- 1). Phone the HMRC Newly Self-Employed Hotline on 0845-915-4515 to register as self-employed. It also offers free advice for starting up a business.
- 2). Make a business plan. This formal document proves to potential investors, banks and partners that you know what you're doing. Include short-term and long-term aims and strategy, how much money you need and how you will spend it, and how your business fits into the market, e.g., how you will compete with similar businesses and who will use your services or products.
In "How to Prepare a Business Plan," Edward Blackwell advises making the plan clear, brief, logical and truthful, and backing up claims with figures. - 3). Find out the legal structure options and register for the one you choose. In England, the options include sole trader, partnership and limited company. Business Link offers government advice on the different types of business. Phone the HMRC Newly Self-Employed Hotline (0845-915-4515) for application forms.
- 4). Name your company something unique and inoffensive. No two registered companies can have the same name.
- 5). Register your company name with Companies House in London (0303-1234-500), unless you have only self-employed or sole trader status.
- 6). Visit your local bank and open a business bank account.
- 7). Approach potential investors to raise money for your business start-up. Show them your business plan to prove you will invest their money wisely.
- 8). Phone the Business Link Helpline on 0845-600-9-006 to find out about financial help and support. The government offers grants and loans to new businesses in England.
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