Set Up an Entertainment Business in the UK
The world’s your oyster if you know how to set up an entertainment business in the UK.
UK entrepreneurs looking to start a viable business have plenty to choose from. One of the most versatile sectors is the entertainment industry, which offers a variety of business ideas. An entertainment business can run the gamut from magic shows and birthday parties to corporate launch events and concerts. Successful entrepreneurs can achieve both fame and fortune in this high-octane business. To get started, you need to know how to set up an entertainment business in the UK.
Entertaining the Masses
The United Kingdom’s entertainment industry is forecast to be worth GBP80.5 billion by 2023. The film and television industry alone generated a trade surplus of approximately GBP1 billion in 2020. The entertainment industry in the UK encompasses the arts, entertainment, and recreation sectors. An entertainment business can be linked to music and radio, film and television, video games and gaming, e-sports, etc. It can also be on a smaller scale, such as parties and shows, festivals, etc.
A key area of concern in starting an entertainment business is the cost. Creating your business entity won’t cost much, especially if you operate as a sole trader or partnership. A limited company or LLP (Limited Liability Partnership) does require incorporation with Companies House but is also low on cost. General administrative expenditures would include:
- Website design and hosting.
- Securing your domain name.
- Business and personal liability insurance.
- Getting a trademark licence.
- Opening a bank account and e-payment gateway.
Depending on the type of entertainment business you choose, financing can be simple or complex. Birthday parties or small-scale magic shows will not require much investment. Staging launch parties or concerts will be more expensive as you will need to hire equipment, performers, etc. Working out how much start-up capital you need is crucial to ensure your cash flow is healthy.
A well-written business plan will address these issues and more. For example, you might want to consider leasing a serviced office space. You may even want to start as a completely online e-commerce business instead of a traditional brick-and-mortar one. Due diligence will also enable you to identify the competition and come up with a niche service.
Licences and permits will also need to be in hand before you start your business activity. There is plenty of guidance provided by the UK Government website on licensing. Most approvals and permits vary according to the area and the type of entertainment activity. A good rule of thumb is that if it is a regulated activity, some form of approval is needed.
For example, playing recorded music, public dancing, street shows, or serving alcohol would qualify as a regulated activity, requiring approval. Conversely, a private launch may not need much approval. It’s always best to check with your local council or authority to ensure full compliance.
From knowing how to set up an entertainment business in the UK to actually setting up a business is a big step. You can make this overwhelming task a lot more palatable by engaging professional help. 3E Accounting offers bespoke company formation packages that aim to redefine the way you do business. Our services are professional, comprehensive and innovative, designed to deliver performance-driven results. Contact 3E Accounting today to chat with our team about our custom made services.