Starting a New Business

Starting a business is an exciting time but also a daunting process, with so much to think about and action required to get it off the ground. Our business services and online services teams have a wealth of experience to share with you and assist and guide you through the process.

We can help you to create a business plan or have a constructive view and add value to your existing plan. Our business services team have a wealth of experience to share with you and to help you hit the ground running.

Our top tips to get your idea off the ground :

Fresh ideas

The first thing to question when you come up with a business idea is – does it solve a problem, fulfil a need or offer something that the market wants? If yes, you’re off to a good start.

Research the market

Is there a gap in the market and a demand for your proposed business? Will you have a competitive advantage? Always make sure your business has a USP so it stands out from the crowd and attracts customers.

Planning is key

To give your business the greatest chances of success, planning is essential. Map out what you want to achieve as well as the steps that you will take to make it a reality. Of course, the plan will develop over time as the business expands, but by drafting an initial outline, you can break your vision down into manageable chunks. Plans are essential if you’re seeking financial investment, as experts will want to see them to provide constructive feedback.

Compliance check 

Being compliant with HM Revenue & Customs and other regulatory requirements is essential and not being compliant could lead to hefty fines, business disruption and stress. We offer a free check to help businesses ensure they align with all relevant regulations, giving business owners peace of mind they won’t receive any unwelcome penalties and letting the business owners get on with making their business a success. 

Select a structure

There are many business structure options ranging right the way through from sole trader to PLC. Selecting the correct one for your business is vital from the outset in order to ensure personal risk is managed and the taxation structure is appropriate. The correct structure can offer protection for your personal assets against the risks of business. If you’re unsure about which one is best for your business, then just let us know.

Name it

Probably one of the hardest parts of setting up a business is picking a name. When you have decided, register it, get a domain name and develop a logo – do some research into colours and pick one that represents your brand and helps you stand out from the crowd. You may also want to consider protecting your intellectual property which we can advise upon. 

Finances

Get your finances in order by opening a business bank account. Do your research and find a bank that suits your business needs while also offering support and advice geared towards start-ups. Some banks offer incentives when opening an account with them, speak to our online services team who can advise accordingly. 

Get your accounts in order

Choosing an accounting system is a really important decision for your business. Meaningful, timely, financial information is essential for any start up business. With the introduction of Making Tax Digital, there is a variety of software available to suit the needs of any start up business. Get in touch with our online services team who would be delighted to advise, train and get you going. 

Location, location, location

Choose where you would want to set up your business. With reasonable business rates, an investment into new housing, good transport links and picturesque surroundings – Lancashire is an ideal base. Businesses in Blackburn can receive support from the Hive, which brings together knowledge, networks, passion and determination for organisations and individuals to succeed. 

Spread the word

Once everything in your back office is in place, promote your business. Joining Lancashire Chamber of Commerce is a good place to start, they provide a range of practical services, networking and event opportunities, employee development programmes and national business support initiative to help businesses start, grow and succeed. Developing a website and using social media platforms is another essential way to reach your customers.

Free, No Obligation Initial Consultation

Call us now to discuss further how we can help you or if you would like a quotation.

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