{"id":1707,"date":"2022-01-12T04:07:38","date_gmt":"2022-01-12T04:07:38","guid":{"rendered":"https:\/\/uk.legalvision.com.au\/?p=1707"},"modified":"2025-07-02T00:42:08","modified_gmt":"2025-07-01T23:42:08","slug":"start-a-business","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/business-structures\/start-a-business\/","title":{"rendered":"How to Start a Business in England and Wales"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Suppose you have a great business idea, but you are unsure how to make it a reality. You may need guidance on starting your very own business and building it successfully. To help, this article will walk you through the essential planning all small business owners should consider before they start trading. It will then explain what steps you need to take to start trading. Finally, it will explain how to structure your business by giving an overview of the four most commonly used business structures in England and Wales.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The First Steps<\/span><\/h2>\n<h4><span style=\"font-weight: 400\">The Business Plan<\/span><\/h4>\n<p><span style=\"font-weight: 400\">Most successful businesses start with a business plan, which takes a good idea and carefully considers how to bring it about. A good business plan will enable you to forecast your short, medium, and long-term needs. It will also help you attract investors, which are crucial if you want your business to grow in the future.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">A basic business plan should determine:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the product you are selling. Is it something tangible, like a piece of machinery, or do you provide a service, like an electrician? Sometimes, the answer is both, for example if you own a restaurant;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">who your customers or clients are; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how will you market your business to them.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Answering these three questions will guide the rest of your decisions when establishing a business.<\/span><\/p>\n<h4><span style=\"font-weight: 400\">Fixed and Up-Front Costs&nbsp;<\/span><\/h4>\n<p><span style=\"font-weight: 400\">There is also the financial component to your business plan. Two essential components of your business plan are your:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">fixed costs: how much you will spend to create the product you are selling and how much you will sell it for; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">up-front costs: what equipment you will need to start your business.<\/span><\/li>\n<\/ul>\n<div class=\"box box--icon box--idea\">\n<p><span style=\"font-weight: 400\">The more research you can undertake, the better. You may find it helpful to use a spreadsheet to help you organise your costs.&nbsp;<\/span><\/p>\n<\/div>\n<h4><span style=\"font-weight: 400\">Financing<\/span><\/h4>\n<p><span style=\"font-weight: 400\">The last element of your business plan is determining how to pay for fixed and upfront costs. Do you have savings that you can put into your business? Or, will you need help from your friends or family?&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you are thinking about raising money from someone other than yourself, <\/span><span style=\"font-weight: 400\">you should familiarise yourself with methods of raising capital<\/span><span style=\"font-weight: 400\">. Even if you do not presently plan to raise money from outside investors \u2014 such as by taking out a small business loan from a bank \u2014 you will most likely tap into outside investors in the future as your business grows.&nbsp;<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Other Considerations<\/span><\/h3>\n<h4><span style=\"font-weight: 400\">A Bank Account<\/span><\/h4>\n<p><span style=\"font-weight: 400\">The type of bank account you may need will depend on how you structure your business. In some cases, such as if you are a sole trader, you may be able to use your personal bank account. However, if you trade through a company, your business will need its own business bank account.&nbsp;<\/span><\/p>\n<h4><span style=\"font-weight: 400\">Business Insurance<\/span><\/h4>\n<p><span style=\"font-weight: 400\">You should consider whether you need business insurance. If you are selling goods or services with any of the following properties, y<\/span><span style=\"font-size: revert\">ou should look into insurance policies, whether online or by speaking to an insurance broker, if:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">there is a risk that your goods or services could injure someone else, including yourself, your customer or a third party. For example, if you work in the automotive industry or drive in the course of your business;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">there is a chance that the goods or services could damage property, including your own, your customers or anyone else\u2019s;&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">you could cause someone else economic loss. For example, if you provide an advisory service such as consulting; or<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">it costs a lot to make the goods or provide the service per unit. For instance, a business selling computers that you assemble yourself would incur a high cost per unit. Selling knitted scarves at a monthly local craft fair would have a lower cost per unit;<\/span><span style=\"font-weight: 400\"><br><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">If you answer yes to any of these questions, your liability will be considered \u201chigh\u201d. If something goes wrong, there is a greater risk you will have to pay a large sum of money.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">The exact extent of your liability depends on how your business is structured. However, regardless of how you begin trading, it is always sensible to have some insurance policy in place.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Starting to Trade<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Having reflected on the preliminary steps, you are now ready to begin trading. The good news is that, in England and Wales, unless you will immediately be trading large amounts of money (more than \u00a380,000 per year), you can simply start trading in your sole capacity. You will be a sole trader.