Friday, 22 March 2013

How to Open a Business in the UK-Setting up a business in London

Setting up a business in a city like London requires careful planning because there are numerous factors to be taken into consideration. The initial stage would be to clearly identify the service or product you intend to offer to consumers. Identifying a target market should be done against the backdrop of the start-up capital for your business. At this stage, it’s imperative to conduct both qualitative and quantitative market research to determine whether there is a potential market for the services or products you intend to offer; and to also have an understanding of how those already offering identical or similar product operate. Selecting a suitable location for your business is also of primordial importance, because certain venues are more conducive to certain business than others.
Drafting a business plan for your business is also an important stage for your operation, for this would allow you to clearly outline the financial, staff, structural and technical needs for your business.
It would also be necessary for you to determine the economic status of your business; for instance, if you operate as a sole proprietor, then you would shoulder the entire responsibility for your business, but also be the sole beneficiary of its yields. Other options include private company limited, business partnership etc. Whatever type of business you go for, it would be required of you to register your business with the taxation department and to obtain all relevant paperwork and authorisation where applicable.
If you intend to employ some staff members for you business, then you need to have a considerable understanding of the employment law, such as minimum wage, staff safety, recruiting, firing, employment contracts etc. You can also identify computer (IT) needs for your business. These are some of the general considerations you need to take into account when aspiring to set up a business in London.

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