If you are looking to become a self-employed in the UK, there are certain things that you need to take care of, particularly if you are a foreign national. Around 15% of the working population in the UK is self-employed. This post will focus on the important things that you should keep in mind if you are looking to set up a business in United Kingdom.
1. Ensure that your business will have a market in the UK
Entrepreneurship is a challenge that comes with its perks and costs. It is extremely important that you have a business plan in mind. Every demographic has its unique needs and selling points. Make sure that the product or service that you are going to invest your capital in can make money. For this, you must ensure that there is a steady or growing demand in the UK market. You can Also ensure that your business is sustainable in the country in the long run.
For this, you need to do a thorough research on the UK market and analyze changing market trends. You will also need to prepare budget forecasts so as to keep your business stable and sustainable in the UK. Preparing budget forecasts also helps you calculate profits better and channelize your funds in a better way.
2. Make sure that you have the necessary understanding of the legal procedures.
If you are a foreigner in the UK, you need to have your business visas in place and carry a residence permit too. Additionally you need to have an in-depth understanding of the various laws involved in setting up a business.
Intellectual Property Law – Intellectual property can refer to copyrights, designs, patents and trademarks. Ensure that your business has a distinct logo and learn to protect your innovations with help of patents. Also ensure you don’t do a careless infringement on others’ intellectual properties.
Tax Law – One needs to register for VAT if his/her revenue crosses the £81,000 revenue threshold. It is mandatory for you to learn how and when different UK tax laws will be applicable to you.
Employment Regulations – Learn of the National Minimum Wage regulations, discrimination laws, and health and safety regulations. Be aware of sensitive issues of parental leave and get an idea on how to handle disciplinary issues. Also learn about the Default Retirement Age. You can also choose to outsource an HR consultant.
Digital Regulations – The Privacy and Electronic Communications Act is the one to read up thoroughly if you’re planning to have an online presence for your business.
3. Register your business
It is one of the preliminary steps before you can go ahead and sell your products and innovations in the UK. But before registering, you will need to think of an appropriate name and select the address where you want to place your office or manufacturing or selling unit. It is important for you to register your business for tax purposes.
4. Develop branding channels: create a logo and a business blog
The best way to create a branding of your business in the consumer market is by creating a website and a logo that is eye catching, fast and serves the purpose. A logo remains unique to your enterprise, and is a mark of professionalism. Decide on an appropriate logo for your business as logo and branding go hand-in-hand.
A good logo is important to build a loyal customer base, and increase brand value. It is always a great idea to have the name of your company in the logo, or if it is a long name, try to build a logo that has the initials of each or just the initial word, whichever you think is more appropriate.
Again, the look and feel of your logo should resonate with your business. This helps to communicate better with the consumer market. A logo is also often a symbol of whether your brand provides premium products or basic and cost-effective ones. This helps build the right type of audience.
5. Check if you need to abide by additional laws
More often than not, companies may need special kinds of permits to sell certain products. For example, sell alcohol, or export your products. Also ensure you have the necessary insurance as different businesses need different categories of insurance.
It is also important to keep a record of your all your accounts for tax and auditing purposes. It all may seem a bit daunting, but with some help at hand, you can definitely set up your dream enterprise in the UK.