Setting Up A Business – Ten Top Tips

This article sits between Starting a business: the planning stage – ten top tips and Running a new business – ten top tips, and covers the crucial period up until you are ready to throw your doors open to the world.

1. Where to find financing

Many new businesses start from home, often while their founders are still employed. Many entrepreneurs also base their ventures on existing skills and experience, so in some cases they already have some of the tools or equipment they need. This means start-up costs can often be covered from income, savings, or even extending a mortgage.

For those who need additional funding, here are some key options:

State help

There are government-backed schemes that can help, though they often come with strict criteria and lengthy applications. Support comes in the form of grants or loans.

The British Business Bank offers start-up loans of up to £25,000 plus free mentoring. Innovate UK also provides funding opportunities – see their guidance here.

Loans

High street banks and financial institutions offer business loans, but rates may be less competitive than independent lenders. In some cases, loans must be secured against assets such as your home, making this a higher-risk option.

Equity finance

You sell a share of your business to an investor, who will share in the profits. Provided you keep more than 50%, you retain control. Be aware that if your business grows significantly, buying back shares later could prove expensive.

Equity crowdfunding

By listing on an FCA-regulated platform, you allow members of the public to buy shares in your business. Investors may also benefit from tax relief schemes, making it attractive for both sides.

Peer-to-peer lending

Online platforms can connect you with lenders. For individuals, lending is usually unsecured, while small businesses are typically required to provide security.

2. Choosing a name and logo

Choose something distinctive, easy to say, and authentic to your business.

If you are setting up a limited company or partnership, your name cannot already be registered at Companies House. Check for domain name availability and potential trade mark or copyright issues too.

Sole traders are not required to register a business name, but legal problems can arise if you pick one too similar to an existing company.

Unless you have design skills, consider hiring a graphic designer, commissioning a student at a local art college, or using freelancer platforms. Always ensure your chosen design avoids copyright or trade mark infringements.

3. Deciding on your goals

Set both personal and business goals.

• Personal goals might include achieving better work-life balance, greater financial independence, or flexibility around family commitments.
• Business goals should focus on measurable targets: turnover, revenue, and customer acquisition benchmarks for the first week, month, quarter, and beyond. These act as early warning signs if things aren’t going to plan.

4. Choosing a business type

This is a major early decision. For more detail, see our article Which business type is best for my start-up? [add link].

The main options are:

• Sole trader [link]
• Limited company [link]
• Partnership/limited partnership [link]

5. Doing your research

It’s essential to confirm that a market exists for your idea. Customers may not be ready, or the market may already be saturated. Ask: Why should they buy from you instead of someone else?

Research takes two forms:

• Primary research – conversations with potential customers, surveys, trade shows, even competitor visits.
• Secondary research – Companies House reports, market research, investor magazines, and financial analyses.

Be objective: don’t try to make the data fit your hopes.

6. Networking

Networking overlaps with research but is also about building visibility. Consider:

• Setting up a LinkedIn profile.
• Visiting competitors’ businesses.
• Building a social media presence.
• Attending trade events.
• Printing business cards and promotional material.

Let people know you are starting a business and begin engaging with potential customers early.

7. Marketing

Marketing should build a clear personality for your business. As Deborah Meaden explains, a strong identity creates trust and helps customers stay loyal through your journey.

Digital strategies include:

• Search engine optimisation (SEO).
• YouTube videos, Facebook, Instagram, LinkedIn.
• Testing Facebook Marketplace, Nextdoor, Gumtree, Amazon, or eBay (while accounting for fees).
• Paid Google Ads – but track results carefully to avoid wasted spend.

Offline strategies include leafleting or advertising locally if you have a high street presence.

Build an email or SMS database for promotions and surveys. Remember: good marketing is responsive – adapt based on the feedback you receive.

And don’t forget to create a memorable slogan – the best ones stick.

8. Working out a premises and equipment budget

Rent is one of the biggest expenses unless you’re working from home. List out equipment needs:

• What do you already have?
• What can you borrow or repurpose?
• What can you avoid buying?

If working from home, you may be eligible for tax relief on a share of household running costs.

9. Opening a business bank account

• Sole traders can technically use a personal account, but it’s best practice to keep finances separate.
• Limited companies and LLPs must have a business account.

All accounts come with fees, though many banks offer introductory deals. Partnerships will also need clear agreements about how accounts are managed.

10. Registering with an accountant

Self-assessment tax returns run to 20 pages – daunting for new business owners. Handing this to a professional accountant can save stress and ensure compliance.

Many firms offer fixed-fee services. Often, the savings from correctly claimed allowances and reliefs outweigh the accountancy fees. Just as importantly, you gain peace of mind knowing you won’t face penalties for mistakes or late filing.

For bespoke advice, whether on a business idea or a venture that is up and running, please contact Finsbury Robinson. We are a full-service tax, accountancy and business advisory firm, and our friendly and highly experienced team is available on 020 8858 4303 or via email at info@finsburyrobinson.co.uk

Angus Walker 10.10.2025