Business Insure: Kick-starting your small business

limited company, sole trader, partnership or a limited liability partnership (LLP). For small businesses within the UK, sole trader and limited company status are the two most popular – where you are either self-employed or director of a separate company. Also will you work from home, or use an office space? This will depend very much on whether or not you intend to hire any staff – if so, be sure you understand the legal implications of becoming an employer.

Next, try to choose an effective name for your business (ensuring you understand the legal issues surrounding copyright) and work on a comprehensive business plan. This should include information pertaining to your goals and objectives, market and competitor analysis, a SWOT report (strengths, opportunities, weaknesses, threats), an executive review, and the critical success factors of your business.

Of course, a detailed financial plan must accompany your business overview, with your predicted costs and revenue for the next three years. People will generally underestimate their costs and get a bit too excited with their anticipated revenue – be realistic without underselling yourself.

Now comes the hard work – marketing your small business effectively and generating sales. The hardest part of setting up a new venture is convincing people to take your product seriously and consider buying it. Why not partner with an established marketing or PR agency to figure out the best route for