Small business hub

Setting up in practice

If you’re starting as a sole trader, partner or director, there are a number of considerations including statutory requirements and specific RICS requirements for firm regulation.

Funding and finance: consider your options

Be clear about how you're funding your business. There are many options:

• self-financing
• finance from friends and family
• finance through banks
• third-party investors
• grants and government support
• other sources of finance.

Insurance: make sure you're covered

RICS regulated firms must have professional indemnity insurance – and you'll also need:

• public liability
• buildings insurance
• employer liability cover
• directors and officers cover
• contents insurance
• business interruption insurance.

Advice: get impartial help from Business Link

A good source of information is Business Link – an online government resource with details on business, finance and insurance.

Useful links and resources

ICAEW Business Advice Service (BAS)

• Practical online help, reports and chartered accountant consultations.

Find a Chartered Accountant

• Online directory of over 21,000 chartered accountant firms.

Department for Business, Energy and Industrial Strategy (BEIS)

• A range of government services provided by BEIS.

British Chamber of Commerce

• Influential network of Accredited Chambers of Commerce across the UK.

Federation of Small Businesses

• Leading organisation representing small- and medium-sized businesses.

Gov.uk

• Government's online resource for small businesses with easy-to-use tools.

The Guardian Small Business Network

• An online community helping SMEs engage with new ideas.

Mentorsme.co.uk

• Mentorsme is an online gateway for SMEs looking for mentoring services.