Starting a business is exciting but it can also be daunting. Turn your entrepreneurial dreams into reality by following our guide to the practical steps you’ll need to take.

So, you’ve got an idea for a business and you’re ready to make it happen. Congratulations! It doesn’t matter if this is a side hustle or a bigger venture, there are some important jobs you need to do to ensure your new business meets all of the key legal and administrative requirements.

Of course, ticking these boxes is no guarantee of start-up success. So we’ve also highlighted some other key tasks that will ensure that your new venture gets off to a flying start.

Decide on a business name

A good business name should be original, distinctive, easy to remember and it should encapsulate what you offer. Start by brainstorming a long list of contenders, then test each one against these criteria:

• Is the name already listed at Companies House?
• Is the online domain name available?
• Is someone using that business name on social media?
• Is the name too restrictive if your business diversifies over time?
• Is it easy to read, say and remember?
• Does it stand out from the crowd in your marketplace?

Choose your business structure

The next step is to decide how you want to structure your business. These are the options:

Sole trader: If you’re self-employed and you don’t employ any staff you can operate as a sole trader. This business structure is easy to establish and you can keep all your profits after you’ve paid tax on them. However, you are personally responsible for any losses your business makes.

Partnership: If you set up a business with another person you can structure it as a partnership. This is similar to a sole trader set-up but the partnership, as well as the individuals, must be registered for tax self-assessment.

Limited company: Setting up a limited company is more complex but it can offer advantages. The company has a legal identity, separate from the owners and directors, which can protect you if your business gets into debt. A company can also offer tax efficiencies - money earned is taken out of the company as a salary and/or dividends. You are likely to need a good accountant to help you manage the company finances, including corporation tax.

Limited liability partnership: This is similar to a private limited company but responsibility is shared between partners.

Register your business

You must register a company or limited partnership with Companies House. You also have specific reporting and management responsibilities.

You don’t need to register your business if you are self-employed but you do need to tell HMRC that you are working as a sole trader and sign up for tax self assessment. As a sole trader, you can trade under a business name but you don’t need to register that name.

Get insurance

Every business needs some kind of insurance. The kind of cover you need will depend on your specific requirements. You’ll need specific contents insurance to protect stock and materials, even if you work from home. If you have premises that your customers can visit, you’ll need commercial property insurance as well as public liability cover. If you provide services, it is also worth getting professional indemnity insurance which will protect you if a customer is not happy with the service you have provided. Employers’ liability insurance is essential if you employ staff.

Apply for licences and permits

Lots of businesses require a licence or a permit before they can legally trade. These include: food businesses, taxi firms, child care providers, manufacturers, import and export businesses, hairdressers, tobacco or alcohol retailers, farms and many more. The government Licence Finder tool can help you find out what kind of licence you need for your business.

There are also government regulations that cover everything from storing customer data and selling goods online to disposing of waste. It’s up to you to make sure you are aware of the regulations that apply to your business and that you adhere to them.

Getting your business ready for launch

There are some other key steps you’ll need to take in order to give your business the best chance of success.

Do a SWOT analysis

SWOT stands for Strengths, Weaknesses, Opportunities and Threats. A SWOT analysis is a useful exercise to help you understand what makes your business special and to identify the areas that you’ll need to improve on. Strengths and weaknesses will be specific to your business, while opportunities and threats relate to outside factors such as competitors and market conditions.

Write a business plan

A business plan can help you set goals and achieve them. It’s also an important tool to help bring others on board, especially if you are looking for funding.

A good business plan should include:

• A summary of what your business does
• Where it sits in the market and what makes it different
• The management structure of the business
• Marketing and sales plans
• Finances including sales projections and cashflow forecasts

Get funding

Lots of successful businesses are started on a shoestring or with a bit of help from friends and family but if you need more money to get your business off the ground there are a number of funding options.

Your high street bank may offer loans for small businesses like yours. Another option is the government-backed Start Up Loan - an unsecured personal loan of up to £25,000, with a fixed interest rate of 6% per year. The loan can be repaid over one to five years and there is no early repayment fee. If your application is successful, you’ll also get up to 12 months of free mentoring. Other funding options include grants, crowdfunding and angel investment.

