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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.
Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.
Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.
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.
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.
Having adequate insurance is essential for every business, no matter how robust your security or safety processes. Some insurances are compulsory, whilst others are optional.
Most other types of business insurance policy are optional. Although they provide another overhead, they can help you to survive should your small business be faced with an unforeseen crisis.
Seriously consider buildings and contents insurance to protect your business from premises damage and stock losses caused by theft, fire or flood.
Another option is business interruption cover, which, in the event of a serious problem, can help you to carry on trading until your business gets back on its feet.
Many small businesses rely heavily on one or two key employees - which usually includes the owner-manager. Key person insurance protects the business against loss in the event of their absence through serious illness, injury or death.
If members of the public visit your premises, or if you visit and work on their premises, consider public liability insurance. It covers damages and legal costs when a member of the public dies, is injured or suffers damage to their property.
Additionally, product liability insurance can cover the cost of damage or injury caused by products you make, sell or repair.
A legal costs insurance policy can cover other legal action your business may be involved in, such as defending a claim made by an employee at tribunal, or pursuing a supplier for breach of contract.
While you can insure against many risks, it's better to prevent problems arising in the first place. Some of the key areas to examine include:
As with all products, shop around for the best business insurance quotes. You may be able to combine common insurances into a cost-effective package.
You must also make sure you have sufficient cover. If something goes wrong, without adequate insurance, it could finish your business.
An independent insurance broker can help you identify key potential threats and find the right types and level of cover. Some brokers charge, but most are paid commission by the insurance company they recommend to you.
Different insurers may use slightly different names for various types of insurance that they offer. Insurance differs between business sectors, too. Indeed, Wikipedia lists over 90 types of insurance and provides useful explanations.
When shopping around for insurance, either directly or via brokers or via your trade body, it may be helpful to list the types of insurance that are recommended and then compare the level of cover and the cost involved. Below is a list to pick from: