Starting your own business - a mini guide

Thousands of people in the UK decide to start their own business every year.

Far from dampening the spirits of prospective business owners, the economic downturn has actually seen a new wave of aspiring entrepreneurs emerge. For many, it is an ideal time to turn a business concept into a reality – supplies are cheap, services are negotiable, and competitors are hesitant.

Looking back through history, we can see that many great companies have been built during bad times. A good example would be Hewlett-Packard, which was started in a garage during the Great Depression in 1939 by two North Carolina engineers.

There are many benefits of starting up your own business:

It is an opportunity to pursue a field you are passionate about
It provides self-fulfillment
It improves economic and financial literacy
It promotes independence and the opportunity to make independent business decisions
It provides an opportunity to make a difference in your local community

Starting a business is not without its risks, though. According to insolvency data from information services firm Experian, some 23,879 UK businesses went to the wall during 2008. Unfortunately, this is a risk that every entrepreneur has to face, but there are measures that can be taken to help protect against this eventuality.

Our basics start-up guide shows you some of the early steps you can take to carefully build your business, from developing initial ideas, through to bankrolling your firm.

Part 2: Your business idea>

Covered in this guide

Part 1: Introduction

Part 2: Your business idea

Part 3: Writing a business plan

Part 4: Funding

Constructaquote.com is a trading title of Moorhouse Group Ltd which is authorised and regulated by the Financial Services Authority. The Financial Services Authority's Register can be accessed through http://www.fsa.gov.uk/Pages/register Reg No 308035.

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Products & Services

Liability Insurance – This insurance can provide you with employer’s liability and product liability insurance. We offer a highly competitive standard package with optional extras.
Public Liability Insurance – Public liability is essential insurance for many businesses, especially those working closely with the public. We offer cover of £1m, £2m, £5m, or more on request. Only pay for what you need.
Employers liability insurance - If you have employees working for you, you are legally obliged to have employers liability insurance. We provide you with £10m of employers liability so you can rest assured you’re fully covered.
Shop Insurance – Retail insurance is a package of policies covering employer’s liability, public liability, business interruption and building insurance. Retail insurance is important for any business with premises. We offer a range of policies from top underwriters.
Professional Indemnity Insurance – This type of policy protects your business against claims for loss or damage if you are found to have been negligent in your duty. This is particularly important if your company imparts professional advice. Our policies cover businesses for a range of circumstances and are very competitive.
Restaurant Insurance – Our restaurant insurance packages can be tailored to your specific business needs. We provide you with a range of restaurant insurance options, from liability and business interruption insurance, to money and glass cover.