Every new business needs money when starting up. The majority of businesses will need to buy equipment, establish the workplace and meet marketing costs - all before the first sale is made. Once you're trading, you'll need cash to pay the bills and keep the business going.
There are a range of financing options when starting up and choosing the right ones for your business needs is essential. You might be able to use your own money, or you may need money from an external source or investor - eg from banks, family and friends or outside investors. You may also be eligible for grants and government support.
This guide will help you to work out how much money you need for setting up your business, the various financing options available for your business and their advantages and disadvantages.
Structure your business
Name your business
Register your business
Choose your premises
- How to employ staff for the first time
- National Minimum Wage and National Living Wage rates
- Carry out pre-employment checks
- Ensure your workers are eligible to work in the UK
- Get employers' liability insurance
- Issue a written statement of employment
- Set up your payroll and register for PAYE with HMRC