Launching a startup in London is a lot of work if you want to get things right in the first go. From idea validation, planning operations, hiring people, and getting the legal stuff right to executing marketing strategies, there are many areas to pay attention to. In the article, we break down everything in 7 steps to simplify things for you.

Build a Business Mindset

What are the goods or services that you are willing to offer? What’s the competitive advantage that makes your London startup unique? Can anyone else mimic your concept? Try answering these questions first to build a solid foundation for your startup in London.

Planning

From barding, operations, accounting and finances, marketing, and sales to product development there are a lot of areas that need planning in your business. The UK offers plenty of professionals and bodies to seek advice and local training. You could even take up a few courses online to master a certain trade-in in your business operations. Or you can simply contact our business specialists for a consultation session.

Funding

No startup is going to propel itself forwards without funds. Finding funds can be difficult, especially when you are new to the game. However, there are many ways that you can find the capital for your London start up. Crowdfunding, Angel investors, and a partnership are a few of them.

Set up a Business Account

Walk into a bank and browse through useful tips on self-employment. Obtain a relevant business plan outline. A separate business account is recommended to maintain your startup’s credibility and professionality. Furthermore, it will prevent the mixing of personal and business transactions, saving up the hassle, especially when it’s time to file for taxes.

Registering

Make your startup a legal entity to invest in. According to UK regulations, you can choose to register your startup in London as a sole trader, a partnership, a limited company, limited by shares or limited by guarantee based on your preference. Note that each category comes with its pros and cons.

Seeing an Accountant

Interested in reclaiming expenses for taxable income? Consult a qualified accountant. Learn how the taxation system works in the UK and the basics of book-keeping. You could also learn them independently at your own pace or sign up for online accounting and invoicing solutions for a free trial. Or you can save all that hassle and outsource all your accounting to a London accounting partner like us.

Protecting yourself and your startup

Obtaining insurance is a good idea despite not being a legal necessity for your startup. Or seeking a patent for your product so that it is the intellectual property of your business only.

Follow these steps to launch your London start up with ease. Also, keep in mind having an expert by your side can come in real handy during the process. So if you have any questions or concerns, feel free to reach out to our business experts at Philip Nolan.

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