The UK really is a land of opportunities for so many entrepreneurial migrants, and one of the best places in the world to start a business from scratch! Starting a business in the UK is very exciting, but isn’t without its challenges (and there are a few anywhere you go in the world!). You’ll be navigating a new culture with new customer behaviour, new legal systems and business laws and all kinds of logistics and rules-of-the-road that you might be entirely unfamiliar with.
We at The Buzziness Bee are here to offer you some actionable steps to help you thrive as a worker bee in your new hive!
Understand The UK’s Business Landscape
When trying to find your success as a new business owner here in the United Kingdom, understanding the business regulations, markets and opportunities is essential. While the business-friendly environment of Great Britain supports innovation and enterprise, it can still be a lot to wrap your head around. Gov.uk has some fantastic resources on registering your business, legal structures and taxation!
Get Your Finances In Order
This might actually be the most important step! Understanding UK tax obligations like VAT, Corporation Tax and Self-Assessment in great depth will go a long way in getting you all set up and feeling confident in your finances and business. Read this FSB resource on registering your new business for some extra assistance.
Opening a UK Business Bank Account
- Choose a Bank: Compare fees and services.
- Prepare Documents: ID, proof of address, and business details.
- Apply: Online or schedule an appointment.
- Check Fees: Be aware of monthly and transaction charges.
Managing Business Finances
- Use Separate Accounts: Keep business and personal finances separate.
- Track Expenses: Use accounting tools to monitor cash flow.
- Know Your Taxes: Understand VAT and Corporation Tax.
- Keep Records: Save receipts and invoices.
- Plan Ahead: Set aside money for taxes and emergencies.
Build A Strong Support Network
Building a strong support network is essential to thriving as an entrepreneur in the UK. Seek out mentors who understand the UK business landscape and can offer guidance. Joining professional associations, such as the Federation of Small Businesses (FSB), or your local chamber of commerce can connect you with valuable resources and potential collaborators.
Additionally, managing a business while handling daily personal responsibilities can be overwhelming. Having domestic support, such as a housekeeper or nanny, can free up time to focus on your business goals. If you’re considering hiring domestic staff from abroad, Barar & Associates can help guide you through the domestic worker visa process.
Stay Compliant & Informed
Staying fully compliant with UK laws is key to long-term success, and keeping up to date with business news and regulations is vital to keeping on top of things. Our advice is to keep one eye on the news when possible, and one eye on the business. These things are very important!
Coming from overseas, the UK can feel cold and intimidating, but there are a million resources out there and millions more friendly, helpful people. You just have to ask!
