https://www.gov.

uk/starting-up-a-business/get-funding
Omaira: Pasos
First of all youll need to write a business plan, not only to clarify your idea but if you want to
secure investment or a loan from a bank.
It can also help to convince customers, suppliers and potential employees to support you.
Why you need a business plan
A business plan is a written document that describes your business. It covers objectives, strategies,
sales, marketing and financial forecasts.
A business plan helps you to:
clarify your business idea
spot potential problems
set out your goals
measure your progress
1. START WITH AN IDEA
If youre thinking of starting up a business, youll first need to come up with a realistic idea that
you can turn into a product or service.
Find local support, including help with developing business ideas:
England - National Enterprise Network
Scotland - Business Gateway
Northern Ireland - NI Business Info
Wales - Business Wales
Register your idea
You might have already come up with an idea for a business you think theres a market for, or
invented something you think people will want to buy. Find out how to register your idea to make
sure nobody copies it without your permission.
Turn your idea into a business
1. Research your market - identify potential customers. Talk to them and find out if your idea
is meeting a real need.
2. Develop and plan - test your product or service with real customers, make changes, and
test it again. Keep doing this until youre sure theres a demand for it.
https://www.gov.uk/starting-up-a-business/get-funding
3. Find partners and suppliers - think about who youre going to work with to develop and
sell your idea.
4. Set up your business - work out which legal structure is right for you, and whether you
want to sell shares.
5. Get funding - explore different sources of business finance, from bank loans to
government-backed schemes.
2. RESEARCH YOUR MARKET
Test your business idea with potential customers to check if theres real demand for what youre
planning to sell. This lets you find out about any problems and fix them before youve wasted too
much time, effort and money.
Watch a video on researching your market to understand your customers needs.
1. Identify potential customers. Talk to them and find out about their needs.
2. If you can, make a basic version of your product or service (a prototype). Work out the
cheapest and quickest way of making something that lets you find out if youre meeting a
real customer need.
3. Test it with them and get feedback. Find out what theyd be willing to pay for it. Try out
different prices with different customers in a consistent, realistic way to see what people
will really pay. Can you make enough money for a return on your investment?
4. If there are other businesses competing for your market, think about what will make you
different. Can you provide something better than whats already available?
Example
If youre in retail you could try different opening hours or home delivery. You could aim for a
specific group of customers who arent being targeted by other businesses (a market niche),
make something thats easier to use than competitors products, or meet a customer need by
solving a problem that nobodys ever solved before.
If youre starting a retail business, think about testing your idea by taking a short-term lease on
premises for a few weeks or months. Watch videos on choosing your business premises, and
deciding whether to rent or buy.
4. DEVELOP AND PLAN
Develop and change your idea based on what youve found out about your customers needs
before investing. Deal with any problems youve found with your product or service, including the
way youre planning to make and sell it.
Go back to your customers and test again.
https://www.gov.uk/starting-up-a-business/get-funding
Keep doing this until youre confident that theyll be willing to pay what youre asking, and that
youre meeting their needs.
If theres no real demand for your idea, think about changing it completely. Is there another
product, service or market that uses your skills and resources in a different way?
Write a business plan
A business plan is a good way to sum up:
the customer need youre aiming to meet
how your business will meet that need while making a profit
It should clearly show the results of your customer research, and that youre able to explain how
you can turn your idea into viable business before you invest lots of time and money.
Your plan can also be a very helpful tool to convince other people of the value of your business.
This includes potential partners and sources of funding.
5. FIND PARTNERS AND SUPPLIERS
Many businesses start with just one person, known as a sole trader. If you set up as a sole trader
youll be self-employed, which means youll be your own boss.
Youll also be responsible for:
managing your own time
looking after all of your companys admin and accounts
taking risks with your own money, particularly if youre leaving full-time employment
Whether you set up as a sole trader, partnership or limited company, your business is likely to
involve working with more people to develop and sell your idea - including partners, suppliers and
distributors.
Partners
Finding a co-founder with relevant skills and knowledge that are different to yours lets you focus
on what youre best at.
For example, you might be selling a product you invented, or a service that uses a particular skill or
talent you have, but not have any hands-on experience of running a business. If so, you might
want to work with someone who has business and management skills, and can look after things
like financial planning and recruitment.
https://www.gov.uk/starting-up-a-business/get-funding
Consider working with several partners in a team. Youll be able to share responsibilities including
risk, getting funding, expertise and sharing contacts.
Suppliers
Whether youre making a product and you need raw materials, or supplies and equipment to run
your service, many businesses need to work closely with suppliers.
Search online and talk to other businesses. Draw up a list of potential suppliers. Get estimates,
then go and talk to them so you can:
negotiate prices
start to develop relationships
get a sense of which suppliers are reliable and trustworthy
Youll need to agree on payment terms with your suppliers, and get them in writing. This includes
your trade credit period (how many days you agree to pay invoices within), and whether they can
offer you discounts for things like buying in bulk or quick payments.
Youll also need to find suppliers for the equipment youll need to run your business, including
your IT systems.
Watch a video about choosing the right IT for your business.
Getting your product to market
If youre planning to sell your product in shops and expand outside of your local area, youll need
to work with a distributor. If youre selling overseas, consider working with a freight
forwarder who can deal with exporting your goods.
Watch a video on the different ways of getting your product or service to market.
Build a website
You can also attract customers and increase awareness by setting up a website for your business.
Search online for resources, as well as local web design and development companies you can work
with.
You may also be able to sell your product or service directly through your website.
2. GET FUNDING
When you start a business, therell usually be period when youre investing lots of time, effort and
money before you start making a profit. Its important to research your market to make sure your
customers will really pay for your product or service before you do this.
https://www.gov.uk/starting-up-a-business/get-funding
Once youre confident that they will, you should explore different sources of funding to help with
the costs of starting up your business.
Government schemes
If you need some initial funding to test and develop your business idea, you might be able to get
help from a government-backed support scheme.
Search for business finance using the finance finder tool to see which schemes you may be eligible
for.
Get a bank loan
Once you can show that theres a market for your idea, one option for funding your start-up costs
is getting a bank loan. Youll need to be able to:
give the bank realistic cash flow forecasts
prove that youll be able to pay back the loan with interest
Watch a video on forecasting business finances, including sales, profit and loss, and cash flow.
The bank might require you to provide security against your loan, like your house or car, in case
you dont repay. You should think carefully about how much risk youre willing to take on before
you get a loan or give any personal guarantees.
Find business finance in your area using the British Bankers Associations finance finder tool,
including business angels, regional funds, government schemes and banks.
Selling shares
If you need more investment, you might be able to raise money to fund your growth plan by
selling shares in your business. You can do this by getting friends and family to invest. However, if
this isnt enough you can look for sources of equity funding, including:
business angels (wealthy individuals who invest in start-up businesses)
venture capital from companies who invest large sums of money in businesses that they
think will grow quickly (known as private equity companies)
crowdfunding (where a large group of people invest money in a business idea, usually via
the internet)
alternative sources of funding like peer-to-peer lending
Any outside investors will own the company jointly with you and the other founders. They have a
say in the running of the company, and are entitled to get a share of the profits, known as
dividends.
https://www.gov.uk/starting-up-a-business/get-funding
You should get legal advice before selling shares in your business.
Find a solicitor on the Law Society website.
Search for equity funding
Find out about equity funding and venture capital, and search for sources of funding from the:
British Private Equity & Venture Capital Association (BVCA)
UK Business Angels Association
Next Generation Finance Consortium (NGFC)
You can also sign up for the Seed Enterprise Investment Scheme - your investors will get certain
tax reliefs, making your company more attractive to investment.