Create a brand

Every business has its own unique identity that helps it stand out from the crowd. This is your brand. It’s not just important to look good as a business – you also need to be consistent in your branding to create recognition and grow a following. Key branding elements to focus on before launch include: a logo, your company colours, the typeface you use on your website, the style of photography you use, the tone of voice you use in all your communications and the words and phrases that best describe what makes your business special.

Organise your business finances

Every business needs a system for keeping records, paying tax and managing finance. One of the first things to organise is a bank account. You can use your personal account for payments if you are a sole trader although it’s a good idea to keep business and personal finances separate. If you are working through a limited company you have to set up a business bank account. Most charge a fee so it is worth shopping around. Start as you mean to go on by creating a system for recording all your income and business expenses. Subscribing to an accounting app like Xero or FreeAgent will make it much easier to send invoices and manage cashflow. If you are registered for VAT, you’ll need to use an app to submit VAT returns under Making Tax Digital. A good accountant could well save you money in the long run and will be able to advise you on how to keep business records.

Build a website

Almost every customer begins their buying journey online so a website is essential. No matter how your business operates, your customers will expect to find you online and they’ll want to get information about who you are, what you do, where you’re based, your opening times and other essential information. If you can sell your products or take bookings online, you should. A good website doesn’t have to be full of bells and whistles though. Make it simple to navigate, include calls to action and provide all the necessary information and images. Your websites can give shoppers the confidence to buy - use it to show people who you are, tell your story and share positive feedback from happy customers. Once you have a website up and running you can create social media accounts on Facebook, Instagram, Twitter and others.

And finally, don’t go it alone

There’s a wealth of free advice, help and support out there for would-be entrepreneurs:

• Find everything you need to know about starting a business on the Donut websites;
• Call the government Business Support Helpline;
• Contact your local Growth Hub - there are 38 in England. There are also business support services in Scotland (Business Gateway), Wales (Business Wales) and Northern Ireland (Invest Northern Ireland).
• Join the a small business body like the British Chambers of Commerce (BCC) or the Federation of Small Businesses (FSB);
• Connect with small business owners on Facebook or find a mentor that has experience in your sector.

About the course

Alastair Banks will take you through this step-by-step guide on how to build a profile that stands out from your competitors, a strategy that positions you as a thought leader and expert in your industry and a way of building your connection numbers so that opportunities find you rather than you having to find them.

The course will help you understand what it means to have a "better profile" and what it takes to "gain an edge" over your competitor. You will learn a proven LinkedIn strategy that makes you destined for success as well as methods for building those all-important connections.

Sign up today and learn how to create a profile that gives you the edge, a strategy for business development and lead generation.

Who's this course for?	Founders, Directors, Leaders and Experts in a particular niche
How long is the course?	1.5 hours
Is there a time limit?	Progress at your own pace
What's included?	A series of short, bite-sized videos covering: Understand Social Selling How to come up with a LinkedIn Strategy How to craft the perfect LinkedIn Profile How to position yourself as an Authority How to build a powerful network - Your Network is your Net Worth! How to become more engaging How to generate leads How to start conversations Understand LinkedIn etiquette
LinkedIn Masterclass course price	£95

 

About the instructor

Alastair co-founded Optix Solutions, a digital marketing agency when he was just 19 out of a bedroom at Exeter University with a few course mates. Over the last 20+ years that company has grown into one of the leading digital agencies in the country, employing around 20 people and working with the likes of the Met Office, The NHS, Waterbabies, Stags Estate Agents and London Business School.
    
Alastair has spoken and coached at events all over Europe. He has taught on Exeter University's MBA as well as the prestigious MBA program at London Business School on the topic of personal branding.

His own website showcases his work including two online masterclasses (this being one) which have been taken by more than 20,000 people across 163 countries. He has a keen interest in entrepreneurship and sits on the board of a number of other companies as well as being seen as a trusted adviser to both local authorities and charities up and down the country.

Alastair lives in Exeter with his wife, two children, his dog Freddie and cat Wilbur. He's a fanatical skier and supports West Ham as Exeter Chiefs. You can find Alastair on almost every social media site and he’s always ready to lend a hand or give some advice so make sure you reach out.

