Business plans in an economic downturn

In this guide:

  • Start-up ideas in an economic downturn

    How to tailor your business idea to what you know about a difficult financial climate and economic conditions.

    A good business idea is essential to setting up a successful business. You can use what you know about the volatile financial climate to help you develop a targeted and specific business idea.

    Find the right business idea for the economic conditions

    If you don't already have an idea, consider which of your skills could be used as a base for starting a business.

    Even at this early stage, you may want to think about your preferred type of business. For example, are you thinking of buying a franchise, or starting a social enterprise or a home-based business?

    Once you have a business idea, you should research whether there is a market for your product or service and formulate a business plan. If you need start-up capital, lenders will usually request a business plan.

    Testing your business idea for tough economic conditions

    You can use the economic downturn as an opportunity to define what you and your business want to achieve - and how best to set about achieving this.

    Tougher market conditions are often caused by very specific issues, such as unavailability of loan finance. Diagnosing these issues and seeing to what extent they affect you will allow you to rethink the nature and scale of, as well as the market for, your business.

    It is worth looking at the business news for information about the issues involved in an economic downturn and their effect on businesses. Understanding these issues will help you develop strategies for coping with them.

    You can also think about practical tests of your idea without large financial overheads by starting a business from home or looking for opportunities to test your idea with a pop-up shop.

    What business ideas work in an economic downturn?

    You should ask yourself:

    • What sorts of business are thriving at the moment?
    • What is it about them that makes them resistant to an economic slowdown?
    • Is the customer truly central to your business idea?
    • What evidence do you have that people are likely to buy your product or service in a tougher economic environment?

    Bigger established companies may struggle when their business-as-usual model is affected by a sudden economic shift. Smaller businesses and new entrepreneurs may find success by operating in a more flexible way.

    Economic downturns can be a good time to bring a fresh business concept to the market. With established business sectors struggling, a disruptive product, service or business model could thrive – see setting up an innovation start-up.

    Once you have tweaked your business idea for current market conditions, it needs to be implemented through a full business plan and a decision on the legal structure of your business.

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  • Business plans in an economic downturn

    How to create a good business plan in an economic downturn and decide the best structure for your business.


    You need to decide what legal structure will best suit your business in difficult economic times. Carefully consider the advantages and disadvantages of each option because the structure will affect:

    • the tax and National Insurance you have to pay
    • the records and accounts you have to keep
    • the way management decisions are made

    Some of the business structure options are:

    • sole trader
    • limited liability company
    • partnership
    • limited liability partnership
    • franchise
    • social enterprise
    • co-operative

    To see which structure would best suit your business, see legal structures for business: an overview.

    Creating a business plan for an economic downturn

    A business plan describes the business' objectives, its strategies, the market it is in and its financial forecasts. A good business plan is particularly important when starting a business during tough economic times.

    Going through the process of writing the plan should focus your mind on everything from where the business will be based to where you are going to find your first customer.

    It is also a blueprint for the future development of the business that potential investors will want to read before they lend to you.

    Your business plan should include:

    • an executive summary
    • a description of the business
    • a marketing and sales strategy
    • information on your operations, including your business premises, your IT and management information systems
    • financial forecasts

    You should ‘price-in’ the effects of the economic slowdown to show how your business model can be successful.

    For more guidance see how to write a business plan: step-by-step.

    After the business plan, you should consider writing a marketing plan, which sets out how you will target and interest potential customers in your product or service - see how to write a marketing plan.

    Also on this site
    My New Business
    Northern Ireland business support finder
    Ten steps to a successful start-up
    Write a business plan: step-by-step
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  • Sources of start-up finance in an economic downturn

    How to find funding from different sources for starting your business in challenging economic times.

    Finding the funds to start your business can be a challenge during an economic downturn. Financial institutions may switch their focus to less risky forms of investment.

    However, with a strong business plan, you may find borrowing may be relatively cheap, as loans may be more affordable with lower interest rates.

    Additional funding options may become available as government planning switches to helping economic recovery.

    Ways to source finance in an economic downturn

    If you need to raise money to start up your business, there are various options, including:

    Essential to raising finance is convincing investors or grant bodies that your business is sound. This means showing that your idea is worth investing in and that you have what it takes to run your own business successfully in tough times.

    Five tips on getting finance in an economic downturn

    • Make sure you have a realistic business proposal. Have you calculated the money needed to start-up?
    • Think about and plan your ongoing budget.
    • Start to plan your finances by thinking about costs, living expenses and sales targets - and whether these are realistic given the economic conditions.
    • Make time to research the market conditions in the downturn. It helps to show you are serious about your business.
    • Be prepared for hard questions.

    Other start-upfinance options in an economic downturn

    Banks are not the only option when it comes to business loans. You could also explore the following:

    Find out more about other forms of business investment in our guide on how to secure equity investment.

    Also on this site
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    Ten steps to a successful start-up
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  • Start-up survival strategy for an economic downturn

    How to plan early for the survival and future success of your start-up business in tough economic conditions.

    It's never too early for an entrepreneur to identify start-up risks and learn how to address and manage them.

    Risk management for start-ups

    It is important to identify the key risks your business may face and develop strategies to eliminate or reduce them. This will make your business more flexible and more able to withstand volatile market conditions.

    Common start-up business risks include:

    • losing customers and failing to attract new ones
    • increased competition
    • poor cashflow
    • failure to anticipate problems/inability to adapt to a changing market environment

    Market strategy in an economic downturn

    You must have a clear strategy for identifying and looking after key customers and growing relationships with them. It also pays to plan for certain worst-case scenarios which might arise, such as losing a major customer. Try to expand your customer base as soon as possible – then the loss of a major customer will have less effect.

    You also need to consider potential opportunities that could arise, for example, if one of your competitors ceases trading. 

    How to keep your cashflow healthy in tough economic conditions

    Cashflow is the balance of money entering and leaving a business. It is important to anticipate cashflow problems as early as possible so that solutions can be found before the problem is urgent.

    At all times you need to know how much money your business has in the bank, how much it owes and how much it is owed. If you regularly update your financial records and develop forecasts showing likely sales, profit and loss, you should be able to identify when additional funds might be required.

    If you anticipate serious cashflow or funding problems in the early stages of your business, seek advice from your accountant and your bank.

    Also on this site
    My New Business
    Northern Ireland business support finder
    Ten steps to a successful start-up
    Content category
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    Source URL

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Start-up ideas in an economic downturn

In this guide:

  • Start-up ideas in an economic downturn

    How to tailor your business idea to what you know about a difficult financial climate and economic conditions.

    A good business idea is essential to setting up a successful business. You can use what you know about the volatile financial climate to help you develop a targeted and specific business idea.

    Find the right business idea for the economic conditions

    If you don't already have an idea, consider which of your skills could be used as a base for starting a business.

    Even at this early stage, you may want to think about your preferred type of business. For example, are you thinking of buying a franchise, or starting a social enterprise or a home-based business?

    Once you have a business idea, you should research whether there is a market for your product or service and formulate a business plan. If you need start-up capital, lenders will usually request a business plan.

    Testing your business idea for tough economic conditions

    You can use the economic downturn as an opportunity to define what you and your business want to achieve - and how best to set about achieving this.

    Tougher market conditions are often caused by very specific issues, such as unavailability of loan finance. Diagnosing these issues and seeing to what extent they affect you will allow you to rethink the nature and scale of, as well as the market for, your business.

    It is worth looking at the business news for information about the issues involved in an economic downturn and their effect on businesses. Understanding these issues will help you develop strategies for coping with them.

    You can also think about practical tests of your idea without large financial overheads by starting a business from home or looking for opportunities to test your idea with a pop-up shop.

    What business ideas work in an economic downturn?

    You should ask yourself:

    • What sorts of business are thriving at the moment?
    • What is it about them that makes them resistant to an economic slowdown?
    • Is the customer truly central to your business idea?
    • What evidence do you have that people are likely to buy your product or service in a tougher economic environment?

    Bigger established companies may struggle when their business-as-usual model is affected by a sudden economic shift. Smaller businesses and new entrepreneurs may find success by operating in a more flexible way.

    Economic downturns can be a good time to bring a fresh business concept to the market. With established business sectors struggling, a disruptive product, service or business model could thrive – see setting up an innovation start-up.

    Once you have tweaked your business idea for current market conditions, it needs to be implemented through a full business plan and a decision on the legal structure of your business.

    Actions
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  • Business plans in an economic downturn

    How to create a good business plan in an economic downturn and decide the best structure for your business.


    You need to decide what legal structure will best suit your business in difficult economic times. Carefully consider the advantages and disadvantages of each option because the structure will affect:

    • the tax and National Insurance you have to pay
    • the records and accounts you have to keep
    • the way management decisions are made

    Some of the business structure options are:

    • sole trader
    • limited liability company
    • partnership
    • limited liability partnership
    • franchise
    • social enterprise
    • co-operative

    To see which structure would best suit your business, see legal structures for business: an overview.

    Creating a business plan for an economic downturn

    A business plan describes the business' objectives, its strategies, the market it is in and its financial forecasts. A good business plan is particularly important when starting a business during tough economic times.

    Going through the process of writing the plan should focus your mind on everything from where the business will be based to where you are going to find your first customer.

    It is also a blueprint for the future development of the business that potential investors will want to read before they lend to you.

    Your business plan should include:

    • an executive summary
    • a description of the business
    • a marketing and sales strategy
    • information on your operations, including your business premises, your IT and management information systems
    • financial forecasts

    You should ‘price-in’ the effects of the economic slowdown to show how your business model can be successful.

    For more guidance see how to write a business plan: step-by-step.

    After the business plan, you should consider writing a marketing plan, which sets out how you will target and interest potential customers in your product or service - see how to write a marketing plan.

    Also on this site
    My New Business
    Northern Ireland business support finder
    Ten steps to a successful start-up
    Write a business plan: step-by-step
    Content category
    Starting a business

    Source URL

    /content/business-plans-economic-downturn

    Links

  • Sources of start-up finance in an economic downturn

    How to find funding from different sources for starting your business in challenging economic times.