6. SET UP YOUR BUSINESS
Youll need to decide which legal structure is right for your business before you register and start
trading.
Its important to understand the different risks and benefits before you choose - whether you set
up as a sole trader, limited company or partnership affects:
the amount of financial risk youre taking on
the way youll need to pay tax, and report to HM Revenue & Customs (HMRC) and
Companies House (for limited companies and some types of partnership)
how much control you have over how your business is run
Employing people
If youll need extra help or people with specific skills to run your business, you might decide to
take on employees. Find out about your legal responsibilities as an employer, including things like
pay, tax and insurance, before you start employing staff.
Youll need to register as an employer with HMRC if you want to employ people, even if youre a
sole trader.
Other responsibilities
Even if youre not employing people, youll need to get insurance for your business.
Find an authorised insurer on the British Insurance Brokers Association (BIBA) website.
https://www.gov.uk/starting-up-a-business/get-funding
Depending on the type of activities your business is involved in, you might need to get certain
licences and permits.
Use the licence finder tool to find out which licenses and permits you need to get.
Working with advisers
Make sure you get an estimate from any advisers you work with, and agree in advance what they
will do.
Some advisers will charge an hourly fee, and others may offer a fixed price for a piece of work. Its
always worth getting several quotes before you decide who to use, so you can compare prices and
make sure youll be able to work well together.
Accountants
An accountant can help with things like financial advice and managing growth. You can also
appoint them as an agent to deal with your tax affairs, submit your VAT returns and deal with HM
Revenue & Customs (HMRC) on your behalf.
Find a chartered accountant on the Institute of Chartered Accountants (ICAEW) website.
(Chartered means theyre a fully qualified member of a professional body.)
Legal advisers
You should also consider getting legal advice when setting up your business. This is particularly
important if you want to sell shares.
Find a solicitor on the Law Society website.





https://www.gov.uk/starting-up-a-business/get-funding
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