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Many of us dream of owning our own business – no boss to answer to, hours to suit us, holidays whenever we like – but it can be a lot of hard work, especially early on.
It's a good idea to ask the hard questions at the start. Be clear about why you're going into business – having clear goals will help you stay motivated. Research the market to see if your idea is viable.
Start-up costs can include things like rent, furniture and office equipment, and installing machinery and technology. Don't forget to factor in costs like marketing, website development, insurance premiums, and legal and accounting advice.
Work out how much money you'll need to survive until you start breaking even. If you need to borrow money, talk to our business banking specialist. They'll help you figure it all out, and they'll continue to work with you as your business grows.
If your idea still stacks up, you'll need to develop a business plan – an outline of your goals and how your business will operate.
To get going, you’ll need some bank accounts. We also recommend seeking advice from someone like an accountant – and you might want to consider using an accounting system to help keep you on track.
You’ll also need a bookkeeping system and someone to help you keep your records.
You’ll be considered an employee and your contributions will be deducted from your gross salary or wage.
Whether your business is set up as a company, sole trader or a partnership, there are a number of legal and tax requirements you must comply with. This is a potentially complicated area – expert advice is well worth it.