    Finding the funds to start your business can be a challenge during an economic downturn. Financial institutions may switch their focus to less risky forms of investment.

    However, with a strong business plan, you may find borrowing may be relatively cheap, as loans may be more affordable with lower interest rates.

    Additional funding options may become available as government planning switches to helping economic recovery.

    Ways to source finance in an economic downturn

    If you need to raise money to start up your business, there are various options, including:

    Essential to raising finance is convincing investors or grant bodies that your business is sound. This means showing that your idea is worth investing in and that you have what it takes to run your own business successfully in tough times.

    Five tips on getting finance in an economic downturn

    • Make sure you have a realistic business proposal. Have you calculated the money needed to start-up?
    • Think about and plan your ongoing budget.
    • Start to plan your finances by thinking about costs, living expenses and sales targets - and whether these are realistic given the economic conditions.
    • Make time to research the market conditions in the downturn. It helps to show you are serious about your business.
    • Be prepared for hard questions.

    Other start-upfinance options in an economic downturn

    Banks are not the only option when it comes to business loans. You could also explore the following:

    Find out more about other forms of business investment in our guide on how to secure equity investment.

    Also on this site
    My New Business
    Northern Ireland business support finder
    Ten steps to a successful start-up
    Content category
    Starting a business

    Source URL

    /content/sources-start-finance-economic-downturn

    Links

  • Start-up survival strategy for an economic downturn

    How to plan early for the survival and future success of your start-up business in tough economic conditions.

    It's never too early for an entrepreneur to identify start-up risks and learn how to address and manage them.

    Risk management for start-ups

    It is important to identify the key risks your business may face and develop strategies to eliminate or reduce them. This will make your business more flexible and more able to withstand volatile market conditions.

    Common start-up business risks include:

    • losing customers and failing to attract new ones
    • increased competition
    • poor cashflow
    • failure to anticipate problems/inability to adapt to a changing market environment

    Market strategy in an economic downturn

    You must have a clear strategy for identifying and looking after key customers and growing relationships with them. It also pays to plan for certain worst-case scenarios which might arise, such as losing a major customer. Try to expand your customer base as soon as possible – then the loss of a major customer will have less effect.

    You also need to consider potential opportunities that could arise, for example, if one of your competitors ceases trading. 

    How to keep your cashflow healthy in tough economic conditions

    Cashflow is the balance of money entering and leaving a business. It is important to anticipate cashflow problems as early as possible so that solutions can be found before the problem is urgent.

    At all times you need to know how much money your business has in the bank, how much it owes and how much it is owed. If you regularly update your financial records and develop forecasts showing likely sales, profit and loss, you should be able to identify when additional funds might be required.

    If you anticipate serious cashflow or funding problems in the early stages of your business, seek advice from your accountant and your bank.

    Also on this site
    My New Business
    Northern Ireland business support finder
    Ten steps to a successful start-up
    Content category
    Starting a business

    Source URL

    /content/start-survival-strategy-economic-downturn

    Links

Here's how we run a social enterprise - Loaf Catering (video)

In this guide:

  • The social economy in Northern Ireland

    An overview of social enterprises who make up an increasingly diverse and crucial sector of business in Northern Ireland

    The social enterprise economy in Northern Ireland is an increasingly well-established and diverse sector. It creates opportunities and training for people who are often marginalised in society.

    Figures released by Social Enterprise NI (SENI) in June 2019 show that there are almost 843 social enterprises in Northern Ireland, generating an annual turnover of approximately £980 million. Almost 25,000 people are employed in the Northern Ireland social economy.

    The top three goals of social enterprises in Northern Ireland are to:

    • enhance the community
    • assist people into employment
    • improve the environment

    The top three social enterprise activities are:

    • Education
    • Employment and skills
    • Business support

    One of Northern Ireland's leading social enterprises is the Bryson Charitable Group. Bryson focus on community care and environmental care - read more about the work of Bryson.

    The Department for the Economy provide more information on the social economy in Northern Ireland.

    Content category
    Starting a business

    Source URL

    /content/social-economy-northern-ireland

    Links

  • Support for social enterprises in Northern Ireland

    A range of support to help social entrepreneurs realise their vision and run their social enterprise.

    As well as the mainstream support available to all business start-ups there are some initiatives and organisations designed for social entrepreneurs:

    Also on this site
    Choose the right structure for your social enterprise
    Content category
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    /content/support-social-enterprises-northern-ireland

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  • Social enterprises and the public sector

    Ways for social enterprises to maximise their chances of winning public sector contracts through tender competitions

    Winning contracts to deliver public services can provide a regular income stream for social enterprises. Although as with most businesses, it is important for social enterprises to diversify income sources so that they are less vulnerable to the risks of one income source drying up.

    The ability to deliver innovative approaches and fresh thinking to services, such as catering and recycling, make social enterprises an attractive option for public services. However, they will be required to compete for tenders through the public sector procurement process - read about how to tender for contracts in the Northern Ireland public sector.

    There are a wide variety of opportunities in the delivery of public services, where social enterprises work in partnership with government, including:

    • the health and social care sector
    • fostering and adoption
    • transport services
    • refuse collection/recycling
    • sports and leisure services

    eSourcing NI is an electronic tendering site which allows you to access the latest public procurement opportunities in Northern Ireland.

    Social Enterprise NI also has a trade directory that lists social enterprises so that private and public sector organisations can find out about the social enterprise work taking place in Northern Ireland.

    Benefits of public sector contracts

    Public sector organisations are stable customers who pay promptly and within agreed contract terms and due to the public procurement process you can be assured contacts are awarded in a fair and transparent way.

    Barriers facing social enterprises competing for public service contracts

    One of the main barriers facing social enterprises when competing for public service contracts is resource capability - will you be able to deliver on the requirements of the contract? Also will the contract allow you to meet your goals and social purpose?

    Also on this site
    Tender for public sector contracts in Great Britain and Ireland
    Tender for a contract
    Choose the right structure for your social enterprise
    Content category
    Starting a business

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    /content/social-enterprises-and-public-sector

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  • Checklist: starting a social enterprise

    A checklist of key questions you should consider to help you succeed when setting up a social enterprise

    Before setting up a social enterprise, you might want to ask yourself the following questions to see if you are ready and whether a social enterprise is right for you:

    • Have you considered what legal form your social enterprise is going to take? Options include unincorporated associations, trusts, limited companies, industrial and provident societies, Community Interest Companies and charitable incorporated organisations. For more information about social enterprise legal structures see choose the right structure for your social enterprise.
    • Have you explored all the start-up support options available to you and your social enterprise? See support for social enterprises in Northern Ireland.
    • Are you completely committed to the social and/or environmental aims of the company?
    • Have you considered other key regulations that might affect your business - eg if working with vulnerable people, children and the elderly? GOV.UK has a Licence Finder tool which you can use to find out if you need a licence for your business activities.
    • Have you thought about how you will finance the social enterprise, both at start-up and during periods of growth? If you are using your own money, will you be able to survive while the business finds its feet? See find and manage the money.
    • Do you have a viable business idea - ie is there a market for your service or product? Read about how to research and develop your business ideas, new products and services.
    • Have you considered how you will research your customers, or engage with your stakeholders? See develop a sales and marketing strategy.
    • Will you require the services of professionals such as an accountant or solicitor? For further information about working with professionals see use professional services.
    • Will you need to employ staff in your social enterprise and do you the requirements of becoming an employer? Find out more about how to hire staff.
    Also on this site
    Choose the right structure for your social enterprise
    Ten steps to a successful start-up
    Content category
    Starting a business

    Source URL

    /content/checklist-starting-social-enterprise

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  • Start a social enterprise

    Starting a social enterprise - SlackPress (video)

    How SlackPress developed into a self-sufficient social enterprise that engages with the local community

    Simon Black, co-founder of SlackPress, discusses how the SlackPress team created a social enterprise.

    SlackPress is a media production social enterprise specialising in creative design. SlackPress works with community groups, other social enterprises, charities and corporate businesses to help them develop media content for DVDs, websites and social networks.

    Here, Simon explains how SlackPress developed into a self-sufficient social enterprise that successfully engages with the local community.

    Case Study
    Simon Black
    Content category
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    Source URL

    /content/starting-social-enterprise-slackpress-video

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  • Start a social enterprise

    Here's how we run a social enterprise - Loaf Catering (video)

    How Loaf Catering operates as a social enterprise, generates income and engages with the local community

    Loaf Catering is a social enterprise that was developed in 2007 to provide jobs and training opportunities for people with learning disabilities and autism. The company focuses on delivering under its strapline 'food with purpose'.

    With the support of its parent organisation the NOW Group, Loaf Catering has grown to an enterprise that includes four cafés, a catering academy and an online shop. 

    Maeve Monaghan, Chief Executive of the NOW Group, explains how Loaf Catering operates as a business, generates income and engages with the local community.

    Case Study
    Maeve Monaghan
    Content category
    Starting a business

    Source URL

    /content/heres-how-we-run-social-enterprise-loaf-catering-video

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Farm diversification ideas

In this guide:

  • What is farm diversification?

    What farm diversification means for your business and how to use your land, tools and expertise to drive business growth

    Farm diversification is when a farm branches out from traditional farming by adding new money-making activities. This can be an expansion of agricultural activities into new innovations, or moving into non-agricultural business types. 

    Diversifying your farm can involve anything, from adding pastured poultry and organic beef production to starting a bed and breakfast in the barn or setting up a local tourist attraction.

    Types of farm diversification

    When considering farm diversification, many farmers find it helpful to consider:

    • Under used resources - many farms have unused buildings and farm resources. Farms that successfully diversify are often able to put their existing farm assets to use. Making a list of your existing farm under utilised resources is a useful first step in working out potential ideas.
    • Unfilled local demand - being able to meet local demand for a product or service that is not currently being met may offer an opportunity to broaden your farms horizons into new business areas.
    • Existing skills and expertise - playing to your existing farming experience and knowledge increases your likelihood of success. It also makes it easier to make the transition from traditional farm to rural enterprise.
    • Area of interest - make a note of any business ideas that interest you. Following up on these means that you're more likely to put in the extra hours and effort required to make your rural enterprise a success.

