Frequently Asked Questions
Q1 I’m thinking of starting a small business - where do I start?
It’s very important to learn all you can about what is involved in starting and running a new business before you make the decision to go for it.
You will need to have a thorough understanding of the business environment i.e. the market for your product or services, what you need to offer to satisfy your target customers, the competition, pricing, profit potential, sources of supply and anything else that might help you fully understand the business.
Your individual preparation is your key to success.... that’s where we can help.
Q2 What are the basic survival skills you need to run a business?
If ever there was a key skill you’ll need in your business – it’s planning. You can still be your own boss, but if you’re not the most organised of people, you’ll find it a very tough slog.
No matter how good or bad you are at planning, a solid business plan is probably the most important business-related document you will ever create. If you’re going to need financial support from a bank, a private investor or you need to attract a business partner, it’s an absolute essential.
A Stepclever Business Start Up Manager can provide support and guidance in writing your business plan.
Q3 How do I register my business?
There is a lot of confusion with this requirement when starting up a business. If you intend to trade as a sole trader or partnership, you do not need to register a business name. However, if you decide to form a limited company you must register the business with:
Companies House, Crown Way, Cardiff, CF14 3UZ, Tel: 0303 1234 500
The other form of ‘registering’ the business is by contacting HM Revenue & Customs.
Q4 Do I need to open a separate business account?
It is advisable to set up a bank account that is completely separate from your own personal bank account.
Q5 How can I obtain financial help from Stepclever for my business?
Stepclever Business Start Up Managers can provide you with advice and support in applying for Stepclever funding. To find out more details and to discuss your requirements please contact us.
Q6 How do I find suitable premises for my business?
Stepclever is developing a range of competitively priced business premises for individuals or small businesses that may currently be operating out of houses, garages or low grade business space. A number of buildings across the six core wards have already been identified as potential new locations that will offer a range of small business units with flexible terms. For further information please contact either Nick Yates on 0151 934 2767 or Mike Wilson on 0151 934 3440.
Q7 What business structure should I choose?
There are four main choices for your business’s legal forms:
1. Sole trader: you are self-employed with no special legal structure
2. Partnership: (two or more people working together) you share the profits and losses
3. A limited company: a separate legal entity distinct from its shareholders, directors and
employees
4. A limited liability partnership: a separate legal entity and can continue despite the resignation or death of some of its members.
There are pros and cons for each type of business: you are best speaking with an advisor to decide the best route for you and your business.
Q8 Can I operate a small business from my home?
With improving technology in communications, many small business owners choose to avoid the expense of a separate location. For many new start-ups, they are a good idea, but thought should be given to whether family members and neighbours would be affected, and if you could effectively allocate your time between personal and business matters.