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How easy it is to start a business in UK

How easy it is to start a business in UK

Business in UK? Have you always dreamed of starting an own business? Coming up year consider January is a time when many of them take stock and think about what they want to achieve in the year ahead. Whether you’re think about how is it start to a business in UK or have already taken the plunge and want to keep everything on track this section will help provide you with the knowledge and advice to help develop your own amazing idea and get financial backing, whilst keeping a good work life balance more over any other essential stuffs.

Eventually, despite the extra value of time and effort it takes, many expats decide to register as easiest self-employed in the UK. I really suspect. But our experience really surprised us. To find that it’s easier to start a business in Old England than in New England – that I wasn’t ready for. And it was really the beginning of our work that produced The Great Degeneration, the realization that the other countries is no longer number one institutionally. It doesn’t have the best rule of law. It has a really expensive, complex system, which is quite opaque and full of risk for any entrepreneur. It has more complex regulation for a small business than most European countries, oddly enough.

Constantly, one of the things that most amazes me when I look at this is the ever larger federal register of regulations. You know regulations that pour out 3,000 or 4,000 a year from 63 different federal agencies. We’ve created a jungle of red tape in the other Europe countries. We need to ask why we are not as dynamic an economy as we were back in the 1980s. And I think if you ask any small business, you look at any small business, they will tell you it’s not that we don’t have enough stimulus. They will say the problem is we are surrounded by an extraordinary forest of red tape. And it gets more burdensome every year. And what’s more, by creating these incredibly complex systems of regulation, whether it’s environmental or financial, whatever, we actually advantage the big corporations.

Another point which is the more complex the system, the more the regulations are bewildering in their length, the more the big guys benefit, because they have the lawyers. They have the compliance departments. They can figure it out. But the little guy who’s trying to get started just looks at this and thinks, wow, this is so bewildering. I mean let’s just take health care. The new health care reform has all kinds of implications. It was one of the things I ran into, because guess what, Massachusetts already has that mandatory insurance requirement. Trying to sort out our system of insurance for a small business took ages. It was really difficult. And I think this is a problem that people are going to be encountering all over the country next year. And, of course, it discourages people from hiring new workers.

The question is why are we not growing in terms of employment? You know, why are there still 12 million unemployed, eight million plus people who want to be working full-time who are working part-time?

It’s because small businesses are staying small in UK. They’re not becoming medium-sized businesses, which is what you would expect them to do if this recovery were for real.

Understanding your market is what’s going to make you money. It’s all well and good having a business idea and a solid proposition, but the next step is confirming there is a demand for what you are offering. Who is your audience in UK? Conducting market research will give you confirmation that people will buy your product or service, and how much they are willing to pay for it.

Friends and family can be a good sounding board in the first instance. But to get an objective perspective, use free tools like SurveyMonkey to poll people on questions relevant to your product in UK. You can share this through social media to cast your net wider (There are such a free company directories and other host available). You could also attend a focus group and speak to your potential target market about what they want and need. If you’re selling a product, you could also consider opening a pop-up store to trial selling it to the public.

Once you have this feedback, the most important thing is to take it on board and be adaptable. It may mean adjusting what you initially planned to offer, but it will be beneficial in the long run. Market research isn’t just helpful at the very start – it will be crucial during your first 12 months of trading also will help to improve your business.

When we look another plus point is, shared responsibilities to business partnership. It can be reduce the work stress and make the work very effectively and efficiently. Just consider how easy that. If you decide to register yourself as self-employed in the UK is to form a partnership. This is a business arrangement between two or more people, in which all partners share responsibility for the business. A partner doesn’t have to be an actual person, it can also be a limited company for example. One person acts as the “nominated partner”, and is responsible for keeping and managing the company’s business and tax records. All partners are responsible for paying income tax on their individual share of the partnership’s profits and any losses the partnership makes are shared equally. If a partner is a company, it has to register with HMRC for corporation tax. This sounds really awesome for start a business in UK.

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