    For further information see advantages of farm diversification.

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  • Advantages of diversifying your farm

    Some of the benefits of adding new business ideas and income streams into your existing farm business

    If you diversify your farm into a broader rural enterprise you're likely to grasp a range of benefits which you don't often find in a traditional farm.

    Top advantages of farm diversification

    Some of the main benefits of diversifying your farm business include:

    • Increased revenue - by taking on new activities you and your family are likely to enjoy an increased farm income and a better quality of life.
    • Adaptability - branching out encourages you to be willing to change and look out for other opportunities. By adding a new activity you will learn what works for you and your farm and be better able to make further changes in the future and respond to new opportunities as they arise.
    • Security - by moving into new activities farms can provide you and your family members with a long-term future and greater stability. By branching out you will increase the number of sources of revenue for your farm ensuring that you are less susceptible to any one income source letting you down.
    • Tradition - diversifying can provide you and your family with a means of carrying on your farming tradition. While the focus of diversifying may be on increasing income and securing a future it can provide the means of subsidising and continuing the traditional activities that are valued and enjoyed.
    • Develop new skills - running a new venture will provide the opportunity to increase your skills and expand your network of business contacts. From management to marketing and finance to customer service diversifying will develop your business flair.

    Being realistic in your budgeting is critical as a common pitfall is to overestimate income and to underestimate the costs of running the business.

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  • Farm diversification ideas

    Examples of successful farm diversification ideas, which have boosted existing farms’ incomes, to inspire you

    There are a number of ways that you can generate extra money from your farm.

    Farmers can utilise tourism opportunities, manufacture products or branch out from traditional crops.

    Ideas to boost farm income

    Consider the following farm business ideas:

    • Livestock products - invest in goats, cows, or chickens for your farm so you can produce and sell milk, cheese and eggs.
    • Crop products - consider growing and selling speciality flowers or vegetables that will attract the local community.
    • Experience days - organise adventure days where you can take a group of people foraging for fruits or on outdoor pursuits/survival days to boost their skills, or organise arts and crafts events/workshops for the local community.
    • Open a farm shop - sell produce from your farm and the local area, consider including a tearoom for visitors with home cooked food/baked goods from your farm.
    • Provide tourist accommodation - if you have unused land, consider using it for camping or providing glamping facilities, for example, teepees, treehouses or huts.
    • Become an open farm/petting zoo - family farm day experiences are very popular, eg you can provide an opportunity for children to interact with animals and ride a tractor.
    • Use seasonal opportunities to open your farm to the public - piggy-back on seasonal opportunities throughout the year, eg Halloween pumpkin patch, Christmas wonderland, sunflower season and summer events.
    • Venue hire - revamp barns and hire them out as a wedding venue/party venue.
    • Leisure attractions - use scrubland, woodland or open country to create venues for activities such as paint balling, rope courses, mazes, off road driving or mountain biking.
    • Festivals - farmland can be great venues for one-off music festivals, country fairs or other themed gatherings.

    You can use our tool to find inspiration for diversifying your farm business by searching for detailed business profiles for 600 small business ideas.

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  • Planning for farm diversification

    How to successfully plan the diversification of your farm through business planning, research, financing and marketing

    Careful planning is essential to diversifying a traditional farm successfully. Write down your ideas and build your plan gradually. It will take time to develop your plan and it may need to be revised a number of times before you are satisfied with it.

    How to make a plan to diversify your farm business

    The key steps involved in farm diversification are:

    • Identifying an idea that will work for you. You will need to research your local market and ensure that your idea is viable. Invest Northern Ireland's Business Information Centre can provide market information on your potential idea.
    • Shaping a suitable business plan. Planning is essential to your success and will be critical to obtaining financial support - see how to write a business plan: step-by-step.
    • Working out how much is required to finance the idea and how to ensure it is secured - see business financing options - an overview.
    • Working out what is involved in producing and delivering the new product or service from your rural enterprise.
    • Working out how you will market and sell your product/service - see how to create your marketing strategy.
    • Ensuring you meet any legal requirements.
    • Get training to build up your understanding of what is involved in running your own rural business.

    There are several practical things you can do. It is worth spending time talking through your idea with friends and family and also with your local business adviser, your accountant and your local Department of Agriculture, Environment and Rural Affairs (DAERA) rural adviser.

    Gathering as much feedback as possible can help to shape your plan and test how feasible your initial idea is.

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    Rural Support
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  • Advice and support for diversifying your farm

    Find local organisations which provide advice and support for the expansion or diversification of your farm business

    You will find it helpful to get as much advice as possible as you develop your plans to diversify your farm. Specialist advice on diversifying is available in Northern Ireland from farming experts:

    • The Department of Agriculture, Environment & Rural Affairs (DAERA) advisers can offer advice on your rural business idea, sources of finance and how to manage the transition from traditional farm to rural enterprise. DAERA's organic experts can also advise on all aspects of switching from traditional to organic production.
    • Rural Support can offer independent support from a business mentor to help farming families tackle farm business issues such as finance/debt and business decisions regarding the future - find out more about their On Farm Business Support.
    • The Ulster Farmers' Union has 11,500 local members and represents the wide range of interests of farmers - find out more about the Ulster Farmers' Union.

    You might need to supplement your existing skills with some additional training:

    Advice and support towards setting up your business can be found from a number of organisations. The Northern Ireland business support finder is a searchable database that can help you find publicly-funded and not-for-profit sources of business assistance you may be eligible to apply for. Support may be available in a number of forms, including financial assistance and free or subsidised advice services.

    Enterprise Northern Ireland has a network of local Enterprise Agencies. These support small business and community enterprises. They provide:

    • information on government help for small business
    • professional advisers
    • low-cost loans, grant aid and other finance
    • support for small businesses that are acquiring new information technologies
    • support for business growth and development
    • industrial and office space

    Find out more about Enterprise NI and search for your local Enterprise Agency.

    You may also need specialist advice, such as help with legal issues or managing finances - find a solicitor for your business.

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  • Diversify your farm business

    Diversifying our farm - Cavanagh Free Range Eggs (video)

    Farm diversification example with Cavanagh Free Range Eggs, who successfully diversified their farm to create a business

    John and Eileen Hall, owners of Cavanagh Free Range Eggs, explain how they successfully diversified their farm to create and grow a business.

    Cavanagh Free Range Eggs in County Fermanagh supplies free range eggs to retail outlets, hotels and restaurants across Northern Ireland.

    Here, John and Eileen discuss how they planned and took forward their idea. They also highlight the importance of listening to customer feedback, following legislation and marketing their business.

    Case Study
    Eileen Hall
    Content category
    Starting a business

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Starting a business as a female entrepreneur - DELI LITES

In this guide:

  • How entrepreneurial are women in NI?

    Overview of female entrepreneurship in Northern Ireland and support available to help women get started in business

    The Global Entrepreneurship Monitor (GEM) report shows that women in Northern Ireland have a very positive view of entrepreneurship as a career choice. The report indicates that increasing the level of entrepreneurial activity among women will make a huge contribution to the diversity and success of the local economy.

    Many women work part-time while setting up a business. This gives them the chance to develop their business idea while reducing the financial risk that may be involved. See starting a part-time business.

    Others work flexible hours in their new business to allow them to look after a home or fulfil other commitments while getting the business off the ground.

    If you are considering becoming an entrepreneur, it's important to realise that you don't have to go it alone. There is a lot of support available to help women entrepreneurs - see support for women in business.

    Setting up a business is an exciting career option that is flexible and open to anyone. So whether you are currently working, are taking a career break or are just starting out, you can find help to make your business idea a reality.

    Developed with
    Women in Business
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  • How to become a successful woman in business

    Tips, guidance and support for potential women entrepreneurs on taking the rights steps when starting a business

    If you want to become a woman in business, there are a number . things you can to increase your chance of success.

    Business skills

    Running a business requires a range of skills. As well as producing a product or delivering a service you will need to deal with finance, marketing, administration, legal issues and perhaps recruitment, health and safety or other specific areas.

    All of these skills can be acquired and there are many excellent courses available locally. Some of these have been developed particularly for women. The Training for Women Network provide courses for women interested in business.

    First steps for your business

    If you are considering starting up a new business, you need to consider a number of factors to ensure the best chance of success. If you don't have a business idea yet, our business idea profile tool provides information on over 600 small business trades, sectors and professions.

    As well as your product or service, you will need to think about:

    For further information see step-by-step guide to starting a business.

    Support from other women entrepreneurs

    You will also benefit from speaking to other people who have set up a business - there are many organisations and networks that can offer you practical support. For further information see networks and mentors for women in business.

    Women in Business (WIB) provide digital workshops, mentoring, regional events and networking opportunities with other woman entrepreneurs. They also provide a yearly Women in Business conference and other business events.

    Write a business plan

    A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within your business. It is essential to have a realistic, working business plan when you're starting a business. See write a business plan: step-by-step.

    Developed with
    Women in Business
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  • Develop a business idea

    Support for female entrepreneurs to develop a well-defined product or service before launch into the market

    Some people have a very clear idea of what they want their business to be. Maybe you have identified a gap in the market for a particular product or service that you know you can provide.

    Or perhaps you want to set up a business but don't have a definite idea of what you want to sell. Whichever is the case it's important that you develop a well-defined product or service before you launch into setting up a business.

    You need to be sure that you can offer the market something different, or better or cheaper. Good market research is the cornerstone of developing a sound business idea - see market research and market reports.

    Invest NI's Business Information Centre has extensive market research and worldwide company directories that you can use.

    Women are now setting up and running successful businesses in sectors that were once considered male territory, such as construction and IT. Equality of opportunity in these areas has been promoted through professional bodies and trade organisations. Search the Trade Association Forum's directory of trade associations.

