For a full comprehensive guide to Starting Up in business click here.

1. Prepare a Business Plan

It is essential to have a realistic, working business plan when you're starting up a business.  It has many functions, from securing external funding to measuring success within your business and keep you focused on your financial and strategic goals.

2. Choose the right legal structure    

To put your business on a proper footing with HM Revenue & Customs (HMRC) and other authorities, you need to make sure that it has the right legal structure. It's worth thinking carefully about which structure best suits the way that you do business.

3. Find and secure the right finance

Choosing and securing the right type of finance for your business is essential.  There are many different types of finance available each of them designed to meet different needs.

4. Get a list of your key tax and filing deadlines

Do not miss those key deadlines incurring unnecessary late penalties, interest charges and inviting unnecessary pressure from HMRC. 

5. Contact Business Link

Business Link is an invaluable source of information for the Start Up business as they offer help and advice in all areas of business not just the financial side.

6. Join Federation of Small Businesses

Being a member of an organisation such as the Federation of Small Businesses offers many benefits.  The savings made from being a member more than justify the subscription fee.

7. Sign up for e-mail alerts about new and changing regulations

Keep up to date on what is happening around you.  Do not be the last to find out something that may be affecting your industry and try and turn this information into a competitive advantage.

8. Choose your advisors carefully

Your advisors should be capable of helping you with all of the above – if not directly they should have contacts in these areas.  Speak to other business owners to find someone you can trust and rely on.  Do not make decisions based on cost alone – you get what you pay for.