Business Start-up Checklist
The six basic steps every entrepreneur has to follow to turn a good idea into a viable business.
It has never been easier to start a business in the UK. To make a successful business, there are six basic steps that are critical. Our partners at GOV.UK have put together a guide to these steps and it's well worth getting familiar with these:
- Start with an idea - If you’re thinking of starting up a business, you’ll first need to come up with a realistic idea that you can turn into a product or service.
- Research your market - Test your business idea with potential customers to check if there’s real demand for what you’re planning to sell.
- Get funding - Once you’re confident that there's a market ready to pay for your products or services, you should explore different sources of funding to help with the costs of starting up your business.
- Develop and plan - Develop and change your idea based on what you’ve found out about your customers’ needs before investing.
- Find partners, suppliers and premises - Whether you set up as a sole trader, partnership or limited company, your business is likely to involve working with more people to develop and sell your idea - including partners, suppliers and distributors.
- Set up your business - You'll need to decide the right legal structure for your business, including registering for tax (if applicable), and plan for employing people.