    You may find it helpful to identify a mentor from within the sector that you have chosen, who can be a role model and adviser - see benefits of business mentoring.

    Women in Business (WIB) offer a mentoring programme and may be able to connect you to someone from your sector through the members directory.

    Developed with
    Women in Business
    Help
    Start a business Helpline
    Also on this site
    Market research and market reports
    Research and develop ideas, new products and services
    Find and develop a business idea
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  • Support for women in business

    Support programmes available to business women and potential women entrepreneurs in Northern Ireland

    You can become a successful woman entrepreneur with the right support, good planning and the will to succeed.

    Specific support for women

    There are some support initiatives specifically designed for women.

      Women in Business is Northern Ireland's largest and fastest growing network for business women and entrepreneurs. They have over 3,000 members and offers events aimed at helping women develop both personally and professionally, make connections and ultimately grow their business.

      They also have a mentoring programme with almost 150 mentors providing business support and guidance to network members. 

      Women in Business offer a variety of free marketing benefits to all members including publication of their news articles in a bi-annual magazine and in a monthly ezine, as well as their Members Monday promotions.

      Councils and local enterprise agencies run specific initiatives for female entrepreneurs.

      Find finance and advice

      The Northern Ireland Business Support Finder is a searchable database that can help you find publicly-funded and not-for-profit sources of assistance you may be eligible to apply for. Support may be available in a number of forms, including financial assistance and free or subsidised advice services.

      My New Business

      My New Business is a free online service that covers everything you need to plan, start and run a business. It has videos and tools, plus other learning resources - like tutorials and case studies. All of them are aimed at helping you get your business started.

      It also includes checklists that cover everything from coming up with a strong business idea and developing it, to identifying and reaching your customers to turn that idea into a successful business - see My New Business.

      Developed with
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    • Networks and mentors for women in business

      Local female entrepreneurship networks and business mentoring opportunities for women starting out in business

      If you feel nervous about setting up a business, that's normal for everyone - don't let that put you off. A good way to build your confidence is to speak to others who have set up a business and find out what the experience is really like.

      Networks for women in business

      Women's business networks are a good way to build relationships. They offer a forum for discussion, sharing experiences, peer mentoring and practical and emotional support. Just knowing someone else is facing the same challenges as you makes it easier to keep going.

      Networking is a highly effective way to build up a business. It offers a potential market for your goods or services and can be an invaluable way of building up a client base and track record.

      Women in Business is Northern Ireland's largest and fastest growing network for business women and entrepreneurs - find out more about Women in Business.

      WIB also have a mentoring programme with nearly 150 successful and inspirational business women who provide expertise to support to local women in business.

      There are also many UK sector specific women's networks including:

      Developed with
      Women in Business
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    • Starting a business: steps for female entrepreneurs

      A set of steps for potential female entrepreneurs to consider for tried and tested ways to start your business

      Taking the first step is easy if you have done as much planning and as much market research as possible.

      It's useful to write down where you are now, where you want to be in a year and the steps you need to take to get there. This should be as detailed as possible and will help you take a logical and systematic approach to getting started in business. The following guidance should help you:

      The next step is to identify and contact the organisations that can offer you advice and support.

      The business support organisations will be eager to sit down with you and help you work out what you need to do to get your business up and running. They will help you with:

      • training
      • sourcing finance
      • mentoring
      • ongoing business advice
      • specialist technical advice
      • finding premises
      • legal issues

      There is a comprehensive network of support in Northern Ireland and specific initiatives aimed at helping more people get started in business. See: 

      Invest NI also provide support for local businesses.

      Women in Business (WIB) also offers a variety of workshops and programmes specifically for women. Find out about upcoming WIB events and programmes.

      Developed with
      Women in Business
      Help
      Start a business Helpline
      Also on this site
      Ten steps to a successful start-up
      Write a business plan: step-by-step
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    • Start-up support for female entrepreneurs

      Starting a business as a female entrepreneur - DELI LITES

      Jackie Reid explains how she used her skills and expertise to develop her startup idea into a successful business

      DELI LITES Ireland is a food-to-go producer of sandwiches, wraps, salads, and artisan bakery products that uses local ingredients. The business was founded in 1998 and currently employs 300 staff.

      Jackie Reid, the Co-Founder and Sales Director of DELI LITES, explains how she used her skills and expertise to develop her business idea into a successful, well-run business.

      Finding my business idea


      "My husband, Brian, and I founded the company in 1998 after I had spent a summer working in New York. I came back full of inspiration from the amazing colours, textures, and flavours I had witnessed in the vibrant New York scene."

      "We originally ran the business from my sisters' café of the same name. People loved the food we were making, so we decided to make the most of these products and start a pre-packed sandwich business, which today is DELI LITES Ireland."

      Developing my idea


      "When the business was beginning to form, food-to-go was not a familiar concept to people in Northern Ireland. After having been inspired by the futuristic food trends of New York, and in noticing this gap in the market for quality food-to-go products, we wanted to offer customers a product that is quick and easy to consume, without compromising on taste."

      "I have always had a passion for food and for fitness, so a goal throughout the journey was to create a product offering that was honest feel-good food. As such, since the beginning of the business we have been able to invent innovative products that are gluten-free, vegan, vegetarian, high-protein, and low-calorie, as well as the more traditional options."

      "I found that research was everything. I had to look into every aspect of my idea so I knew what the market was lacking and how I could provide answers to consumer needs. I wanted the focus of our products to be about the quality Irish ingredients that we use. As we began securing those initial deals with local suppliers, it got easier to network our way through the food industry and make a name for ourselves."

      Believing in myself and finding hidden talents


      "There are many preconceptions and expectations of women in business, but I use those doubts and fears and turn them into my driving power. Exceeding expectations is a powerful motivator, and one that I use often."

      "Apparently, women are half as likely as men to start their own business, which is a shocking statistic! Aside from the obvious benefits of working for yourself and doing something you love, putting yourself out there in the business world can help you learn more about yourself. You will come to realise just how resilient and strong you are, as well as finding out how far you can push yourself. It's a real soul-searching journey."

      "When we originally started the business, I don't think I had realised just how passionate (and good!) I am at sales. All my entrepreneurial skills came out when we were deep into the process."

      Finding the right support


      "I understand how overwhelming starting a business can be, especially if you're starting the venture alone. I also think that many women are not aware of the financial, advisory and networking resources that are readily available to them. For example, you'll find there are numerous financial schemes, LinkedIn support groups, and local events that will provide help and guidance which are great for women that need to find their supportive crowd."

      "Make sure you take the help that is offered. I often struggle with always wanting to do things myself, but you have to realise (and I have to remind myself sometimes) that you can't do everything yourself. Surround yourself with a positive crowd and take advantage of the help they offer."

      Inspiring and supporting other women


      "I would love for potential and current female entrepreneurs to be inspired by the successful work done by not only myself, but all of the talented female employees of DELI LITES. Innovation is a key value to us, and I'd like to think that the work we do is revolutionising the idea of women working in business."

      "As a woman, I also believe I am somewhat more in tune with the family needs of my employees. In order to work on employee wellbeing, we allow flex-shift patterns and are open to working closely with our team to allow employees to accommodate to family needs, as well as any other internal or external support they may require."

      Prioritising progress and improvement


      "I am always seeking ways to improve the business, from working closely with our Product Development Team to implementing training and tactics to help encourage employee morale. This drive to constantly push the business to its absolute limits in all aspects has helped us go from that small venture in the back of my sisters' café making 30 sandwiches a day into a thriving powerhouse of food-to-go products."

      Case Study
      Jackie Reid
      Content category
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    Choosing the right legal structure for your business (video)

    In this guide:

    • Becoming a sole trader

      An overview of the things you need to consider before starting in business on your own and some of the benefits.

      Being a sole trader is the simplest way to run a business - it does not involve paying any registration fees with Companies House. Accounts and record keeping is straightforward and any profits you make belong to you. However, you are personally liable for any debts that your business runs up, which make this a risky option for raising capital.

      Management and raising finance

      You make all the decisions on how to manage your business.  You raise money for the business out of your own assets and/or with loans from banks or other lenders.

      Records and accounts

      You must keep records showing your business income and expenses and any profits go to you.

      Tax and National Insurance

      As you are self-employed:

      • your profits are taxed as income
      • you pay fixed-rate Class 2 National Insurance contributions (NICs) regardless of any profits you make
      • you pay Class 4 NICs on any profits
      • you need to register for Self Assessment and complete a tax return each year

      Register for Self Assessment with GOV.UK.

      Liability

      As a sole trader, you are personally responsible for any debts run up by your business. This means your home or other assets may be at risk if your business runs into trouble.

      For more information on starting your own business, see:

      Actions
      Register for Self Assessment
      Also on this site
      Set up as a sole trader
      Working for yourself
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      Starting a business

      Source URL

      /content/becoming-sole-trader

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    • Business partnerships

      What you need to consider before starting your new business as a partnership, and the different types of partnership.

      There are three types of partnership:

      • 'ordinary' partnerships
      • limited partnerships
      • limited liability partnerships (LLPs)

      Common features of all types of partnership

      All three types of partnership have the following features in common:

      • two or more persons - ie the partners - share the risks, costs and responsibilities of being in business
      • a partner can be an individual or another business, eg a limited company or another partnership
      • the profits and gains of the partnership are shared among the partners, unless the partnership agreement states otherwise
      • each partner is personally responsible for paying tax on their share of the profits and gains, and for their National Insurance contributions
      • each partner must register for Self Assessment with HM Revenue & Customs (HMStarting a RC) and complete an annual tax return
      • a nominated partner must also send HMRC a partnership return
      • partners raise money for the business out of their own assets and/or with loans
      • the partners themselves usually manage the business, although they can delegate certain responsibilities to employees
      • it's possible to have 'sleeping' partners who contribute money to the business but are not involved in running it from day to day
      • the partnership must keep records showing business income and expenses

      'Ordinary' partnerships

      An 'ordinary' partnership has no legal existence distinct from the partners themselves. If one of the partners resigns, dies or goes bankrupt, the partnership must be dissolved - although the business can still continue.

