Sources of information and support

If starting a business is a new experience for you, there are many things you’ll need to learn. Some tasks will be easy, others seemingly impossible, but even your mistakes will offer valuable lessons.

When you start your own business, you’ll face tough challenges and decisions. Thankfully, help is available. There might be times when you need specialist advice. At other times, simply being able to share your concerns will help you.

Sometimes you’ll have to pay for business advice, but that doesn’t mean free advice is worth less. A simple show of support by friends and family every now and again can also work wonders.

Business Link and national equivalents

Business Link is a government-funded source of practical advice and business support for people in England who start or manage a small business. Its website contains more than 600 guides to managing key business tasks.

Particularly useful is the organisation’s online Business Start-up Organiser, which enables you to create a personalised list of key start-up tasks. You can also search Business Link’s Grants and Support Directory to find details on grants and other sources of start-up finance.

Business Link has highly experienced advisers throughout England. To find one near you visit the organisation’s website or telephone 0845 600 9 006.

Those starting or managing a business in Scotland can get help from Business Gateway, which has also launched a Highlands and Islands service. Northern Irish entrepreneurs should visit the Invest Northern Ireland website, while Flexible Support for Business is Wales’ key enterprise website.

Enterprise Agencies and other sources of help

Local Enterprise Agencies also support people starting or managing their own small business. Find your nearest via the website of membership body National Federation of Enterprise Agencies. Check out your local Chamber of Commerce, too.

If you’re aged 18-30, the Prince’s Trust might be able to help you (maybe even with a low-interest loan of £4,000). The organisation has published 12 start-up guides and can be contacted on 0800 842 842. Also founded by HRH the Prince of Wales is PRIME, a charity that assists business people aged 50 and over.

Your bank will have a small-business adviser, but these are more likely to focus on funding and banking. Some banks have dedicated websites containing news and advice for small firms (eg HSBC Knowledge Centre).

Do you need an accountant?

You don’t need an accountant to start your own business, it's relatively straightforward. To save money, you could do your own tax returns (or pay an accountant to do them for you). Filing end-of-year company accounts is more complicated, and when you add VAT and PAYE, hiring an accountant might seem a cost-effective solution. You must consider the cost (usually a monthly fee) against the benefits.

When looking for an accountant, seek recommendations from other businesses, as well as your bank, professional/trade association, Business Link or Enterprise Agency. Read tips from the Association of Chartered Certified Accountants (ACCA) about finding an accountant.

Business mentors and small business organisations

Many entrepreneurs swear by business mentors, who are usually successful entrepreneurs who are prepared to share their knowledge. Some business mentors charge, while others are paid by business-support organisations, which means you don't have to pay.

You must try to harness the power of networking. Speaking to other businesspeople enables you to share ideas and experiences – and maybe pick up some business in the process. You could join a trade organisation or community association, local Chamber of Commerce or membership organisations such as the Federation of Small Businesses and the Forum of Private Business. Thanks to virtual networking, there are numerous online communities and discussion forums small firms can get involved in, too.