nHere's Wenta's business start-up checklist, mapped out by a professional Business Advisor!
- Decide whether you can work for yourself - have you got what it takes to be your own boss?
- Develop your business idea
- Understand the different business types for self-employment
- Wenta recommends that you attend their free webinars to help you: 'Is starting a business right for me?' and 'How to set up your small business'
- Plan to run your business
- Create your business plan
- Wenta has a free webinar which can help you: 'Business planning for small businesses' and a free 'business plan template' you can download
Premises / Equipment:
- Decide upon a suitable place to work, e.g. home, shared office space, office premises. Do you need storage?
- Wenta has flexible office space, coworking and incubation space, as well as virtual office packages, all available in Enfield, Potters Bar, Stevenage and Watford.
- Decide upon the start-up equipment you require; laptop, business phone, vehicle, printer, furniture etc. Whether you're working from home or someone else, you must have the right equipment and somewhere suitable to keep it.
- Work out how to describe your business to customers
- Develop your sales and marketing strategy
- Create a Marketing Plan to sell your product or service and promote your business
- Understand and research your market, competitors and customers
- Get your pricing right based upon costs, time and marketplace
- Wenta covers social media, online presence and marketing with their free webinars
Help and support:
- Find the right support for your new business, with Wenta's free business advice appointments available to book.
- The Business Advisor you talk to will be able to support you with what to do next with Wenta or direct you to the most relevant support organisation if they would be better placed to help you on your journey.
- Choose the right IT for your business
- Think about the software you will require
- Get started with e-commerce
- Create your first website
- Wenta has a free webinar for those looking to create a website.
- Financial planning - understand the finances you require to start-up
- Create a Personal Survival Budget
- Decide whether to use your own money to start-up
- Raise finance from family and friends
- Raise finance from outside investors or other sources to get started
- Create Cashflow Forecast
- Open a separate bank account and understand the basics of business banking
- Meet your financial commitments
- Wenta has a free finance and bookkeeping webinar to help you
- Register as a self-employed trader with HMRC
- Register business with Companies House if a Limited Company
- Understand Income Tax and National Insurance
- Understand HMRC, Companies House recording and reporting requirements
- Understand how to set up a record-keeping system for income and expenses, Cashbook, Sales Ledger, Purchase Ledger
- Find out about the Self-Assessment tax return and Allowances
- Understand VAT recording and reporting requirements
- Manage your VAT account, invoices and receipts
Insurances / Legal requirements:
- Protect your business and premises
- Decide upon the trading insurances you require
- Register as an employer
- Find out about PAYE, Payroll, Annual Leave, Sickness, Pensions
- Understand the managing of a workplace, health and safety, licensing requirements
Trading with other countries:
- Trade with other European Union countries
- Trade with countries outside the European Union
- Trade with other countries online
- Find out about Import and Export duties from HM Customs and Excise
Going for growth:
- Work out when your business will be ready to grow
- Take the next steps on your business journey