      A partnership is a relatively simple and flexible way for two or more people to own and run a business together.

      Ordinary partnerships also have to be registered with HMRC for tax purposes. The nominated partner does this by registering the partnership for Self Assessment.

      Limited partnerships

      A limited partnership is made up of a mixture of ordinary partners and limited partners.

      Limited partnerships must register with Companies House but don't generally have to make an annual return or file accounts. When they receive the registration Companies House inform HMRC that the limited partnership has been set up. HMRC will set up the partnership's tax records so there is no need to register with them.

      A limited partner's liability is limited to the amount of money they have invested in the business and to any personal guarantees they have given to raise finance.

      Limited liability partnerships (LLPs)

      LLPs must have at least two designated members. LLPs are taxed as partnerships, but have the benefits of being a corporate entity, and members have limited liability.

      LLPs must:

      • register with Companies House
      • send Companies House an annual return
      • file accounts with Companies House

      When they receive the registration Companies House inform HMRC that the LLP has been set up. HMRC will set up the LLP's tax records so there is no need to register with them.

      For further information see set up a business partnership.

      Actions
      Limited partnership registration guidance from Companies House
      LLP registration guidance from Companies House
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      Set up a business partnership
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    • Starting a private company

      How to decide whether a private limited company or a private unlimited company is the right structure for your startup.

      There are broadly two types of private company:

      • private limited company
      • private unlimited company

      A private limited company may be limited by shares or by guarantee.

      Common features of private companies

      In relation to set up and administration, a private company:

      • Must be registered with Companies House. You can register either via a paper application form or electronically using a third party with access to the necessary software. 
      • Does not have to appoint a company secretary but if one is appointed, this must be notified to Companies House.
      • Must file its accounts annually with Companies House. The accounts must be audited unless the company is exempt.
      • Must send an annual return to Companies House.

      You can send your annual return and other documents to Companies House electronically using its WebFiling service - see filing company information using Companies House WebFiling.

      Both types of private company must also have at least one member and at least one director.

      Directors must notify Companies House of changes in the structure and management of the business.

      Finance comes from shareholders, loans and retained profits. Any profits are usually distributed to shareholders in the form of dividends, apart from profits retained in the business as working capital.

      If the company is active, it must tell HM Revenue & Customs (HMRC) that it exists and is liable to Corporation Tax.

      Companies also need to comply with HMRC's requirements for PAYE for employers and VAT - see taxes.

      Private limited companies

      Limited companies exist in their own right. This means the company is legally separate from the people who run it, has separate finances from your personal ones and can keep any profits it makes after paying tax.

      A company may be limited by shares or limited by guarantee:

      • A company limited by shares must have at least one shareholder. If you're the only shareholder, you'll own 100 per cent of the company. There's no maximum number of shareholders and all shareholders will need to pay for their shares in full if the company has to shut down.
      • A company is limited by guarantee if members' liability is limited to an amount the members agree to contribute to the company in the event of it being wound up.

      For a company limited by shares, shareholders are not responsible for the company's debts unless they have given guarantees - eg a bank loan.

      Shareholders may be individuals or other companies. However, shares cannot be offered to the general public.

      Private unlimited companies

      A company is an unlimited company if there is no limit on the liability of its members.

      These companies are rare and usually created for specific reasons, so it's strongly recommended you take legal advice before creating one.

      Tax and National Insurance for company directors

      Company directors are regarded as an employed earner for the purposes of paying National Insurance contributions (NICs). This means that company directors must pay both Income Tax and Class 1 NICs on their director's earnings.

      Company directors must complete a Self Assessment tax return each year. You will need to give details of the income from your directorship on the employment pages. Register for Self Assessment with GOV.UK.

      Help
      Companies House Contact Centre
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    • Starting a public limited company

      How to set up a public limited company and decide if it is the right structure for your type of business.

      Public limited companies (PLCs) exist in their own right. This means the company's finances are separate from the personal finances of their members.

      How to set-up a public limited company

      PLCs must:

      • have at least two shareholders
      • have issued shares to the public to a value of at least £50,000 or the prescribed equivalent in euros before it can trade
      • be registered with Companies House
      • have at least two directors - at least one must be an individual. Each director who is an individual must be at least 16 years of age
      • have a qualified company secretary

      Find out about filing company information using Companies House WebFiling.

      Management and raising finance

      Businesses that are PLCs are the only type of business that can raise money by selling shares to the general public:

      • shareholders can be individuals or other companies
      • the shares may or may not be traded on the stock exchange
      • finance can also be raised through loans and retained profits
      • directors may be asked to give personal guarantees of loans to the company
      • a board of directors usually makes the management decisions

      Records and accounts

      PLCs must:

      • send an annual return to Companies House
      • file accounts with Companies House once a year - the accounts must be audited unless the company is exempt

      Directors must notify Companies House of changes in the structure and management of the business.

      Profits

      Profits are usually distributed to shareholders in the form of dividends, apart from profits retained in the business as working capital.

      Tax and National Insurance

      If a PLC has any taxable income or profits, it must tell HM Revenue & Customs (HMRC) that it exists and is liable to Corporation Tax. It must then pay any Corporation Tax that's due and submit a Company Tax Return to HMRC. A PLC must also comply with HMRC's requirements for PAYE for employers and VAT - see taxes.

      Company directors must complete a Self Assessment tax return each year. Find out how to register for Self Assessment with GOV.UK.

      Liability

      The liability of each member is limited to the amount unpaid on their shares.

      Members are not responsible for the company's debts unless they have given guarantees - eg when taking out a bank loan.

      Help
      Companies House Contact Centre
      Actions
      Company guidance from Companies House
      Also on this site
      Choose the right name for your business
      Corporation Tax
      Set up a limited company
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      /content/starting-public-limited-company

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    • Setting up specific types of limited company

      Gudiance on how you can set up a Community Interest Company (CIC) or a right-to-manage (RTM) company.

      Instead of setting up a 'standard' type of public or private company, you could consider setting up a:

      • Community Interest Company
      • Right-to-manage company

      These types of company are subject to company law in the same way as standard public or private companies - see starting a private company and starting a public limited company.

      However, they must meet additional criteria in order to qualify as the company type concerned.

      Community Interest Company (CIC)

      A CIC is a type of limited company designed for people who want to run a business for the benefit of the community - ie not purely for the benefit of the company's members and shareholders.

      A CIC may be a public or private company limited by:

      • share capital
      • guarantee with or without share capital

      A company cannot become a CIC if it is:

      • a charity
      • intends to be a political party, a political campaigning organisation, or a subsidiary of either

      If you intend to set up a CIC, you must register it with Companies House.

      CICs are often seen as a type of social enterprise and may take the form of:

      • leisure centres
      • housing associations
      • worker-owned co-operatives
      • community development trusts

      See choose the right structure for your social enterprise.

      Right-to-manage (RTM) company

      A RTM company is run by leaseholders who have taken on the landlord's management functions, eg repairs and maintenance of the premises.

      For a company to be a RTM company in relation to those premises:

      • it must be a private company limited by guarantee
      • its articles of association must state that its object, or one of its objects, is gaining the right to manage those premises
      Help
      Companies House Contact Centre
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      RTM company guidance from Companies House
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    • UK economic interest groupings

      Guidance on UK economic interest groupings (UKEIG) and European economic interest groupings (EEIG) business entities.

      A UK Economic Interest Grouping (UKEIG) is a European Economic Interest Grouping (EEIG) that was registered in the United Kingdom on European Union exit day and was automatically converted to a UKEIG.

      EEIGs registered in the UK on EU exit day would no longer meet the requirements of an EEIG as set out in EU legislation.

      The automatic conversion into a UKEIG ensured that any existing EEIGs registered in the UK could continue to have a clear legal status after the UK had left the EU.

      The UKEIG framework retains as many elements of the EEIG framework as it was possible and practicable to retain.

      The most substantial change is that UKEIGs are unable to transfer their official address outside of the UK.

      No new registrations as a UKEIG will be permitted.

      Find out more about the operations of a UKEIG.

      Help
      Companies House Contact Centre
      Content category
      Starting a business

      Source URL

      /content/uk-economic-interest-groupings

      Links

    • UK establishments of overseas companies

      The steps for an overseas company to take in order to set up an establishment of their business in the United Kingdom.

      If you are an overseas company, you must - within one month of opening a United Kingdom establishment - register with Companies House. Registration is via paper application only.

      If this is going to be your first UK establishment, you must also send Companies House:

      • a certified copy of your company's constitutional documents, eg charter, statute, memorandum and articles of association, with a certified translation in English if the original is in a language other than English
      • a copy of your company's latest set of accounts, again with a certified translation in English if the original is in a language other than English

      You only have to submit the accounts if either:

      • the accounts must be filed under the law of country in which your company is incorporated - the 'parent law'
      • your company is incorporated in an European Economic Area (EEA) state and the parent law requires you to prepare and disclose accounts but does not require such accounts to be audited or delivered

      If this is going to be an additional UK establishment, you don't have to deliver the constitutional documents. You may instead state in the registration document that you have delivered them in respect of another UK establishment - but you must give the registered number of that establishment.

      You must notify Companies House of any changes to the original registration information. You must deliver the forms notifying the changes to Companies House within 21 days of the change.

      Companies House provide further information on overseas companies.

      Help
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    • The franchise business model

      A basic overview of how to start your new business by buying a franchise and what to know before signing an agreement.

      A franchise is not a legal structure but is a business model that can operate under one of the legal structures, ie as a sole trader, or type of partnership or limited company - see:

      Buying a franchise is a way of taking advantage of the success of an established business. As the 'franchisee', you buy a licence to use the name, products and services of the 'franchisor' business. This licence normally covers a particular geographical area and runs for a limited time, after which it should be renewable as long as you meet the terms of the franchise agreement.

