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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
How to Set Up an SME in the UK
If you are looking into the possibility of setting up an SME in the UK, a lot of the considerations are similar to those involved with setting up a business in the US. However, there are registration procedures and compliance issues that differ. It's important to know the rules and regulations that you need to follow in order for your business to succeed.
The UK government provides advice and support for anyone who is setting up a business. This information should be used in conjunction with other vital business formation processes.
Register with HMRC
Registering with HMRC is required for any small business owner in the UK. Once registration is complete, tax returns need to be completed as per the regulations. It's important to keep comprehensive accounts and records in order to have this information to hand. HMRC can also ask to view the accounts for any SME. Anyone setting up a business in the UK can access training and advice provided by HMRC.
Make sure you have insurance in place
Insurance covers you against thefts and accidents that may affect your business. If your business involves working with members of the public you may also need to invest in public liability insurance. There are also insurances that are specific to certain trades. Check with the relevant trade association to make sure you have all the insurance cover that you need.
Get a name for your business
Choosing a name for your business is an important part of the process. You need to choose a name that is original but not too obscure. It helps if people can tell what you do from the name that you choose. Before you go ahead with having business stationery printed, check with Companies House if the name is available to use in the UK. You should also check to see if you can secure a suitable domain name for your business website.
Finance your business
Your business is not going to thrive and grow if you do not have the financing in place to set up and run your business in an efficient manner. You may have enough cash to finance the business yourself. If not, you can also access other funding options, such as a merchant cash advance for UK SMEs. You need to set up a separate business bank account for your finances, if you are setting up a company. For sole traders this is not mandatory, but it's recommended.
Make sure your business is compliant
If your business is going to succeed, you need to make sure you are compliant with laws and regulations. You need to consider factors such as health and safety regulations, licensing requirements and the General Data Protection Regulation (GDPR).
Compile a solid business plan
A solid business plan lies at the foundation of every successful SME. The plan needs to cover every aspect of running your business including finances, sales plans and marketing strategies. Remember that a business plan is a living document. You should review your plan regularly, and make any amendments and updates that are necessary, to reflect changes to your business.
Starting an SME in the UK is a similar process to starting a business in the US and other countries. However, you need to pay attention to tax obligations, laws and regulations that are specific to the UK, if you want your business to succeed.
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