Once you have decided to start up a business and know what it will be about, starting up a business is relatively simple.
Register your company name
Legally, all you have to do to create your own business is to register it with the relevant government registry, such as Companies House in the UK.
If you have an accountant, he may be able to register your company for you, or guide you through the process. What will you need to know to register your company
You will need to fill in some forms with your new company name and type.
Also, depending on the company type, you may need to provide other information, such as documents appointing directors and a secretary.
Very few businesses are profitable from the moment they start trading, so you will need to find a way to finance your business and pay the bills until money starts coming in.
There are many ways of financing a business, from start up loans from banks to venture capital investors willing to support your business idea.
Each method of financing your business will have its own requirements and consequences.
Create a business plan
Some people suggest you create a business plan even before registering your business, but it's often easier to do it once you have an idea about the requirements of your new company.
What to include on a business plan
You will need to include things such as your estimated competition, your business model, how are you going to deal with the problems you can anticipate and anything that can guide you through the crucial first year.
If you need financing, a business plan will be a requirement, and often the bank or investors will provide you with a template for it.
Look at insurance
Importance of insurance
Not all small businesses need insurance, but it's true that a few pounds a year can save a lot of trouble if something happens, especially in case of problems such as being sued from a client. Tips to find the best business insurance
There are many insurance firms that offer both particular and insurance for businesses, but you may want to go with somebody who offers packages tailored to small businesses.
Get a bank account
A business bank account is the last step on setting up your business.
It will allow you to separate your personal finances from your business', and to receive payments from your clients.
Many banks will offer you special deals if you register a newly formed business with them.