Before starting a business, you must consider your own financial position – for instance, the use of business resources like self financing, mortgage, loans, use of credit cards, pensions, mutual funds or retirement benefits. Other important factors to consider are if there is need for motor vehicles, property, office accommodation, land, office equipment. The location of business enterprise is very important to the success of your industry.As you start a business, you must register with the National Insurance and Inland Revenue for Tax returns. Register your paid staff for PAYE to avoid penalty from the authority. You can pay your tax at the end of business year but for sole trader or partnership, National Insurance is paid weekly or monthly with an off payment at the end of the year if you achieve a minimum level of profit.Hire the service of a qualified accountant or Tax consultant to advice you on tax related matter. Keep proper records of all the business transactions and separate them from your personal record. Open separate bank account for the firm, this will make the management of your business very easy and simple. You can also open a different bank account for PAYE, VAT and tax so that the amount due for taxes, VAT and PAYE can be transfer to the account for further remittance to agency concern.You can decide on whether to do your business at home, in an office, in the rural, city, urban or inside the market. In case you don’t have money to rent an office, you can start trading from home. Working at home is the cheapest option and is very common in today business. You can prepare your business contact address, web address, email, telephone and fax at home.In conclusion, make sure you prepare a business plan that can give you the true picture of the enterprise you want to establish. It will show you an overview of starting a business of your choice. You can browse internet to get some free advice and information about starting up a business, financing and registration of new entity. Make sure you do market research to know the level of demand for your products and competitors strength.

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