BUNDLE: Starting a business

If you are thinking about setting up in business but can’t quite decide which of your ideas to move forward with, there are a number of things you can do to narrow down the search.

At UMi, we receive multiple enquiries from entrepreneurs who have tonnes of great business ideas but need some help in making the right choice. Here, we relay some of the advice we give to would-be business owners about how to assess the viability of their ideas before making any firm decisions. 

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It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts. Ryecroft Glenton reveals how to plant firm foundations for making your new venture a success.

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There are a lot of different questions you have to ask yourself when starting a business. What kind of business should I start? How much money will I need? How many staff will I need? Why would anyone buy my products and services? How can I make my brand stand out from competitors? Answering all these questions at the same time can be a little overwhelming, which is why we recommend you watch each of the five videos below from our partner Smarta (part of Transmit Startups). That way you’ll be able to break down the start-up process into more manageable chunks.

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Are you sitting at work day-dreaming about starting your own business where you can choose your own hours, make all the decisions, and soon the money will roll in? It sounds appealing but is that really the experience of being an entrepreneur? UMi speaks to Caroline Potts, Owner and Founder of Ellison Gray Bridal and British Business Bank Start-up Loans Ambassador to debunk some myths that come up again and again in conversations, so you can get a much better idea what it takes to start a business.

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The business plan is the most important document you need to produce when you’re start a business. It is the first thing potential business partners, funders and banks will look at and the thing that will keep you on the right track. Fortunately, we’ve created this comprehensive guide to writing a business plan, which you can use alongside our Business Plan Template.

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It is vital to regularly evaluate your business to ensure you are operating as efficiently and effectively as possible. While there are several ways to do this, one of the simplest methods is to carry out a SWOT analysis. 

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Behind every great business is a great business plan. When you’re starting a business, they can help you understand what you want to achieve and how you’re going to do it. Business plans are also an essential step in raising finance for your business. Here, you can download our FREE easy-to-use and interactive business plan template, so you can start building yours today.

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It’s not exactly the stuff of daydreams but getting to grips with cash flow and finance is really important. Cash flow problems cause many startups to go bust within the first 12 months. And often that could have been avoided with some honest, up-front planning. Here, Transmit Startups explains how to unleash your inner accountant and create a budget that will help your business blossom year-on-year. 

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An analysis of company names has been published to help entrepreneurs pick a company name that their customers will like.

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Whether you’ve started a business or are planning to start one, having a marketing action plan is crucial for getting your new enterprise off the ground. Here, we tell you where to start with your marketing action plan, which channels are best to use, and how to find your customers through marketing.  

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Choosing the right structure for your business will affect how you register and run your business. There is a lot to consider when deciding which is right for you.

Thankfully, we’ve gathered the essential information and actionable steps to help you determine if you should register as a sole trader, a partnership or a private limited company.

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A community interest company (CIC) is a limited company that operates to provide a benefit to the community it serves. Since being introduced in 2005, CICs have grown in popularity and diversity, from small-scale local projects to multi-million pound health services. Different from a social enterprise or a not-for-profit, CICs can deliver transformational change for their communities while also providing returns to investors. Here, we discuss the benefits of setting up a CIC, some of the regulatory benchmarks that must be met and what further support is available. 

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Business rates are like council tax for businesses. They’re designed to help fund services in your local area and are charged on most non-domestic properties. Thinking about how much business rates you will have to pay is an important consideration when starting up your business, particularly if you are going to operate out of business premises. Here, we walk through how business rates are calculated and what relief you may be entitled to. 

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Taking out insurance to protect you and your business against loss and liability is vital when starting a business. You can pretty much insure anything to do with your business, but not all of it is compulsory. It is important to think about what type of cover you will need to protect yourself should the worst happen. Here, we break down the different insurance policies available.   

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Ensuring you have the appropriate licences and permits when starting a new business is essential as you could be breaking the law without them. Not all businesses need a licence to trade, but often in situations where the health and safety of the public is concerned, licences and permits are key for making businesses accountable for their actions. Here, we discuss the main types of licencing UK businesses must and should apply for before they start trading.  

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Sourcing business finance can be an integral part of building a great business, from helping you get started to supporting growth. But what can you expect when you’re applying for a business loan or grant? This article sheds some light on the process and provides you with some top tips for securing finance to take your business further.  

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If you’re looking for a middle ground between working from home and leasing a commercial office space, taking up residence in a coworking space could be the perfect compromise, particular for start-ups. Here, we speak to Paul McEldon, Chief Executive of the North East Business and Innovation Centre (BIC), which offers coworking space for many businesses across Tyne and Wear, to find out more about the benefits of working with others who can challenge your assumptions and share their knowledge.  

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Coworking spaces are great for start-up businesses to grow and thrive, but with so many options out there, how do you find the one that is right for you? We've curated the best searches from across the UK to help you find the perfect coworking space to support your business.

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Since Brexit, every business in the UK has had to abide by the UK General Data Protection Regulation (GDPR). UK GDPR can be pretty tricky to get your head around if you’re not a legal expert. But it’s important that you know what you need to do to ensure your business is complying and operating within the bounds of the law. This guide will help you understand what UK GDPR is and how it affects your business. 

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In this UMi podcast, we speak to finance expert Shaun Fooy. Shaun is a Network Manager at the British Business Bank and has 30 years’ experience in business banking, having worked at major high street banks including Barclays, RBS and NatWest. The British Business Bank is responsible for delivering government-backed loans and it also runs a number of programmes for start-ups and SMEs and provides advice and mentoring opportunities for UK founders taking their first steps in business. Here, Sean reflects of the work on the bank and reveals how it could help you on your business journey.

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Setting up a bank account for your business is very much like setting up a regular bank account. The key difference is that a business account should be used exclusively for business purposes, whether paying for supplies or receiving payment from customers. Most high street banks offer business banking facilities. However, features and benefits will vary from bank to bank, so it’s important to shop around. Here, we talk through some of the key benefits of business banking and explain why it is a must for your business. 

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If you’re providing any kind of bespoke service, then chances are you’ll be dealing with quotes, estimates, invoices and receipts. Knowing what to include in each of these figures is really important and will ensure that you get paid what you’re owed and on time. Here, we discuss the difference between quotes and estimates and what you need to put in invoices and receipts. 

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There has never been a better time to sell your products and services online, with more and more people choosing to shop digitally. It’s also pretty easy to set up an online shop and reach a worldwide market. Here, we set out how you can tap into the ecommerce revolution and explain why it’s a lot simpler than you might think.

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In this podcast, we speak to Raman Sehgal, the Founder and Global President of international marketing agency, ramarketing. When he's not running his life sciences-focused company, Raman is the Host of the Molecule to Market podcast, an experienced keynote speaker, a regular contributor to Forbes and most recently, the author of The Floundering Founder: 24 Lessons to Refocus Your Business and Better Yourself. The book tackles issues around work/life balance and how not to get consumed by your business - something Raman himself has struggled with over the years.

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