      Franchise agreements usually set out how the franchised business should be run, although they may allow some flexibility. As there is no specific legislation or regulation for franchising, the franchise agreement becomes all-important in determining the rights and obligations of the franchisor and the franchisee as well as the relationship between them.

      Don't sign any agreement, or pay any fees or deposit, until you have taken legal advice.

      The way you pay for the franchise may be through an initial fee, ongoing management fees, a percentage of your turnover, purchases of goods from the franchisor, or a combination of these.

      You often pay a percentage of your turnover to the franchisor, which reduces your overall profits.

      For further information see how to buy a franchise.

      Help
      BFA Enquiry Line
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    • Choosing the right legal structure for your business (video)

      Sole trader, partnership or private limited company; this video will help you find the right structure for your startup.

      Choosing a legal structure is one of the first decisions you will make as a business. This short video tutorial outlines the common types of legal structures for businesses, including starting a private limited company, becoming a sole trader or entering a business partnership. 

      It explains the differences between these legal structures, plus their advantages and disadvantages. The tutorial also highlights your responsibilities under each business structure to help you make the right decision for your business.

      Also on this site
      Legal structures for businesses - an overview
      Content category
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    Part of My New Business

    Start your business checklist

    Show all

    Support for home-based businesses

    In this guide:

    • Advantages and disadvantages of starting a business from home

      An overview of the benefits and drawbacks of deciding to start your own business as a home-based enterprise

      Becoming a home-based business owner is an option if you don't actually need to run your business from rented or owned business premises.

      It's a common choice for people who just need a small office, or who spend most of their time working on premises owned by their clients.

      However, working from home may not be an option if it significantly changes the use of your home, or affects your local area, for example if you have lots of visitors. If you rent your home, your licence or lease may include restrictions on using it for business purposes.

      Advantages of starting a business from home

      Some of the main advantages of a home-based business are:

      • you do not have a sizeable expenditure on office rental or office purchase
      • you can save time and money by cutting your commute
      • you can be flexible around the hours you work
      • you can avoid the distractions and noise of the workplace
      • you are taking less of a risk with your new business as less start-up money is required
      • working from home can help you save money on tax 

      Your business will be able to claim tax relief on domestic bills for the areas of the house used for your business.  If your business is VAT registered, you may be able to claim back VAT on articles you buy for business use.

      Disadvantages of starting a business from home

      The disadvantages of a home-based business can be:

      • it may prove difficult to keep work and home-life separate, and there may be domestic distractions and interruptions
      • a lack of contact with other people and businesses
      • you might end up working long hours
      • you may feel a sense of isolation if you are working alone at home with few social interactions on a day-to-day basis
      • your mortgage, home insurance and tax situation may be affected - see how to use your home as a workplace

      Addressing the disadvantages

      It is important to keep your home and work life separate, especially if you have a family. There are simple steps you can take to make this separation - see workspace for a home-based business.

      If you are feeling isolated from other people, our events finder can help you find information on local networking events in your area - search our Events Finder tool. 

      You can also get involved in online networking - see Northern Ireland business networks and social media best practice for business.

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    • Popular home-based business ideas

      How to find the right home business idea which can work for you and inspire your entrepreneurial dreams

      If you don't have a home business idea yet, ask yourself some questions:

      • Is there a gap in the market? Have you tried to buy something that you just can't find? In this case, others may be looking for that product too.
      • What is my passion/skill/hobby? Can you find a way of making a living from it?
      • Can I do something better? Have you seen someone offer a product or service that you think you can offer better yourself?

      Popular business ideas that you can start from home

      Consider opportunities in your local area for services such as:

      • childcare
      • tutoring
      • translation services
      • editorial services
      • dog walking
      • alteration services

      Other popular home-based business ideas include:

      • accountants
      • arts and craft makers
      • bed and breakfast facilities
      • business coaching
      • caterers
      • consultants
      • creating an online shop
      • pet grooming
      • public relations services
      • publishers
      • virtual assistants who provide professional assistance to clients from a home office
      • website designers
      • writing/blogging

      Working 'five to nine'

      You may want to consider starting a business whilst in full or part-time employment, using the evenings and weekends to build your business - see start a part-time business.

      Watch a short video that will help you develop your business idea.

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      Invest NI support for business
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      Find and develop a business idea
      Write a business plan: step-by-step
      Research and develop ideas, new products and services
      Buy a franchise
      Content category
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    • Start-up costs and financing your home-based business

      The most common costs to plan for when starting a business from home and options for financing your initial setup

      If you are looking for some extra funds to start up a home-based business, there are various options to consider.

      For more information, see: 

      Initial costs for a home business

      You will need to buy, lease or rent the equipment for your home office and any materials you need for the service you are supplying - see decide whether to lease or buy assets.

      Finding and keeping in touch with customers is a major issue, so investing in a good computer with relevant software and a broadband connection will be a priority in most cases.

      The most common costs to consider when starting out are:

      • a computer or laptop
      • broadband access
      • mobile phone
      • office desk or chair
      • business cards
      • stock - if you're supplying products

      When you are factoring software packages into your start-up costs, take a look at the much cheaper or even free options - open-source software such as OpenOffice and Google Docs.

      For more information, see computer software for business and IT for home-based businesses.

      Read further information on managing business finance during the start-up phase.

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    • Record keeping for a home-based business

      Business records you need to keep for your home-based business and tips for getting your record-keeping right

      It is vital to keep full and accurate records of your income and expenses from the start. Keeping records makes sound business sense and is a legal requirement. So it is important to get a proper system in place from the outset, and update the information regularly.

      Advantages of good record-keeping for home businesses

      Keeping good records helps you:

      • complete your tax returns easier and quicker
      • pay the right tax at the right time
      • avoid paying unnecessary interest and penalties

      You should keep invoices and receipts to show what you have bought or sold relating to your business.

      If you are employing others, you must keep records of their wages and tax and National Insurance you have deducted and paid to HM Revenue & Customs (HMRC).

      Keeping bank statements and building society books is vital, especially if you don't have a separate business account. You should be able to show clearly what you have spent personally and what is spent on business. If you use cash, you will need till receipts and a record book to keep track of it all.

      If you are using part of your home for business then you should keep copies of the utility bills so that you can work out the amount spent in relation to your business.

      If you have an accountant you might want to get their advice on what system suits your business and on how to keep your records up to date.

      Keeping records is important as you can be penalised for not taking reasonable care with records and tax returns. HMRC provide information about taking reasonable care and how to avoid tax penalties.

      For further information on record-keeping see:

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    • IT for home-based business start-ups

      Getting your home business IT investment right to ensure an engaging and secure customer-facing online presence

      The home business owner depends on technology - to find and keep customers and to keep in touch with suppliers, partners and contacts.

      Email and the internet offer simple and effective methods of customer care and management, while information technology (IT) can help you with almost every aspect of your business.

      For more information, see the benefits of email and the internet.

      The benefits of a website for a home business

      Websites have become a must-have marketing tool for most businesses. Websites are good for:

      • attracting sales
      • branding your product or service
      • keeping in touch with customers through email updates

      You might want to start by using an 'off the shelf' template site. These can come with in-built payment systems for selling online and search engine optimisation (SEO) for pushing your site higher up in online search result listings.

      For more information see search engine optimisation.

      If you are thinking of selling products online, remember that you can also do this through existing auction websites.

      Online networking and social media for home businesses

      You can use social media like Twitter and LinkedIn to keep in touch with other business owners. This will alert you to business development opportunities and help overcome any feelings of isolation you experience as a home business owner. For more information, read social media best practice for business and Northern Ireland business networks.

      Working away from home

      IT doesn't just allow you to build a professional office at home - it enables you to work on the move. Recent technology such as WiFi, USB dongles, smart phones and video conferencing apps means that you can work wherever you want - see mobile technology.

      Cloud computing provides businesses with a way of managing data and software requirements over the internet - 'in the cloud'. This makes your business information accessible from any computer or mobile device with an internet connection and web browser. Cloud computing can provide a cost effective and flexible solution to your IT requirements - see cloud computing.

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    • Workspace for a home-based business

      Work equipment and workspace requirements, planning permission and questions to ask yourself

      It is important to create a dedicated workspace - it allows you to work without distraction and close the door on work at the end of the day.

      Workspace priorities in the home

      The area that you use for work should ideally be clearly marked as such. A spare room with a lockable door or an outbuilding are popular choices enabling home business owners to:

      • deal with clients in a professional manner
      • resist demands from other members of the household
      • keep work equipment separate from home equipment and therefore protected

      Allocating part of your house as a workplace can have tax and insurance implications - see tax considerations of working from home.

      You can create a space to call your own by:

      • using office equipment in a general area of the house and putting it away when not in use
      • housing your workstation in a cupboard, wardrobe or under-stair space with lockable shutters or doors

      Work equipment and workstation set-up

      When setting up your work area:

      • your chair and desk should be fully adjustable and suited for computer use
      • your desk should be big enough for your computer, keyboard and monitor
      • use storage to keep office free of clutter
      • when sitting at your desk, keep your feet flat on the floor and your back straight - the top of your monitor should be at eye level

      For more information see how to use your home as a workplace.

      You must carry out a health and safety risk assessment on your workspace - see manage the risks in your business.

      Home business and planning permission

      If you are making substantial changes to your home to accommodate your business you should contact your local council to find out whether you will need planning permission to work from home.

      Set up a virtual office

      If you need to see clients for your business but you still want to run your business from home, a possible solution is using a virtual office. Watch the following short video to help you decide if a virtual office could work for your business.

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    • Running your home-based business

      How to keep your home business running smoothly with business development, customer care and administration

      Managing your business properly will improve your chances of success and prepare you to grow your business.

      Developing relationships from a home-based business

      The more you communicate with customers, suppliers and other entrepreneurs, the more business opportunities you will identify. Consider the following:

      Cashflow for home businesses

      Cashflow is the lifeblood of every business. You must do all you can to ensure that money owed is coming into the business. You can ensure prompt payment by issuing invoices on time and having a system in place to alert you to non-payment - see cashflow management and getting paid on time.

