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Partners, suppliers and premises Many businesses start with just one person, known as a ‘sole trader’. If you set up as a sole trader you’ll be self-employed, which means you’ll be your own boss. You’ll also be responsible for: ·         managing your own time ·         looking after all of your company’s admin and accounts ·         taking risks with your own money, particularly if you’re leaving full-time employment Whether you   set up   as a sole trader, partnership or limited company, your business is likely to involve working with more people to develop and sell your idea - including partners, suppliers and distributors. Partners Finding a co-founder with relevant skills and knowledge that are different to yours lets you focus on what you’re best at. For example, you might be selling a product you invented, or a service t...

1.      Start with an idea If you’re thinking of starting up a business, you’ll first need to come up with a realistic idea that you can turn into a product or service. There are many supports available including help with developing business ideas. Register your idea You might have already come up with an idea for a business you think there’s a market for, or invented something you think people will want to buy.  First thing first, register your business  to make sure nobody copies it without your permission. Turn your idea into a business Research your market   - identify potential customers. Talk to them and find out if your idea is meeting a real need. Develop and plan   - test your product or service with real customers, make changes, and test it again. Keep doing this until you’re sure there’s a demand for it. Find partners and suppliers   - think about who you’re going to work with to develop and sell your...