About the course

In this short, bite-sized video course, Alastair Banks will take you through years of learning and mistake making (so you don’t have to!) from his own start-up business which he created, from nothing, in 1999 and which is still going 20+ years later. In that time he has employed hundreds of people.

Sign up today and learn how to find and talk about your passion, get to know and understand your audience, tell your story, build sales leads and position yourself as an expert in your field.

Who's this course for?	Founders, Directors, Leaders and Experts in a particular niche
How long is the course?	1 hour 30 minutes
Is there a time limit?	Progress at your own pace
What's included?	Introduction: what is personal brand, who should create a personal brand, leaving a legacy and more. Your personal brand: finding your passion, telling your story, understand your why, people buy people. Let's begin: personal development, goal setting, how to make friends and influence people, building your network and more. Who are you aiming at?: Know your audience, insights, building relationships. Content is king: earning attention, content, creating a content plan, three words for creating content, repurposing your content. Setting out your stall: building your platform, social etiquette, blogging, Twitter, LinkedIn and more.
Course price	£95

About the instructor

Alastair co-founded Optix Solutions, a digital marketing agency when he was just 19 out of a bedroom at Exeter University with a few course mates. Over the last 20+ years that company has grown into one of the leading digital agencies in the country, employing around 20 people and working with the likes of the Met Office, The NHS, Waterbabies, Stags Estate Agents and London Business School.
    
Alastair has spoken and coached at events all over Europe. He has taught on Exeter University's MBA as well as the prestigious MBA program at London Business School on the topic of personal branding.

His own website showcases his work including two online masterclasses (this being one) which have been taken by more than 20,000 people across 163 countries. He has a keen interest in entrepreneurship and sits on the board of a number of other companies as well as being seen as a trusted adviser to both local authorities and charities up and down the country.

Alastair lives in Exeter with his wife, two children, his dog Freddie and cat Wilbur. He's a fanatical skier and supports West Ham as Exeter Chiefs. You can find Alastair on almost every social media site and he’s always ready to lend a hand or give some advice so make sure you reach out.

About the course

This course will teach you how to: 

• Build the essential foundations and create great content
• Grow your audience on Facebook, Instagram, LinkedIn, Twitter and Pinterest
• Grow your website audience

Who's this course for?	Anyone looking to build an online audience Level: Beginner
How long is the course?	Lifetime access
Is there a time limit?	No time limit, progress at your own pace
What's included?	the foundations creating courageous content Facebook and Instagram growth hacks LinkedIn and Twitter growth hacks Pinterest and website growth hacks workbooks, scripts and a Trello planning board
Course price	£29 + VAT (reduced from £96 + VAT)

About the instructor

Gemma Went is a multi-award winning business mentor, mindset coach and energy practitioner, helping business owners grow and scale online with her down-to-earth, wildly effective training. At the centre of her work are ethical strategies, monthly recurring revenue and evergreen systems. With 20+ years experience, she brings a rich knowledge from corporate, brands, agencies and SMEs.

Gemma is the founder of:

• The Conscious Consultant Certification^Ⓡ, where she shares how to become an ethical, results driven, legacy-led online business consultant, using her 20+ years corporate, brand, agency and SME experience plus seven years specific experience serving thousands of online business owners.
• The Consistency Club^Ⓡ, an online business accelerator for service-based online business owners to grow and scale using her methods and frameworks. The Club merges practical training with live mentoring and online community.
• The Lighthouse Business Academy™, her company with one focus: to rid the online business industry of unethical practices through accredited, results-focused courses.

About the course

This course is perfect for service-based online business owners or those with an offline business who want to take it online, from the start-up phase to those with £20k monthly revenue.

The focus of the course is to help online business owners create recurring revenue and profit using recurring systems and evergreen marketing.

At the core of Consistency Club^® is the Consistent Growth Framework™ that focuses on three core areas:

1. Focus and alignment: Only focus on what's right for your business and align your strategy with that. The handy business audit shows you how. 
2. Monthly recurring revenue: The Consistency Club method spans every core business pillar and reliably brings in revenue, month after month. Each benchmark you hit becomes the new foundation for your next level of growth.
3. Consistent action: Using the Consistency Cure^® you will create powerful monthly sprints that create the consistency you might be missing.