&nbsp;<\/span><\/p>\n<div class=\"box box--icon box--star\">\n<p><span style=\"font-weight: 400\">For example, if you want to sell your handmade pillows at the monthly village craft festival, you can show up and start selling your pillows and take cash payments from customers. You do not need to register with any authority to do so.&nbsp;<\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">You can also work with a partner and form a general partnership. You are free to trade using your name or under a brand name in either case. However, the law does not distinguish between you and your brand name until you incorporate. This means you will be liable for all debts incurred as a sole trader.&nbsp;&nbsp;<\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">Therefore, you may find it advantageous to incorporate your business before trading.&nbsp;<\/span><\/p>\n<\/div>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within 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Most incorporated traders operate through the private limited company, but the limited liability partnership is the other main incorporated business structure used in England and Wales.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A significant advantage to trading through incorporated companies is that you are not liable for the company\u2019s debts. This means that if your business gets into trouble and cannot continue trading, your personal assets will not be in danger even though you technically own the company.&nbsp;<\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">Incorporated businesses require their own bank account, which you will need to set up before you begin trading.<\/span><\/p>\n<\/div>\n<h2><span style=\"font-weight: 400\">Taxes and Reporting Requirements&nbsp;<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Generally, your tax liabilities differ depending on your business structure. Limited companies can offer their owners more advantageous tax plans, depending on how you account for your profit and expenses.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Likewise, each business structure has different reporting and disclosure requirements. In general, incorporated businesses have more responsibilities than incorporated, which can be quite a disadvantage, especially if you intend to pay someone to help you administer your incorporated business.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Before you start trading, you should have a business plan in place. This means that if someone asks you what your business is, you can tell them:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">what you sell (a good, a service, or both);<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">who you will sell it to and how;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how much it costs you to sell it;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how much you will charge to sell it; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how you will pay for it.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">You should consider as well how you wish to organise your business. You may need to consider if you need to acquire insurance. It is also never too early to start thinking about which business structure you will use to trade.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you need help with starting a business in England and Wales, or if you are uncertain if you should incorporate your business here, our <a href=\"https:\/\/legalvision.co.uk\/business-lawyers-lp\">experienced commercial lawyers<\/a> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today at <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.uk\/membership\"><span style=\"font-weight: 400\">membership page<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1641959445257\"><strong class=\"schema-faq-question\">How do I start a business in England or Wales?<\/strong> <p class=\"schema-faq-answer\">The hardest thing is coming up with a good business plan containing what you intend to sell and how you intend to pay for the associated costs. You are free to start trading in your own capacity, but this is not always the best choice. Therefore, you should consider which business structure you should use to trade.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1641959451782\"><strong class=\"schema-faq-question\">What else do I need to start a business in England or Wales?<\/strong> <p class=\"schema-faq-answer\">Aside from your business plan and knowing which business structure suits you best, you should ask yourself if you think you need insurance. You may also consider if you will be using outside investors to help you start your business.\u00a0<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/1707\" \/>            <input value=\"https:\/\/legalvision.co.uk\/business-structures\/start-a-business\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"How to Start a Business in England and Wales\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Suppose you have a great business idea, but you are unsure how to make it a reality. You may need guidance on starting your very own business and building it successfully. To help, this article will walk you through the essential planning all small business owners should consider before they start trading. It will then<a href=\"https:\/\/legalvision.co.uk\/business-structures\/start-a-business\/\">Continue reading <span class=\"sr-only\">&#8220;How to Start a Business in England and Wales&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13461,"featured_media":573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"888,2388,2802,1611,2860,1669","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[36],"tags":[20,104,148,150,151],"class_list":["post-1707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-structures","tag-small-business","tag-start-a-business","tag-business-structure","tag-incorporated-business","tag-sole-trader"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Start a Business in England and Wales | LegalVision UK<\/title>\n<meta name=\"description\" content=\"Are you looking to start a business? 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