Find out about setting up your own business.
If you are considering setting up your own business, you will need to decide whether you wish to be a sole-trader or if you wish to employ people.
Within North Yorkshire small businesses and self-employment account for over 16 per cent of the workforce. We have some of the highest levels of self-employment in the country with the highest numbers in the rural areas. At 21 per cent, Richmondshire has the highest level of self-employment in the county.
Within the county 89 per cent of businesses are ‘micro-businesses’ with less than ten employees, and 98 per cent are ‘small businesses’ with less than 50 employees. We have some of the highest self-employment rates in the country and new businesses in North Yorkshire are ten per cent more likely to survive compared to the national average.
If you are considering setting up your own business. You will need to decide whether you wish to be a sole-trader or if you wish to employ people. Part of the process of setting up on your own is to develop a business plan to see if your option is viable. Further details can be found about setting up on your own from GOV.UK.
You need to consider:
- What your business will be offering?
- Who are your customers?
- What completion will you face?
- How will you market your business?
- What are the costs to set up your new venture?
You should also think about:
- The laws that apply to setting up your new business such as data protection.
- The record keeping required for things like tax and national insurance.
- Your business plan.
If you are seeking premises for your business you may need a licence and you may need to comply with trading regulations. Further details can be found from Trading Standards.
The Business Enterprise Fund is a social enterprise which lends money to businesses that are unable to get lending from banks. For more information visit their website.
Local chambers of commerce provide support services, business advice and networking events. The chamber for North Yorkshire is York and North Yorkshire Chamber of Commerce. Visit their website here.
If you are aged 50 and over specialist help is available from PRIME, the Prince’s initiative for mature enterprise. They run a number of courses, seminars and one to one sessions. Their website also contains a range of useful online resources. To access and for more information please visit mentorsme.co.uk.
Last updated: October 2019