Be your own boss

Whether you’ve always fancied being your own boss or your side hustle is beginning to demand more of your attention, starting a business is exciting.

Turning that idea into a reality takes hard work and dedication, but the rewards can be attractive especially if you're doing something you love.

If you’re tempted to begin building your empire, you’ll need a plan to get it up and running. Here’s a handy checklist to get you started.

Have a business idea

You might already be doing it in your job or as a side venture, but you’ll need to kick things off with an idea that can be turned into a money-making product or service.

Do your research

You might love your idea but will your potential customers? Research what’s already out there, what competition you might have and whether you’ll be able to turn your concept into a healthy income.

Put together your business plan

This lists your business objectives and how you’re going to achieve them. It will help you focus when you start out and help win any financial backing. It's a living document so be prepared to change it as your business grows.

Make it official

With your plans in place, it’s time to sort the paperwork. You’ll need to register with HMRC for tax and if you’re setting up a limited company, you’ll have to tell Companies House.

Depending on what your business does, you may need to get licences and permits. You should also check what insurance your business needs.

Support for small businesses

There’s plenty of support for small business, including government-backed business support lines available throughout the UK.

The British Chambers of Commerce is another potential source of support, with local chambers bringing together businesses to build relationships and share best practice.

You may be able to get free support from private companies too. As an example, Google offers a mentoring service, training and tools to help you develop and market your business online.

Insurance

At Co-op Insurance, we can help you take care of your insurance requirements. Visit our business insurance page to find out more and get a quote.