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      Credit checking your customers and setting credit limits
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    • Support for home-based businesses

      Support organisations, online resources and networking events can provide support for home-based businesses

      A wide range of help is available to you if you're starting a business from home. You can get help from a variety of local organisations, government agencies and online sources. Other forms of support can be obtained from events such as networking meetings and business workshops.

      Home business support includes:

      • Go Succeed Start experts in your local council will help you to create a business plan, seek funding and put all the foundations in place to get your business up and running - complete a short enquiry form or call 0800 027 0639 to register for this free advice and guidance.
      • The Northern Ireland Business Support Finder is a searchable database that can help you find publicly-funded and not-for-profit sources of assistance you may be eligible to apply for. Support may be available in a number of forms, including financial assistance and free or subsidised advice services - search for business support and finance.
      • Invest NI's regional office network offers training and advisory services to those starting up in business - see Invest NI business support opportunities.
      • Enterprise NI is a network of local enterprise agencies that offers key assistance to your business, whether you are already established or just starting up - find your local enterprise agency.
      • Mentoring can help you develop business skills. Building a relationship with a mentor can have a positive effect on your business, whether you are just starting up or are already established. A mentor can help you develop important business skills, support you in making important decisions and put you in touch with useful business contacts - see the benefits of business mentoring.
      • Northern Ireland Chamber of Commerce offers support and advice and may organise networking meetings for businesses of a similar size and in similar business sectors.
      • Our Events Finder tool can help you to find a range of networking events and workshops in your local area - search the Events Finder.
      • Social media channels like Twitter and LinkedIn can alert you to business development opportunities and help you overcome any feelings of isolation you experience as a home business owner - see social media platforms.

      My New Business

      My New Business is a free online service that covers everything you need to plan, start and run a business. It has videos and tools, plus other learning resources - like tutorials and case studies. All of them are aimed at helping people like you get your business started.

      It also includes checklists that cover everything from coming up with a strong business idea and developing it, to identifying and reaching your customers to turn that idea into a successful business - see My New Business.

      Also on this site
      Ten steps to a successful start-up
      Business mentoring
      Content category
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      Source URL

      /content/support-home-based-businesses

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    • Growth options for a home-based business

      How to manage the growth of your home business by employing people, outsourcing and meeting spaces

      When it comes to growing your business, one popular option is to focus on what you do best and outsource the rest.

      Employing staff

      If you are thinking of employing people, you need to determine their employment status, for example whether you will treat them as employees, contractors or sub-contractors, or simply 'volunteer' family and friends - see recruiting staff.

      If you employ someone, you will have extra responsibilities relating to health and safety - for more information read what you need to do about health and safety.

      Outsourcing

      You can grow your business without increasing headcount or expanding your premises, by outsourcing, for example:

      • accounts
      • administration
      • telemarketing - for generating leads
      • PR
      • design and copywriting

      For more information see outsourcing.

      Meeting spaces

      As your business grows, you may find that your home is no longer suitable for all your business needs. Remember that you can rent managed workspace and meeting facilities for occasional use through business centres. These can be found in central locations in many towns across the United Kingdom.

      For further information on business growth see:

      Go Succeed Grow

      If your business is already established and is now ready to expand, but you're not sure how to progress, Go Succeed Grow experts in your local council will provide tailored support to help shorten the journey to business growth.

      Complete a short enquiry form or call 0800 027 0639 to register for this free advice and guidance.

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    • Starting a business from home: 7 things you should know

      Starting a business from home is a popular option for many businesses - here are some tips to help you get started

      Starting a business from home is a popular option for many businesses. Generally the costs will be lower, you can avoid travel expenses and you have the freedom and flexibility to work the hours you choose in an environment that you create yourself. These tips highlight things to consider when setting up your home business:

      1. Start-up costs - You will need to buy, lease or rent the equipment for your home office and any materials you need for the service you are supplying. Common costs include a computer/laptop, broadband access, mobile phone, desk/chair, business cards and stock if you are supplying products.
      2. Workspace - It is important to create a dedicated workspace - it allows you to work without distraction and close the door on work at the end of the day. It will also allow you to deal with clients in a professional manner, resist demands from other members of the household and keep work equipment separate from home equipment.  You must also carry out a health and safety risk assessment to identify any possible hazards to yourself, workers, visitors and other members of your household.
      3. Planning permission - If running your business from home means that the use of the building changes, or the activities that you undertake have an effect on the area where you live, you may need to apply for planning permission from your local council. For example, changes could include increased traffic near your property caused by your business operations or the need to make structural alterations to your home.
      4. Tax considerations - Working from home can affect your tax situation. Your business will be able to claim tax relief on domestic bills for the areas of the house used for your business.  If your business is VAT registered, you may be able to claim back VAT on articles you buy for business use. If you have set aside a room solely for working in, you'll have to work out if there's Capital Gains Tax to pay if you sell your house.
      5. IT requirements - Many home business owners depend on technology to keep in touch with suppliers, partners and contacts. Access to email and the internet will support you with these activities.
      6. Record keeping - Keeping accurate records is important as you may incur penalties for not taking reasonable care with records and tax returns.  Keep invoices and receipts to show what you have bought or sold relating to your business.  If you are employing others, you must keep records of their wages, tax and National Insurance you have deducted and paid to HM Revenue & Customs (HMRC).  Keeping bank statements and building society books is vital, especially if you don't have a separate business account.
      7. Networking - Online networking allows you to build and maintain business relationships. You can use social media platforms like Twitter and LinkedIn to keep in touch with other business owners and identify new customers. This will alert you to business development opportunities and help overcome any feelings of isolation you may experience as a home business owner.
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    • Start a business from home

      Starting my business from home - Angels and Butterflies Jewellery Designs (video)

      Debbie Todd, owner of Angels and Butterflies Jewellery Designs, discusses how she started her business from home

      Debbie Todd, owner of Angels and Butterflies Jewellery Designs, discusses how she started her business from home.

      Also on this site
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      Use your home as a workplace
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    Six top tips for business networking

    In this guide:

    • What networks are available to Northern Ireland businesses?

      Business networking events hosted by business support organisations across Northern Ireland

      Making links with local businesses is a key element to business success in Northern Ireland.

      Northern Ireland networks for all businesses

      Most businesses can find some benefit from joining a business network in Northern Ireland. From simple best practice advice to networking for trade opportunities, there are business organisations in Northern Ireland ready to make those business connections possible.

      Specialist business networks in Northern Ireland

      Business networking opportunities are available across Northern Ireland and it is possible to find networking groups and services tailored for specific groups of people or business sectors.

      There are many opportunities to build your own network in Northern Ireland. Trade shows, conferences, seminars and networking events organised by trade associations, professional bodies and business support organisations offer a good opportunity to meet new contacts - see how to build your own network.

      Also on this site
      Networking for staff development
      Overview of Northern Ireland business
      Content category
      Starting a business

      Source URL

      /content/what-networks-are-available-northern-ireland-businesses

      Links

    • Invest Northern Ireland business networks

      Invest Northern Ireland provides business support programmes, business growth help and business networking events

      Invest NI can offer you practical help to grow your business and solve the problems you encounter along the way. Invest NI supports a range of business networks that you can join.

      Northern Ireland business networks can help you with any business problem, whether you need advice on a particular difficulty, finding the right people, or simply how to push your business forward in Northern Ireland and beyond.

      Invest NI networking support

      Invest NI runs a number of programmes aimed at developing Northern Ireland businesses. Programmes range from mentoring support for short term advice from an experienced business person to support for collaborative business networking.

      Best Practice Clubs bring you current knowledge on how to improve aspects of your business, and are a great chance to network with local business people. Events including seminars and workshops on key subjects, such as cashflow or marketing, take place regularly across Northern Ireland.

      Invest NI hosts the Business Information Centre. Anyone in Northern Ireland can make an appointment with an adviser to access market research information, business contacts and suppliers and local and international business partnering opportunities.

      Find out more about the Business Information Centre.

      Help
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    • Build your own business network

      Create and make the most of an informal business network in Northern Ireland

      Developing your own Northern Ireland business network could be a key part of the success of your business. Over the years a good network gets stronger, adding value to your business.

      Your network will be unique to you, and some of the best contacts you will make may not come from formal events. You should try to build your own web of contacts from the people you meet at work every day. Opportunities to make contacts can arise from social setting such as sports clubs, local evening classes, community centres, and at parties.

      Successful network building

      Aim to establish a good relationship with everyone useful you meet. To get the best from your new contacts you should:

      • file notes and business cards after each meeting
      • follow up each contact by phone or email
      • remind your contact which business you are from and tell them you found it a pleasure meeting them
      • maintain regular contact and update them about changes to your business
      • keep up to speed with their business developments
      • agree a way forward, for example, setting up a face-to-face meeting

      As well as the contacts you make in person, you can start online networking. This enables you to share knowledge and establish contacts with people in Northern Ireland and all over the world. Some online networking sites will request a short profile of your business for inclusion.

      LinkedIn is a great way to meet fellow entrepreneurs, reach your audience and network - see LinkedIn for business.

      Also on this site
      Networking for staff development
      Overview of Northern Ireland business
      Content category
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    • Six top tips for business networking

      Networking tips for raising your profile, meeting new customers and suppliers, sharing knowledge and sourcing finance

      Successful networking has many advantages for businesses. It can help you to:

      • raise your profile
      • meet new customers and suppliers
      • share ideas and knowledge
      • source finance

      Follow these tips to help you build your business network.