Consistency Club^® is a consistent growth container that helps you every step of the way, while you integrate and implement on your own timeline.

Who's this course for?	Start-ups up to £20k per month
How long is the course?	3 months
Is there a time limit?	No time limit, progress at your own pace
What's included?	full access to the five-step business audit and mindset audit monthly planning weekly power mentoring daily Facebook mastermind sessions peer-to-peer support expert support from a handpicked team of coaches over 50 on-demand classes from the training library.
Course price	£122 + VAT a month (minimum three months)

About the instructor

Gemma Went is a multi-award winning business mentor, mindset coach and energy practitioner, helping business owners grow and scale online with her down-to-earth, wildly effective trainings. At the centre of her work are ethical strategies, monthly recurring revenue and evergreen systems. With 20+ years experience, she brings a rich knowledge from corporate, brands, agencies and SMEs.

Gemma is the founder of:

• The Conscious Consultant Certification^Ⓡ, where she shares how to become an ethical, results driven, legacy-led online business consultant, using her 20+ years corporate, brand, agency and SME experience plus seven years' specific experience serving thousands of online business owners.
• The Consistency Club^Ⓡ, an online business accelerator for service-based online business owners to grow and scale using her methods and frameworks. The Club merges practical training with live mentoring and online community.
• The Lighthouse Business Academy™, her company with one focus: to rid the online business industry of unethical practices through accredited, results-focused courses.

About the course

This Start-up Business Course has been designed to answer all those questions, saving you many hours of aimless Googling. It guides you through the most common challenges that a start-up business will face, and comes with monthly Zoom mentoring, where you have the opportunity to ask experts those burning questions.

All content is available from the moment you buy and there's no time limit. The course does not force you to progress through every lesson – you can dive straight into the lessons you need help with and skip the stuff you already know.

Who's this course for?	Everyone Level: Beginner
How long is the course?	Hours of video content, written content and live mentoring, use as needed.
Is there a time limit?	No time limit, progress at your own pace.
What's included?	a mixture of written and video content on 18 key start-up areas downloadable tools such as business plan templates and financial forecasting sheets exclusive videos from high-profile entrepreneurs such as Kirsty Henshaw and the UK's #1 Motivational Speaker Brad Burton, discussing their own journey and challenges monthly Zoom mentoring where you have the opportunity to ask your questions
Course price	This course normally costs a one off life-time licence fee of £145 but we have a special Start Up Donut offer. Use the code DONUT20 to get 20% off the course fee AND get 'The Ultimate Digital Marketing Course' (worth £75) added for free!

About the instructor

Nikki Hesford

The Small Business Academy, founded by multi award-winning entrepreneur Nikki Hesford, is a support hub for small and start-up business owners, offering quality training and mentoring that is affordable.

Nikki appeared on Dragons Den in 2011, subsequently received £250k of private investment and scaled her e-commerce fashion brand, winning multiple business awards, including the prestigious Natwest Everywoman award. When setting up her first business, she was frustrated by the lack of practical advice for start-ups, with many training courses lacking the depth and detail to be genuinely useful or costing far more than a new business could afford.

The Small Business Academy has become a leading resource, trusted by thousands of small business owners to provide trustworthy help and information, without ever trying to upsell.

.

Running a small business can feel lonely at times. Combat the isolation and connect with other small business owners in our friendly Facebook group, the Donut Small Business Collective. 

What is the Donut Small Business Collective?

The Donut Small Business Collective is the friendly and supportive Facebook group created by the team behind the Donut websites including the Start Up Donut.

The Donut team have been passionate about helping other small UK-based businesses to succeed for more than 20 years. Our websites attract more than 3.5 million users a year. 

Who are the Donut Small Business Collective members?

Our members are UK-based start-ups, small businesses and people with a spark of a business idea - they are all welcome in the Donut Small Business Collective. Our members come from a wide range of backgrounds and their businesses cover a plethora of business sectors. Some are still in the pre-start phase and others are established firms with years of experience behind them.

What they all have in common is a desire to learn from and share experience and knowledge with other small businesses.

How will I benefit?

