To decide on a legal standing for your business, consider factors such as the nature of your business, your level of risk tolerance, whether your aims are charitable or community focused, the potential growth.

CW Growth Hub advisors can refer you to startup support which will help you to consider all these factors, and it's important to consult with a professional accountant or take legal guidance when deciding upon the most suitable structure, such as Sole Trader, Partnership, Limited Liability Partnership (LLP), Limited Company (Ltd), Community Interest Company (CIC), or other.

It is recommended that you register your business ahead of making your first sale.
Depending on which legal structure you choose for your business, you may need to allow
some time for the registration process in your planning. You may also need to allow for
any set-up and registration fees that may apply. There is a useful guide on setting up your new business here. 

There are many funding options out there for businesses, whatever stage they're at. Make sure you consider all the options and find the type of funding that suits the stage you're at. Government-backed Startup Loans are available for some early stage (under 36 months since registration) businesses. These are between £500 and £25K personal, unsecured, loans with repayment terms between 1 and 5 years. Other funding options include external investment, bank loans, crowdfunding, and grants, however pre-revenue startups can find it difficult to secure these types of funding. Guidance and advice is available from CW Growth Hub - get in touch today.

A business plan is a necessity for any modern business. Whether you are going to be applying for a loan, seeking investors, or even if you are self-funding. Putting together your business plan will help you to get a complete picture of what your business will look like, what it needs to run, and any complications you could face during launch. You can find a free Business Plan template and guidance here.

Establishing a strong online presence is critical for any new business. If you have worked with a professional web developer to build a website for your company, they should have submitted your new site to Google for indexing. Once the website has been indexed it is important to ensure your site appears in relevant search results for your target audience. An understanding of Search Engine Optimisation, claiming your Google Business Profile, a good content and social media strategy, are all fundamental to getting found online. All these topics, and more, are covered in the Startup Support Programme, plus there are a wide range of online sources and events, many of which are free to attend, which take place across Coventry and Warwickshire regularly. For details of upcoming events and training, signup for our newsletter here.