Starting up your own business requires dedication, hard work and a profitable idea or business plan to be successful.
There are various things you need to think about including:
- Business premises - where are you going to operate your business from?
- Tax and legal formalities - what sort of business are you running, you will need to register with HM Revenue and Customs and possibly Companies House if you intend on being a limited company
- Finding customers - how are you going to reach out to your customer base? Advertising? Word of mouth?
- Competitors and market research - have you looked at the market in your area, is there a need for your product or service? What can you do better than your competitors?
- Business and financial plan - have you written a business and/or financial plan so you can manage your time and money?
- Do you need a specific licence to run your business? For example do you need a personal or premises licence for a business selling alcohol?
There are various sources of help, advice and guidance for those looking to start a business visit the websites below for useful help and advice.
Start up information available on this website includes:
- Before you start/business planning
- Forming your business
- Setting up your workplace
- Tax, payroll and company information
- Employing people
- Managing your business
- Further support for your business
- Growing your business
HM Revenue and Customs provides guidance and what you need to know when starting a business. Information on this site includes what you need to do for tax and national insurance purposes when you start up a business as a self employed person, a partnership or a limited company including what records you must keep. Further advice is also available on importing and exporting goods and services.
Business Lincolnshire provides local business information including business start up advice for the local area. This is a national site that links you to contacts and networking groups, signposting you to advice and grant schemes and services that can help you start your business and grow.
The Princes Trust offers an Enterprise Programme, this programme supports young people aged 18-30 wishing to start in business. It helps individuals explore their business ideas into self employment and introductions to other support available in terms of courses and grants that are available. There is also online support which includes guides and a business plan pack of materials to help you start planning your business.
GRANT.net offers a free service which can help small business charitable and community groups to find suitable funding. The information on GRANT.net comprises in excess of 5,000 funding schemes.
Looking for Commercial Property to let?
If you are looking for business premises in the city why not check out our properties. We have various availability to suit a range of business types, including office, retail and industrial.