What do you need to set up a business?

Starting a new business can be a daunting prospect; with so many things to consider, from seeking funding to finding your place within the market, it can sometimes feel like you’re 'going it alone'.

However, the good news is that you’re in good company!

In 2018, the UK was home to around 5.7 million SMEs. SMEs, defined as businesses with fewer than 250 employees, make up over 99% of all UK businesses. Of these, 5.4 million were ‘micro-businesses’. Micro-businesses include those who are self-employed, freelancing, contracting, and sole traders, as well as startup brands at the beginning of their journey.

Starting a business requires careful thought and plenty of commitment.

We know first-hand the challenges faced by entrepreneurs trying to bring a business idea to life; the internet is awash with tips and guidance, but how do you ensure that the information is up to date, and that you’ve gathered everything you need?

It’s easy to get carried away in the excitement of starting a business, and forget the less glamorous aspects: laws, registrations and policies. You’ll need to have a firm grip on all of these though to avoid facing penalties.

That’s why we started Farillio: to help new and upcoming businesses find all the legal and practical advice needed, all in one place. So no need to spend hours searching for the materials you need – now you can spend time doing what you do best in your business instead!

Here you’ll find resources and guidance on taking the first steps as a new business, from our guide to business planning, choosing your business model and getting set up to drafting a co-founder agreement and filing confirmation statements… and lots, lots more! Available to all of our members, signing up to Farillio will give you access to hundreds of guides and legal templates to guide you through setting up and running a business the right way.