money you expect to raise from sales - see plan and forecast sales.
• Cashflow statements - your cash balance and monthly cashflow patterns for at least the first 12 to 18 months - see cashflow management.
• Profit and loss forecast - a statement of the trading position of the business: the level of profit you expect to make, given your projected sales and the costs of providing goods and services and your overheads.

For financial forecast examples, download a spreadsheet containing cashflow forecast, profit and loss forecast and sales forecast templates (XLSX, 22K).

Once you have decided to start a new business, you need to make sure that you have all of the legal formalities in place. This includes choosing the right legal structure to suit your particular circumstances and ambitions as well as registering with HM Revenue and Customs.

Should you choose the limited company route you will also need to register with Companies House - see register your limited company.

For further information on the different business structures and legal requirements see:

• set up as a sole trader
• set up a business partnership
• set up a limited company
• legal structures for businesses - an overview

Intellectual property

Depending on your business idea, you may need to seek specialist advice on Intellectual Property Rights (IPR) protection. This may include:

• copyright
• trade marking
• design registration 
• patenting 

For more information see protecting intellectual property.

Business taxes

If you run a business, you will have to pay taxes of some kind. The taxes you pay will depend on a number of factors, such as your business' legal status, annual turnover, whether you employ staff and taxable profits.

The main business taxes are Self Assessment (the system used to collect Income Tax), Corporation Tax and VAT. You may also need to think about National Insurance. You also need to consider PAYE (Pay As You Earn) if you employ staff.

For further information see:

• get started with business taxes
• understanding Self Assessment and your tax return
• introduction to VAT
• introduction to National Insurance
• getting started with Corporation Tax
• introduction to PAYE and payroll

Starting and running a business can be challenging - HM Revenue & Customs (HMRC) provide a wide range of .

Record-keeping

Whatever kind of business you run, you are required by law to keep financial records relating to it - see how to set up a basic record-keeping system.

Watch this video outlining the benefits of keeping accurate, organised and up-to-date business records and how this can help you easily file your tax returns.

It is essential to have a realistic, working business plan when you're starting up a business. A business plan is a written document that describes a business, its objectives, 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.

What to put in your business plan

Your plan should include:

• An executive summary - this is an overview of the business you want to start. It's vital. Many lenders and investors make judgments about your business based on this section of the plan alone.
• A short description of the business opportunity - who you are, what you plan to sell or offer, why and to whom.
• Your marketing and sales strategy - why you think people will buy what you want to sell and how you plan to sell to them.
• Your management team and personnel - your credentials and the people you plan to recruit to work with you.
• Your operations - your premises, production facilities, your management information systems and IT.
• Financial forecasts - this section translates everything you have said in the previous sections into numbers.

For more information see:

• write a business plan: step-by-step
• tailor your business plan to secure funding

The video below highlights what you should include in a business plan.