Going to the UK for a degree as an international student is a great choice. Plenty of great places to visit, historical monuments, good schools, and friendly people all tempt you to decide to earn your degree in the UK. Paying for it, however, might be another story altogether. There are scholarship programs, but sometimes they don’t cover everything. Some students might take the option of getting some part-time work to make ends meet.
At the same time, if you love the United Kingdom with all your heart, you might want to settle down here. In such a case, starting a business while going to school is the better alternative. Making it work in an unfamiliar country, though, might prove challenging. Thus, we’ve come up with a short guide to help you decide to start your own business in the UK.
Do Not Forget About School
Your university is the reason you came to the UK in the first place. Besides, your visa is what allows you to stay here legally. So, whatever great wish you have to get down to business, you cannot forget about your classes and assignments. Education does take time, but it also provides you with essential knowledge and the opportunity to do some background checks and make new connections. You can use a bit of help, though. You can find that Writix is among the many essay writing services, is an excellent option for students looking for assistance with their assignments. Especially when all the tasks are due, you urgently need a professionally written report as you could only think of your business plan.
Make Sure You Want to Do It
Setting up a business is never easy, and one that fails can mean significant financial fallout for those involved. Before you do anything related to the business, make sure it’s something you’re willing to put a lot of time and effort into, even while writing papers. This should be a passion for doing, not a pain. Sure, there might be a sudden increased demand for fans, but do you want to spend hours upon hours a week selling them?
Get to Know the Crowd
If you’re an international student getting an education, for example, in London, then you haven’t grown up there. This can be a great advantage in thinking “outside the box” when it comes to seeing something that people there need or want but don’t have. It can also be a downside in understanding what can be or can not be bought.
This is where you get to know your consumer base. It takes time and research but can be very helpful in determining whether or not a new product or service you’re bringing in will make the grade. Someone coming in from another country might want to run a food truck, for instance. They may also start serving a dish from their home nation that they love and want to share with people in the UK. The only problem is that it could be a kind of food that Brits find distasteful.
So, know your audience and do market research. This is where it’s always a good time to do what is called the SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis for your business idea and your main competitors.
Do Business Legally
The most important thing to do before you start is get a GBBN. What’s a GBBN? That stands for Great Britain Business Number. Most countries have this in one form or another. It’s an eleven-digit number that identifies your business. It’s necessary to have for tax purposes in the UK. To put it bluntly, you can’t do business in Australia without one, so get one right away. Getting a GBBN costs nothing, it can be applied for online, and an individual, even one on a student visa, can get one.
Do a Name Check
Make sure that the name you want to use is available. For instance, you’re opening an online business for selling candy and coming up with the idea to call it Sweet Treats. It’s a great name, but if you look online, you might end up discovering that the UK already has one named that.
What’s worse is if the name is already associated with something else that will cause brand confusion, which should also be avoided. So always ensure that no one else is using that great name you’ve come up with for your business before you register it.
Understand That You Will Need Legal Help
In other countries, it’s pretty normal to start up a small business without much legal wrangling, especially if the trade involves something more freelance or will have only one or two people working at it. Starting up a business in Great Britain absolutely requires a lawyer.
A business lawyer will help you understand what you need to know to run a small or large business in order to be legally compliant. This is true of running a business and when it comes to bringing in investors. There’s more to them than just people giving you money, and a start-up lawyer will help you accomplish that.
Decide Whether or Not to Register Your Business Formally
For a small business that will bring in a few extra thousand or pay the equivalent of one person’s salary, keeping it informal is probably the best way.
For anyone who is looking at the big times and serious revenues that would require full-time staff and an office. How does a business person go about that in Australia? They get a CN. What, another acronym? Yes, this one stands for Company Number, and it’s the best way to go if you’re at the point of having a full-scale business.
Whether it’s the UK or elsewhere, one thing that most businesses say was crucial to their success was networking, so get online and start reaching out! Besides, do not waste an opportunity to find valuable people on campus, as you can recruit aspiring professionals right from the school bench. Moreover, students are often willing to participate in startups as they need work experience and care less about their salary or work conditions.
If you have second thoughts about starting your business after reading this guide, do not worry about it. You are not expected to open a new company the next day after setting your food in the United Kingdom. As a student, you have a perfect opportunity to take your time and prepare all the necessary resources for yourself. Do not be afraid to take risks as they are often paid off but remember to thoroughly look into every aspect of your plan to avoid any legal issues.