Once you are confident in the power of your business idea, you need to get to grips with constructing a business plan that a financial sponsor – for example, a bank – has confidence in, not to mention yourself.

Taking professional expert advice at an early stage is a very good idea as a basic understanding of company law is needed. You may decide initially to register yourself as self-employed or it may be beneficial to set up a limited company.

A good adviser can help you through many of the areas of business finance from tax, insurance and VAT to understanding business banking and accounting. Good advice can save you money on your tax bill and help you to keep administration costs down.