We’re dedicated to building a supportive and non-judgemental community where people like you can share tips and experience, ask questions and be inspired by other small business success stories.

Members get access to exclusive Q&As with our Donut experts, an offer of the week, sneak peeks of our podcasts before everyone else, the opportunity to feature as a 'business of the week' (where we go behind the scenes to learn a bit more about one of our members) and join our Friday networking.

Above all, you can join a group of entrepreneurs who are navigating the same business challenges as you. Share your problems, ask questions, and make new connections with peers who might just be able to help your business take the next step. Who knows, you might find new customers, suppliers or the answer to that burning question.

How do I join the Donut Small Business Collective?

Simple! You can join here. All you need to do is answer a couple of quick questions so we can check our group is right for you.

Are there any rules?

We want to make sure the group is a positive and supportive place for all our members. For everyone's benefit we simply ask that don't:

• Post any adverts or anything spammy. If you want to advertise your business, we have a Friday networking opportunity where you can tell everyone what you do.
• Be rude or disrespectful to other members.
• Contact group members without their permission.

Do I have to take part?

We encourage members to get involved. You're welcome to ask questions, create polls and chip in with help and advice if you think you can help another group member.

Like any networking group, you will get out as much as you put in. Some members are simply looking for the answer to a quick question from someone who has been there, seen it and done it. Others regularly contribute by answering others' questions, passing on interesting news, leads or advice or by featuring as a 'business of the week'.

There are no hard and fast rules. The group exists to be useful to all members.

So, if you have a burning question or want some advice from like-minded business owners, join us and start making connections today. 

Discover how a wood-fired pizza oven and a shed at the bottom led this week's guest on a start-up journey that involved a hair-raising European road trip that resulted in him winning the accolade of 'Best Street Food in Europe'

In this episode we speak to Lee DeSanges, founder of Birmingham-based Baked In Brick, a business he launched in 2015 from his garden shed. Soon Lee was cooking and selling BBQ chicken tikka wraps out of a modified Mini Cooper, as well as wood-fired style pizza at events and street markets. More recently, Lee opened his own Baked In Brick restaurant in Birmingham.

Find out what Lee would do differently if he had to start his business again and what his key start-up tips are.

Show notes

Find links to all the resources mentioned in this episode, along with related content, below.

Essential resources for street-food and restaurant businesses

• Digbeth Dining Club
• The Nationwide Caterers Association (NCASS)
• British Street Food Awards
• Food Standards Agency
• GOV.UK Food safety – your responsibilities

Forming a business

• Essential guide to forming a business
• Register a limited company with Companies House
• Register with HMRC

Profit and loss (P&L)

• Finance for non-financial managers

About Lee DeSanges

Lee is the founder of Birmingham-based Baked In Brick, a business he launched in 2015 from his garden shed. Soon Lee was cooking and selling BBQ chicken tikka wraps out of a modified Mini Cooper, as well as wood-fired style pizza at street food events. More recently, Lee opened his own Baked In Brick restaurant at the Custard Factory in Birmingham

Find Baked In Brick on Instagram, Twitter and Facebook.

About our Sponsor

Thanks to the Federation of Small Businesses (FSB) for sponsoring the Start Your Own Business podcast.

If you've got a brilliant business idea or you're on your way to start-up success, FSB is here to help you every step of the way. As the leading voice of 5.5 million small business owners and the self-employed, they're helping entrepreneurs like you to achieve your ambitions.

Business life can be tough, but with FSB by your side, you won't have to go it alone. From market-leading business services like 24/7 legal advice and financial expertise, to local networking and a powerful voice heard in governments across the UK, you'll always have support by your side. With FSB's updates on the latest guidance relating to important issues like trade, digital skills, late payments, and sustainability, you'll stay one step ahead.

Find out more about how FSB can support you to start, run and grow your business at fsb.org.uk/join.

What next?

To make sure you don’t miss an episode:

• Find ‘Start Your Own Business’ on your podcast app of choice and hit the subscribe button - we recommend Apple Podcasts and Spotify
• Subscribe to our newsletter

To get tips, support and inspiration from other small business owners:

• Join our thriving Facebook group the Donut Small Business Collective