5 Point Checklist: Starting a Small Business in the UK

As a Brit, living in the UK you are given more opportunities to succeed then people in many other parts of the world. Be it in terms of education, financial success or freedom, the British economy allows you to thrive. The UK is the land of opportunity and one of the reasons why many people are starting a small business in the UK.

While it’s not as easy as waking up one morning and saying “i’m starting a business today”, it’s fairly easy to startup a small business – that’s if you know what you are doing.

Here is a quick 5 point checklist that will help you with starting a small business in the UK:

#1: Be sure to have a business idea

#2: Be sure to seek and get help

#3: Be sure to develop a business plan

#4: Be sure to search for funding to help you startup

#5: Be sure to follow through with your business

Seems very simple doesn’t it?

It’s very simple yes, yet so many startup business owners end up failing with their business within the first year – and not because the “business failed”, but mainly because the people running the business failed.

Having a Business Idea

A very critical point to keep in mind when starting a small business in the UK.

Without an idea, you don’t really have much.  Generally this is a big problem of people who want to be business owners but don’t know what kind of business, what they want to do, what works and what doesn’t.

When figuring out your business idea, try to focus on what you know, what you have experience in or something that interest you.

Often people get into business for the simple fact of making money – which is ultimately the goal however if your interest is not there, how can you dedicate your time and yourself into making it work and improving it?

Develop your business based on the idea. The idea comes first!

Get the Help You Need

If you are like most people, you are good at your job and maybe a few other things. But are you good at starting a business? Are you good at writing a business plan? Are you good at developing a website? Are you good at financial matters? Are you good at managing people? Are you good at customer service?

These are all of the things (and more) to keep in mind when starting and growing a small business in the UK.

While some people can wear all hats in the business, it’s not for everyone.

Sometimes things that are unknown are better left to the professionals.

When starting your own small business, don’t feel like that you have to do everything. Help is available, be sure to take it where needed.

Develop Your Business Plan

Why a business plan you ask?

A business plan when starting a small business is very important. It will help you plan out your business ( sound familiar?). With a properly developed business plan, it will act as a road map to the success of your business. It is really a guide that will take you from starting up through the launch process and prepare you for the unexpected.

Having a business plan and actually writing one out helps you think of other things that you may need or may not need. It prepares you for the business.

If you are not familiar in regards to how to create a business plan, this is one of those things where you can get help with.

Get Financial Help

When starting a small business in the UK, having some funding to back you up through the startup, launch and operational stages is critical.

You may have a great idea and be ready to startup, but if it takes money to get you started, to promote your business, to hire and train your staff, to create a website…etc, and you don’t have it? You won’t get very far.

A business plan will tell you how much your expenses will be and what is expected – this will prepare you and tell you weather you will need funding moving forward or not.

If funding is needed; the UK government has many funding options for small business owners.

Consider government grants, loans, tax breaks and other forms of funding.

Following Through

You’ve taken the time to put your business idea into action. Maybe not all the way, but you did a few things here and there? Maybe you got yourself a business plan, some business cars and maybe a website. But why stop there?

Your dream of being a business owner just came crashing down.

If you don’t follow though with your business because there is a hurdle along the way – you’ve done nothing.

Sure you are working full time, or part time; sure you have kids at home; sure you don’t have the time; sure you don’t have the extra money needed…

But what is not an excuse.

If you are able to come home after work and sit down and watch TV, or browse the web, or spend your time on YouTube or social media – you have time to work on your business.

If you have kids; work on your business when they are asleep. All it takes sometimes is 30 minutes per day.

You don’t have the time? How are you reading this article right now? Are you really busy 168 hours in a week?

You don’t have the extra money? Not everything requires money to start a business – you can do all without but it takes a bit longer.