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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Average start-up costs revealed

16 May 2018

Average start-up costs revealedA new study has calculated the typical costs for setting up a business in the UK.

Research conducted by Quotemyenergy has found that solopreneurs are likely to need £30,000 for their first year in business. This includes paying for the cost of a co-working space (around £3,500 for a year) as well as core costs such as company set-up, insurance and building a website.

The average cost of setting up a retail business is considerably higher. The findings show that retailers need £172,000 for the first year. Renting retail premises and storage space can cost more than £37,000; while buying a store space will cost a six-figure sum. Stock, tills and staff are also expenses that would-be retailers would need to factor in, including the cost of employees' NI payments and insurance.

The research finds that tech entrepreneurs need the biggest start-up fund. On average, £380,000 is needed for the first year to pay for office space, specialist staff and the equipment required to run a successful technology business.

The research finds that office premises are likely to be the biggest first year expense for any start-up and employees are likely to be the second biggest drain on the purse strings - especially with National Insurance, employee insurance and recruitment fees on top of salaries.

Earlier this year, a survey by accounting software provider FreeAgent found that 11% of Brits intend to start a business in 2018. The findings also found, however, that the two biggest issues holding back would-be entrepreneurs were start-up costs and worries about managing company finances.

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