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Starting a business is one of the boldest decisions a person can make. It’s thrilling, yes — but also layered with complexity. From figuring out whether your idea has legs to navigating taxes, legal paperwork, and funding, the process can feel like juggling ten tasks with one hand tied behind your back. And that’s before you even open your doors.
But here’s the good news: when you’ve got a clear checklist to follow, that overwhelming feeling becomes a lot more manageable. At Swoop Funding, we work closely with small business owners every day, helping them gain the confidence to get started. So if you’re looking to start your journey with clarity and confidence, this guide could be your foundation.
Let’s walk through some important steps so you know exactly what needs to happen and when.
10 steps to starting a business
There’s no one-size-fits-all approach to launching a business, but most successful ventures follow a version of this core path.
1. Conduct market research
Before you spend a single dollar, spend time learning the landscape.
Who are your potential customers? What are their habits, needs, and pain points? Equally important — who else is serving them, and how? By exploring your target market and your competition, you’ll start to uncover your unique angle — the thing that makes you different and valuable.
Think of it as testing your idea against reality before fully committing. Tools like Google Trends, social media groups, and customer surveys are excellent places to start.
2. Write your business plan
A good business plan is more than a formality. It’s your playbook.
This document should clarify your mission, explain how your product or service solves a problem, outline your revenue model, and project your financial path. It also helps investors and lenders take you seriously.
Even if you’re not seeking outside funding, having this blueprint will keep you focused and make decision-making much easier down the road.
3. Fund your business
Unless you’re self-funding entirely, you’ll need capital to get moving, and that means choosing a financing route.
This might include small business loans, grants, crowdfunding, or support from friends and family. The right choice depends on your business model, growth plan, and risk tolerance.
Need help evaluating your options? Swoop connects founders with funding solutions tailored to their goals — from startup capital to working capital.
4. Pick your business location
Whether you’re opening a storefront, operating online, or doing both, your location impacts taxes, zoning rules, and legal requirements.
If you’re choosing a physical location, consider foot traffic, rent, proximity to suppliers, and accessibility. For online businesses, your “location” is often your home state, which still affects things like sales tax and LLC registration.
5. Choose a business structure
Your legal structure affects how you’re taxed, how much personal liability you carry, and how you’re allowed to raise money.
Some common structures include:
- Sole proprietorship – Simple and flexible, but no personal liability protection.
- LLC (Limited Liability Company) – A popular choice for small businesses, offering liability protection with minimal complexity.
Corporation (C-Corp or S-Corp) – More formal, with potential tax advantages and better access to capital.
If you’re unsure what fits, consulting with a small business attorney or CPA can help you avoid headaches later.
6. Choose your business name
This step is more than creative branding; it’s legal, too.
Is the domain name available? Are the social media handles taken? Is another business already using the name in your industry? In the UK, you can search the Companies House register to see if a business name is already in use, and check the Intellectual Property Office (IPO) database to ensure the name or logo isn’t already trademarked.
It’s worth spending time here. Your name is the first thing people will remember or forget.
7. Register your business
Now it’s time to make things official.
This usually means registering your business with Companies House if you’re setting up a limited company, or registering as a sole trader with HMRC if you’ll be working for yourself. You may also want to register a trademark with the UK Intellectual Property Office (IPO) to protect your business name or logo.
The exact process depends on your business structure and where you operate, but once this step is done, you’re officially in business.
8. Register for taxes
n the UK, you’ll need to register with HMRC for tax purposes. If you’re a sole trader, this means registering for Self Assessment to report your income. If you’re starting a limited company, you’ll also need to register for Corporation Tax within 3 months of starting to trade.
If you plan to hire employees, you must register as an employer with HMRC to handle PAYE (Pay As You Earn). And if your turnover exceeds the VAT threshold (or you choose to register voluntarily), you’ll need to set up a VAT account as well.
Most of these registrations can be completed quickly online through the HMRC website.
9. Apply for licenses and permits
Depending on your type of business and where you operate, you may need one or more licences before you start trading.
These could include:
Business or trade licences
Health and safety permits
Food business registration (if you handle or sell food)
Premises or alcohol licences (for hospitality or retail businesses)
Zoning or planning permission (if you run your business from specific premises or from home)
Not sure what applies to you? The UK Government licence finder on GOV.UK and your local council can help you identify which licences or permits you need.
10. Open a business bank account
Starting a business is a leap, but it doesn’t have to be a blind one. With Swoop, you can explore a range of business funding options in one place, from startup loans to working capital.
Not only that, our platform helps entrepreneurs streamline financial planning, compare solutions, and take next steps with confidence.
If you’re in the early stages and unsure where to begin — or you’re ready to launch but need help securing funds — we’re here to make the process smoother.
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