Step 1: Identify your objectives
The first step in forming a business group is clearly defining your objectives.
- What do you hope to achieve by creating a business group?
- Do you want to network with other business owners in your industry?
- Are you looking to share resources and expertise?
By identifying your objectives, you can determine the type of group that will best suit your needs.
Step 2: Identify potential members
Once you have a clear idea of your objectives, the next step is to identify potential members for your business group. You can start by contacting your existing network, including colleagues, partners and clients. You can also consider joining existing business groups and attending networking events to meet new people.
You may also want to enter a Limited Liability Partnership with which we can help. If you’re creating a new company as part of this, you will need to set up that company properly. Find out how we can help you do this here.
Step 3: Determine the structure
The structure of your business group will depend on your objectives and the size of your group. You can create a formal organisation, such as a limited company or a partnership, or opt for a more informal structure. If you decide to create a formal organisation, you must register with Companies House and appoint officers, such as directors and a company secretary.
Step 4: Establish a legal framework
You will need to establish a legal framework to ensure that your business group operates smoothly and fairly. This may include creating a constitution, setting out the rights and responsibilities of members and establishing a decision-making process. It is also essential to consider liability, insurance and tax issues.
You will need to register for VAT if your sales have reached £85,000 in the last 12 months, however you can do it voluntarily before that if you wish.
Step 5: Develop a marketing plan
You will need to develop a marketing plan to attract new members and raise awareness of your business group. This may include creating a website or social media presence, attending trade shows and events, and contacting local media.
Step 6: Launch your business group
Once you have completed the above steps, you can launch your business group. This may involve organising an inaugural event or holding your first meeting. Setting clear expectations for members and establishing regular communication channels is essential.
In conclusion, forming a business group in the UK can benefit entrepreneurs looking to grow their businesses. By following the steps outlined in this article, you can create a successful and effective business group that supports your objectives and helps you achieve your goals.
Look at our start-up guides for more helpful information for getting your business off the ground or call us on 0800 0198 698.