Things You Do Need to Start a Business in the UK

1. A business idea – Something people want or need, that you’re ready to provide.
2. Business name – Unique and available (especially for limited companies).
3. Choose a business structure – e.g. sole trader, limited company, partnership.
4. Register with HMRC – As a sole trader, or register your limited company with Companies House.
5. A UK business bank account – Especially if you’re setting up a limited company.
6. National Insurance number – Required to register as self-employed.
7. Business plan – Helps guide your goals, finances, and growth strategy.
8. Understanding of tax obligations – Income tax, corporation tax, VAT, etc.
9. Record-keeping system – For accounts, receipts, invoices, and expenses.
10. Public liability or professional indemnity insurance (depending on your business type).
11. Marketing plan – Even a basic one to reach your first customers.
12. Website/domain name – A simple, credible online presence.
13. Business email address – Professional and separate from your personal one.
14. Appropriate licences or permits – Depending on your industry (e.g. food, alcohol, health).
15. Terms & conditions / contracts – For clients, suppliers, and employees.
16. Basic branding – Logo, messaging, and a clear value proposition.
17. A way to accept payments – e.g. card reader, online payments, invoicing system.
18. Business insurance – Often legally required (e.g. employer’s liability insurance).
19. Understanding of GDPR/data protection rules – If you collect personal data.
20. Networking or support resources – Mentors, local business groups, online communities.

Things You Don’t Need to Start a Business in the UK

1. A huge amount of startup capital – Many businesses start lean and grow gradually.
2. An office space – Plenty of businesses start from home.
3. Employees right away – You can start solo and outsource when needed.
4. A fully-developed product – Start with an MVP (minimum viable product) to test the market.
5. A limited company structure – You can begin as a sole trader and incorporate later.
6. Fancy branding or a high-end logo – Keep it simple at first; refine as you grow.
7. Expensive software – Use free or affordable tools until you’re ready to upgrade.
8. A physical store or premises – Many businesses operate entirely online.
9. A loan or external investment – Many businesses bootstrap their way to success.
10. A detailed 100-page business plan – A 1–2 page action plan is enough to start.
11. Thousands of followers on social media – Focus on value and building connections.
12. A full product line or service menu – Start with one solid offering.
13. An accountant right away – You can manage finances yourself at the beginning.
14. Every legal document under the sun – Only get what’s relevant for your stage.
15. A trademark or patent – Not essential unless your IP is core to the business.
16. A business partner – You can start solo and partner later if needed.
17. A long list of clients – Start with one great customer and build from there.
18. Business cards – Digital presence often matters more today.
19. A business degree – Practical knowledge and action go a long way.
20. A “perfect” time to start – It rarely exists—just start small and adapt.