United Kingdom Start-up
Regardless of size, type or hype, the UK start-up is at the forefront of the new economy.
Start-ups and scale-ups are taking the business world by storm. It is a defining characteristic of the new economy that venture capital funding is driving these business models. Despite a global pandemic and a paradigm shift in how the world does business, start-ups continue to pop up. Having your very own UK start-up is a dream that can quite easily become a reality. Start-ups are making some big waves, and this may just be the right time to venture out.
Starting Your Own Start-up
Start-ups have been a buzzword in the business world for a while now. It is considered one of the best ways to learn all about entrepreneurship. However, it is not something that every would-be entrepreneur can do. Start-ups are quite different from traditionally structured organisations. It requires a particular mindset to succeed, especially being able to think and act like an owner. Start-up entrepreneurs also need to push boundaries continually and cope with uncertainties.
Start-ups also need to actively raise seed funding and get together like-minded people to form a founders’ team. There is no corporate structure per se to adhere to. A start-up’s core strengths are a lack of administrative hierarchy, full-on creativity, and the potential to innovate and grow.
The more successful start-ups can be acquired by larger companies. Statistics show that there are more than 150 million start-ups in the world. The UK alone has half a million new start-ups every year. Despite fierce competition and unrealistic expectations, more start-ups continue to launch annually. In the United Kingdom, start-ups lead the new European economy.
Some of the biggest and most successful start-ups in the UK as of 2020 include:
- Revolut and Monzo – two online banking platforms
- Babylon Health – healthcare via smartphone
- Deliveroo – a food delivery company
- Improbable – a cloud-based simulation software platform
- Gymshark – fitness apparel
Entrepreneurship is robustly encouraged in the UK, and starting a company is quite a straightforward process. Suppose you have a business idea and a business plan. In that case, it is time to consider starting a company. Providing there are no misapplications, it is possible to register your business with Companies House and start trading within a day.
Business in the UK can take a variety of structures. The most popular business vehicle is the sole proprietorship or sole trader. Start-up costs are low, and registration with Companies House is not necessary. Limited companies are also high on the list of start-ups. Such entities have a separate legal identity due to incorporation and offer the added protection of limited liability.
Foreign entrepreneurs looking to start-up business in the UK will need to ensure they can legally do so. One of the best ways is to apply for a start-up visa. Amongst other requirements, you will need to show that your business is innovative and new. You will also need to prove that your start-up has a strong potential for growth.
If you need assistance setting up a UK start-up, Contact 3E Accounting today. We provide customisable and innovative solutions for all your business needs. Our team of experts will guide you on what you need to start, plan and fund your business ideas. You’ll be a full-fledged entrepreneur in no time. Get in touch with us today for best-in-class business solutions.