{"id":19853,"date":"2022-12-19T16:46:17","date_gmt":"2022-12-19T16:46:17","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/blogs\/?p=19853"},"modified":"2022-12-19T16:46:19","modified_gmt":"2022-12-19T16:46:19","slug":"what-you-need-to-know-when-setting-up-a-business","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/","title":{"rendered":"What you need to know when setting up a business"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/12\/M.T.-Blog-Graphic-02.12.2022-3-1024x576.png\" alt=\"\" class=\"wp-image-19855\" srcset=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/12\/M.T.-Blog-Graphic-02.12.2022-3-1024x576.png 1024w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/12\/M.T.-Blog-Graphic-02.12.2022-3-300x169.png 300w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/12\/M.T.-Blog-Graphic-02.12.2022-3-768x432.png 768w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/12\/M.T.-Blog-Graphic-02.12.2022-3.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Starting a business is an exciting venture and opens up opportunities and the chance to be your own boss.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>There is much to consider when setting out, including funding, staffing, strategies, sales, marketing and financial forecasts.<\/p>\n\n\n\n<p><strong>You will need a business plan<\/strong><\/p>\n\n\n\n<p>You\u2019ll need a business plan if you want to secure investment or a loan from a bank or other financial institutions.<\/p>\n\n\n\n<p>A business plan helps you to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Decide what form your business will take \u2013 Limited Company, sole trader or partnership, etc<\/li><li>Clarify your business idea<\/li><li>Be aware of potential problems<\/li><li>Set out your goals<\/li><li>Measure your progress<\/li><\/ul>\n\n\n\n<p>Experienced professional advice can be invaluable in creating an effective business plan, both in terms of the financial elements, but also in creating highly detailed and sophisticated plans that will give you an edge over your competitors.&nbsp;<\/p>\n\n\n\n<p><strong>Register the business<\/strong><\/p>\n\n\n\n<p>If you want to trade as a Limited Company or a Limited Liability Partnership (LLP) (or certain other less common legal structures) you will need to register with Companies House.&nbsp;<\/p>\n\n\n\n<p><strong>Funding<\/strong><\/p>\n\n\n\n<p>Whether through bank loans, finance companies, venture capital investors, angel investors or even online crowdfunding, there are various ways to fund a business. Your professional adviser can help with this.<\/p>\n\n\n\n<p><strong>Staffing<\/strong><\/p>\n\n\n\n<p>When taking on staff, employers should be aware of legal minimums including the National Minimum Wage (NMW) and National Living Wage (NLW) as well as being aware of different tax rates and pension contributions rules.&nbsp;Getting any of this wrong can affect staff and cause major problems for the business.<\/p>\n\n\n\n<p><strong>Taxation<\/strong><\/p>\n\n\n\n<p>There will be various taxes you will need to pay. For a limited company, this includes Corporation Tax, Employer National Insurance Contributions (NICs), VAT and Business Rates.<\/p>\n\n\n\n<p>This is one of a series of articles on business start-ups.<\/p>\n\n\n\n<p><strong>Thinking of setting up your own business? Contact us today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting a business is an exciting venture and opens up opportunities and the chance to be your own boss.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,4,55,28,29],"tags":[],"class_list":["post-19853","post","type-post","status-publish","format-standard","hentry","category-blog","category-business","category-business-advice","category-smes","category-smes-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What you need to know when setting up a business - Moore Thompson<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What you need to know when setting up a business\" \/>\n<meta property=\"og:description\" content=\"Starting a business is an exciting venture and opens up opportunities and the chance to be your own boss.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Moore Thompson\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-19T16:46:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-19T16:46:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/12\/M.T.-Blog-Graphic-02.12.2022-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What you need to know when setting up a business\" \/>\n<meta name=\"twitter:description\" content=\"Starting a business is an exciting venture and opens up opportunities and the chance to be your own boss.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/12\/M.T.-Blog-Graphic-02.12.2022-1.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/#\/schema\/person\/0d9cc808e7eb5eb75ce773e69c3d97fb\"},\"headline\":\"What you need to know when setting up a business\",\"datePublished\":\"2022-12-19T16:46:17+00:00\",\"dateModified\":\"2022-12-19T16:46:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/\"},\"wordCount\":314,\"image\":{\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/12\/M.T.-Blog-Graphic-02.12.2022-3-1024x576.png\",\"articleSection\":[\"Blog\",\"Business\",\"Business Advice\",\"SMEs\",\"SMEs \/ Business\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/\",\"url\":\"https:\/\/www.moorethompson.co.uk\/blogs\/what-you-need-to-know-when-setting-up-a-business\/\",\"name\":\"What you need to know when setting up a business - 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