1. Starting Your Own Business
A STEP by STEP GUIDE FOR STUDENTS

2. Step 1: Get Inspired
All businesses start from a common point - an idea.
You may have dreamed of starting your own business for years, or inspiration may have hit you unexpectedly.
Regardless of the source, the first step of starting your own business is coming up with a business idea
Hot tip:
Don’t just start a business because something is in vogue and you think commercializing it will make money. Develop a business concept that you're passionate about related to something that you have experience with. From there, come up with a product or service that you believe can enhance the people’s lives.

3. Step 2: Do Your Research
You've identified your big idea, now it's time to balance it with a little reality.
Are you really ready to start a business?
The next stage of research you conduct in your small business start-up process will help you figure out if your business idea has potential.
In order for a small business to be successful, it must solve a problem, fulfil a need or offer something the market wants. There are a number of ways you can identify this need, including research, focus groups, and even trial and error.
Hot tip:
Test HOW Realistic & PLAUSIBLE THE IDEA IS &Once you’ve settled on an idea, figure out how you can make it become a reality. Is the product or service something that people want or need? Can you make a profit selling it? Does the product work?

4. Step 3: Make A Plan
You need a plan in order to make your business idea a reality. If you intend to seek financial support from an investor or financial institution, a formal written business plan is a must.
Even if you don't anticipate seeking financial support, a simple business plan can give you clarity about what you hope to achieve and how you plan to do it.
In general, your business plan should outline your business goals and the motivation behind them, as well as your plan for reaching your goals in terms of marketing and funding.
Hot tip:
A solid business plan will guide you going forward. It’s also needed for presenting your idea to potential investors. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation.

5. Step 4: Plan Your Finances
Starting a small business doesn't have to require a lot of money, but it will involve some initial investment. There are a number of ways you can fund your small business, including:
Financing
Small business loans
Small business grants
Angel investors
Establish a budget and once you determine how much money you’ll have to work with, figure out how much it will take to develop your product or service and create a marketing plan
Hot tip:
Do additional research and find out the standard cost factors within this industry. Not only will this help you manage your business more effectively, investors will want to know this. You’re going to need some sort of funding to start off, whether from your savings, credit cards, loans, grants or venture capitalists. Find an investor/s who shares your passion, someone you believe you can work with.

6. Step 5: Choose A Business Structure
Once you go ahead with your idea you will need to choose a legal structure for your business. Your business can be: a sole trader, a partnership, a limited company, a social enterprise or community interest company, a corporation, an unincorporated association or a limited liability company
The business structure you choose will impact many factors from your business name, to your liability, to how you file your taxes.
You may choose an initial business structure, and then re-evaluate and change your structure as your business grows and needs change.
Hot tip:
Settle on which form of ownership is best for you & then Set up a great support system.
You’re going to be investing a lot of time and resources into your new business venture. Be certain that your family is on board. They must be aware that this process will be challenging financially and emotionally.

7. Step 6: Pick & Register Your Business Name
Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose your business name.
Once you have chosen a name for your business, you will need to check if it's trademarked or currently in use with Companies House.
Don't forget to register your domain name once you have selected your business name.
Hot tip:
Decide on a name that best suits your business Then check to see if the domain name is available online.

8. Step 7: Legal Requirements
Legal paperwork is a part of the process when you start your own business. There are a variety of small business legal requirements that apply to your situation, depending on the type of business you are starting, these include:
Researching what legal requirements apply to your business during the start-up process
A sole trader having an NI (National Insurance) number & registering for Self Assessment with HMRC (Her Majesty’s Revenue & Customs).
If forming a company registering with Companies House, having a legal address for your company, have articles of association (agreed rules about running the company), set up your company for corporation tax, have at least one Director.
If in a partnership run the business as an individual, share profits, register for self assessment with HMRC.
Hot tip:
Make sure that you arrange for the proper insurance for your business. This will vary according to the type of business. If you’re working from home be sure that your homeowner’s insurance covers theft or damage to business assets, as well as liability for any business-related injuries.

9. Step 8: Establishing Your Business Location
Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.
You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing.
Hot tip:
Select a location That best fits the needs of your business, one that offers an opportunity for growth, the right level of competition and proximity to suppliers. It should also be accessible to customers. Don’t worry about an office. If you’re not making any revenue, then don't concern yourself with an office or warehouse Just yet.

10. Step 9: Choose your Accounting System
Small businesses run most effectively when there are systems in place. One of the most important systems for a small business is an accounting system.
Your accounting system is necessary in order to create and manage your budget, set your rates, conduct business with others, and file your taxes.
You can set up your accounting system yourself, or hire an accountant to take away some of the guesswork.
Hot tip:
Figure out if you’re using a cash or accrual system, determine the fiscal year for the business and set up a recordkeeping system.

11. Step 10: Promote Your Business
Once your business is up and running, you need to start attracting clients and customers.
You'll want to start with the basics by writing a unique selling proposition (USP) and creating a marketing plan, then explore as many small business marketing ideas as possible so you can decide how to promote your business most effectively.
Once you have completed these business start-up activities, you will have all of the most important small business bases covered, and be ready for small business success
Hot tip:
Deliver the product or service fast.
Your business is a work in progress and if you launch your product or service quickly, you will be able to build a community of customers who can provide valuable feedback that can help you improve the offerings. In the words of LinkedIn founder Reid Hoffman, "If you're not embarrassed by your first product release, you've released too late