Starting a business can be challenging, but the right support can make a big difference.
Here’s how to find both practical and emotional support:
Networking and connections
Building a strong network can be helpful.
Attend industry events, join local business groups, and take part in online forums to meet other entrepreneurs.
Platforms like LinkedIn are good for growing your professional network and finding collaborators.
Business support organisations
Many organisations help small businesses.
The Federation of Small Businesses (FSB) provides advice, financial expertise, and networking opportunities.
Local Chambers of Commerce can also offer resources and support specific to your area.
Mentoring and coaching
Mentors and coaches can give you valuable advice and share their experiences.
Find a mentor through local business mentoring programs or online platforms such as MentorsMe and Digital Boost.
You can find experienced professionals who can give you personalised guidance.
Online communities
Join online communities and forums where entrepreneurs share experiences and tips.
Sites like Reddit’s r/smallbusinessuk and Facebook business groups could offer tips and support from fellow business owners.
Emotional and resilience support
With 57% of UK founders revealing that their mental health has been impacted while running a start-up, it’s important to find ways to manage stress well.
Organisations like Mind offer resources and support for managing stress and building resilience, including options specifically for small business owners.
Consider joining peer support groups where you can share experiences with others in
similar situations.
Workshops and webinars
Attend workshops and webinars to learn new skills and gain insights.
Many business schools, local councils, or industry groups offer these for free or at a low cost.
They can help you develop practical skills and increase your confidence.
Government resources
Your business might benefit from government support initiatives.
Check the small business support section on the Gov.uk website.
Access to work
Individuals with a physical or mental health condition or disability are eligible for support from the Access to Work scheme if they choose to go self-employed.
The scheme offers grants to pay for specialist equipment and other support to help you get back into work.
Learn more on the Gov.uk website.
Tax information from HMRC and GOV.UK
Understanding taxes is important - it helps you comply with the law, avoid penalties, and helps with your financial planning.
HMRC
HMRC offers a range of tools and support to help small businesses understand their tax obligations.
If you’re self-employed, you could learn more about your responsibilities with HMRC’s videos, webinars and email updates, which provide information on a wide range of topics.
GOV.UK
You can also visit the GOV.UK website to learn more about various business taxes.
If you’re setting up as a sole trader, try this step-by-step guide to find out what to do, how to plan for your tax bill, and get additional support if you need it.
Key taxes for start-ups
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Income Tax and National Insurance
As a businessowner, you may need to register for self-assessment and pay Income Tax and National Insurance on your earnings
-
Corporation Tax
if you operate as a limited company, you must pay CorporationTax on your profits. You’ll need to file a Company Tax Return annually
-
VAT
If your business turnover exceeds the VAT threshold, you must register for VAT and submit regular VAT returns
-
PAYE
If you employ staff,you must operate PAYE aspart of your payroll, handling Income Tax and National Insurance contributions for your employees.
It’s important to submit tax returns and pay your taxes on time.
To access HMRC’s online services for managing tax accounts, you can visit the HMRC Online Services page.
It’s a good idea to consult a tax expert or accountant to help you navigate complex tax issues.
Go further with start up loans
Your previously read articles
Chapter 6.9
Adapting to change
Read how to stay motivated, boost your resilience and productivity.
Learn more about adapting to changeDisclaimer: The Start -Up Loans Company makes reasonable efforts to keep the content of this article up to date, but we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. This article is intended for general information purposes only and does not constitute advice of any kind, including legal, financial, tax or other professional advice. You should always seek professional or specialist advice or support before doing anything on the basis of the content of this article.
The Start-Up Loans Company is not liable for any loss or damage (foreseeable or not) that may come from relying on this article, whether as a result of our negligence, breach of contract or otherwise. “Loss” includes (but is not limited to) any direct, indirect or consequential loss, loss of income, revenue, benefits, profits, opportunity, anticipated savings, or data. We do not exclude liability for any liability which cannot be excluded or limited under English law. Reference to any person, organisation, business, or event does not constitute an endorsement or recommendation from The Start-Up Loans Company, its parent company British Business Bank plc, or the UK Government.
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