      1. Be proactive - research local business networks and events that are relevant to you. Use the Events Finder to search for local upcoming business networking events.
      2. Get involved with traditional and digital networking - engage in both online and face-to-face networking, as this will give you more opportunities to build mutually supportive relationships with key contacts. Networking sites such as LinkedIn can help you make contact with a range of people that could benefit your business. See LinkedIn for business.
      3. Face-to-face networking can speed up communication and provides an opportunity to connect with people in a genuine way. It can also help you keep up-to-date with what's happening in your local area. See what networks are available to Northern Ireland businesses?
      4. Be prepared - for face-to-face networking, bring plenty of business cards and only give them to people who show a real interest in what you do. Dress appropriately for the type of networking event you are attending. If there are specific attendees or speakers you hope to meet and talk to, do your research and prepare well ahead of time.
      5. Work on your business pitch - it is worthwhile to decide what key pieces of information about yourself and your business that you would like to focus on.  Be enthusiastic and passionate about your business and its potential. See how to pitch to potential investors.
      6. Build rapport with the people you meet - aim to be informative and engaging. Always communicate in a clear and honest way. Think about relevant questions that you can ask once you have introduced yourself - find out more about the people you are networking with and listen carefully to their answers.
      7. Always follow-up with potential contacts - when you meet someone new at a networking or industry event, it is important to exchange contact details so you can stay in touch. It is good practice to send the other person a brief email the next day or invite them to connect with you on a site such as LinkedIn. If there is something specific you wish to discuss with a new contact, suggest a follow-up meeting.

      In addition, this short video provides an overview of business networking and highlights typical networking opportunities.

      Also on this site
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    Part of My New Business

    Pre-start checklist

    Show all

    Checklist: set up a limited company

    In this guide:

    • Name your limited company

      What you can and cannot name your company in the UK, including specific words you need permission to use

      You must choose a name for your business if you're setting up a private limited company.

      There are different rules for business partnerships and sole traders - see naming your partnership and naming your business as a sole trader. 

      Your name can't be the same as another registered company's name. If your name is too similar to another company's name you may have to change it if someone makes a complaint.

      Your name must usually end in either 'Limited' or 'Ltd'.

      Check the Companies House register.

      'Same as' company names

      'Same as' names includes those where the only difference to an existing name is:

      • certain punctuation
      • certain special characters, for example the 'plus' sign
      • a word or character that's similar in appearance or meaning to another from the existing name
      • a word or character used commonly in UK company names

      For example, 'Hands UK Ltd' and 'Hand's Ltd' are the same as 'Hands Ltd'.

      You can only register a 'same as' name if:

      • your company is part of the same group as the company or Limited Liability Partnership (LLP) with the existing name
      • you have written confirmation that the company or LLP has no objection to your new name

      GOV.UK provides further guidance on requirements when naming your company. 

      'Too like' company names

      You may have to change your name if someone complains and Companies House agrees it's 'too like' a name registered before yours.

      For example, 'Easy Electrics For You Ltd' is the same as 'EZ Electrix 4U Ltd'

      Companies House will contact you if they think your name is too like another - and tell you what to do.

      Other rules for company names

      Your company name can't be offensive.

      Your name also can't contain a 'sensitive' word or expression, or suggest a connection with government or local authorities, unless you get permission.

      For example, to use 'Accredited' in your company's name, you need permission from the Department for Business, Energy and Industrial Strategy (BEIS).

      GOV.UK outlines which words you need permission to use, and who from.

      Trading names

      You can trade using a different name to your registered name. This is known as a 'business name'.

      Business names must not:

      • be the same as an existing trade mark
      • include 'limited', 'Ltd', 'limited liability partnership, 'LLP', 'public limited company' or 'plc'
      • contain a 'sensitive' word or expression unless you get permission

      You'll need to register your name as a trade mark if you want to stop people from trading under your business name.

      You can't use another company's trade mark as your business name.

      Displaying your company name

      There are rules that you must follow when displaying your name on signs, stationery, promotional material and invoices. For example, you must display a sign showing your company name at your registered company address and wherever your business operates. If you're running your business from home, you don't need to display a sign there.

      Know the rules you must follow on displaying your company name.

      When you don't have to use 'limited' in your company name

      You don't have to use 'limited' in your name if your company is a registered charity or limited by guarantee and your articles of association say your company:

      • promotes or regulates commerce, art, science, education, religion, charity or any profession
      • can't pay its shareholders, for example through dividends
      • requires each shareholder to contribute to company assets if it's wound up during their membership, or within a year of them stopping being a shareholder
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    • Company addresses

      What types of addresses can be used as your registered company address including your home address or a PO Box

      Your registered office address is where official communications will be sent, for example letters from Companies House.

      The address must be:

      • a physical address in the UK
      • in the same country your company is registered in, for example a company registered in Northern Ireland must have a registered office address in Northern Ireland

      You can use a PO Box. You must include a physical address and postcode.

      You can use your home address or the address of the person who will manage your Corporation Tax.

      Your company address will be publicly available on the online register.

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    • Appoint directors and a company secretary

      Rules for appointing a company director and a company secretary and an overview of their legal responsibilities

      Your company must have at least one director. Directors are legally responsible for running the company and making sure company accounts and reports are properly prepared.

      A director must be 16 or over and not be disqualified from being a director.

      Directors don't have to live in the UK but companies must have a UK registered office address.

      Directors' names and addresses are publicly available from Companies House. You can stop your home address from appearing on the register if you or your family are at risk of abuse or harm because of your company's work.

      Read further guidance on directors' responsibilities.

      Appointing company secretaries

      You don't need a company secretary for a private limited company. Some companies use them to take on some of the director's responsibilities.

      The company secretary can be a director but can't be:

      • the company's auditor
      • an 'undischarged bankrupt' - unless they have permission from the court

      The restrictions placed on a person when they're made bankrupt usually end when they're free from their debts (known as 'discharged'). You can check if someone has been discharged using the Insolvency Register.

      Even if you have a company secretary, the directors are legally responsible for the company.

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    • Shares and shareholders

      Working out shares, issuing shares and setting prescribed particulars for shareholders of your limited company

      Most limited companies are 'limited by shares'. This means they're owned by shareholders, who have certain rights. For example, directors may need shareholders to vote and agree changes to the company.

      Work out your shares

      A company limited by shares must have at least one shareholder, who can be a director. If you're the only shareholder, you'll own 100 per cent of the company. There's no maximum number of shareholders.

      The price of an individual share can be any value. Shareholders will need to pay for their shares in full if the company has to shut down. You can choose a low share value (for example, £1) to limit the shareholders' liability to a reasonable amount.

      Issuing your initial shares

      When you register a company you need to provide information about the shares (known as a 'statement of capital'). This includes:

      • the number of shares of each type the company has and their total value - known as the company's 'share capital'
      • the names and addresses of all shareholders - known as 'subscribers' or 'members'

      For example, a company that issues 500 shares at £1 each has a share capital of £500.

      Prescribed particulars

      You also need to include information about what rights each type of share (known as 'class') gives the shareholder. This information is known as 'prescribed particulars' and must include:

      • what share of dividends they get
      • whether they can exchange ('redeem') their shares for money
      • whether they can vote on certain company matters
      • how many votes they get

      For further information see company shares and shareholders.

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    • Memorandum and articles of association

      You must have a memorandum and articles of association in order to register a limited company in the UK

      When you register your company you need:

      • a memorandum of association - a legal statement signed by all initial shareholders agreeing to form the company
      • articles of association - written rules about running the company agreed by the shareholders, directors and the company secretary

      Memorandum of association

      You can use the Companies House memorandum of association template. You can't update the memorandum once the company has been registered.

      Articles of association

      You can use standard articles (known as 'model articles').

      You can write your own articles but if you do, you can't register your company online.

      Community interest companies

      You can't use limited company model articles if you're setting up your legal structure as a community interest company (CIC) - see choose the right structure for your social enterprise.

      Use the CIC regulator's model constitutions instead.

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    • Register your limited company

      How to register a company online, by post, using software or appointing someone else to deal with HMRC on your behalf

      You can register your company if you have everything you need to set up.

      Register your company online

      You can register online if your company is limited by shares and uses standard articles of association ('model articles').

      It costs £12 and can be paid by debit or credit card or Paypal account. Your company is usually registered within 24 hours.

      Register now.

      Register your company by post

      You can register by post using form IN01.

      Postal applications take eight to ten days and cost £40 (paid by cheque made out to 'Companies House').

      Send your application to the address on the form.

      Other ways to register your company

      You can also register your company:

      After you've registered your company

      Once the company is registered you'll get a 'certificate of incorporation'. This confirms the company legally exists and shows the company number and date of formation.

      You'll also need to register for Corporation Tax within three months of starting to do business.

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    • Register for Corporation Tax

      How to register for Corporation Tax including information you need to provide and how to get a Unique Taxpayer Reference

      After you've registered your company with Companies House, you'll need to register it for Corporation Tax.

      You'll need to do this within three months of starting to do business. This includes buying, selling, advertising, renting a property and employing someone. You may get a penalty if you register late.

      If you are unsure of what counts as starting to do business, see working for yourself.

      How to register for Corporation Tax

      You'll need your company's 10-digit Unique Taxpayer Reference (UTR) before you register for Corporation Tax online with HMRC.

      This is posted to your company address by HMRC, usually within a few days of the company being registered with Companies House (incorporated).

      Call the HMRC helpline on Tel: 0300 200 3410 if you didn't get a UTR after registering your company.

      Information you'll need to register for Corporation Tax

      When registering, you'll need to tell HMRC:

      • your company's registration number
      • the date you started to do business (your company's first accounting period will start from this date)
      • the date your annual accounts are made up to

      What happens after registering for Corporation Tax

      HMRC will tell you the deadline for paying Corporation Tax.

      You'll need to file a Company Tax Return, even if you make a loss or have no Corporation Tax to pay - see GOV.UK information on Company Tax Returns.

      Finding your UTR in future

      Your 10-digit UTR will be on all letters from HMRC and within HMRC online services. You need it:

      Actions
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      Send your Company Tax Return using commercial software
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    • Checklist: set up a limited company

      A useful list of things you need to do to when setting up a limited company and organisations you need to contact

      To set up a limited company there are several things you must do. Make sure that you:

      It's worth remembering that this is just a start. As you continue in business, you may have other legal and tax issues to bear in mind.

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