Starting a business can be terrifying and exciting all at once. You’re breaking away from the stability of employment and taking a step out into the unknown.
But if you are thinking of starting a business, Barking is the place to be.
Why Barking’s a Great Place for Small Businesses
According to UK Data, 5,162 new SMEs (small and medium sized enterprises) were set up in Barking and Dagenham between 2023 and 2024. It also claims that 42 companies ‘scaled up’ in the same time frame, showing that there’s plenty of potential for success in the borough.
As a small business in Barking, you’ll also benefit from tube links to various London boroughs such as Wimbledon and Upminster, opening big city companies and clients up to you. That’s good news no matter what field you’re in, and getting a foot in the door in London can lead to a lot of growth and success down the road.
What Do You Need to Do if You’re Interested In Starting a Business in Barking?
Step 1: Choose Your Business Type
Before you set up your business, you’ll need to determine what kind of company structure best suits your goals. Would you want:
- To be a sole trader
- To be in a partnership
- To set up a limited company
If you’re setting up alone, registering as a Sole Trader is the simplest way to become a business owner in the UK. If you plan to hire employees or set up alongside a business partner, however, your options are either a Partnership or a Limited Company. As the owner of a limited company, you’ll be categorised as an employee for tax purposes, while a partnership allows two or more founders to be recognised as setting up the business.
Step 2: Name Your Company
Your company name is the public face of your business. Choose a good one! It should be memorable and unique, and it can’t be the same as any other active business, so make sure to check all prospective names before you register!
Step 3: Register with Companies House
Limited companies and Partnerships must register with Companies House in order to start trading. This will cost a small fee and it should set you up to pay taxes as a corporation. It’s worth noting that you’ll need to re-register annually.
Step 4: Apply for Your Licenses
Depending on what sector your business operates within, you might need a specific licence (or licences). Certainly, if you’re dealing with anything potentially hazardous, such as food or animals, you’ll need to get a license in order to practice.
It’s also worth noting that, alongside the relevant license(s), you may also require public liability insurance to protect yourself from legal issues.
Step 5: Start Bookkeeping
You should start bookkeeping as soon as you set up your business. If you don’t, you may end up spending more than you’re earning or failing to account for your tax bracket.
Bookkeeping templates are available online, or an accountant or business manager can help you to set one up yourself.
Step 6: Prepare for Tax Season
When you run a company, tax is your responsibility. You need to be aware of how much money you’ll owe at the end of the year, and, crucially, you’ll need to have that money to hand.
You should hire an accountant or set up a savings account if you’re a sole trader. Be sure to put a reasonable percentage of your earnings into it every month.
If You’re Not Looking to Start a Business from Scratch but are Rather Looking for a Business for Sale, Barking is Not a Bad Place to Look
To find a business to purchase, you’ll need a business broker who can prospect on your behalf. However, make sure that you do plenty of research before you invest – there may be a good reason why the previous company failed, and you don’t want to spend your money on a liability!
Relocating Your Business to Barking
If you’re considering relocating your business to Barking, we can help. At Attic Self Storage, we’re happy to help put you in touch with man and van service providers and also offer spacious storage units at our Barking branch where you can keep some of your more space consuming assets until you’re able to fully organise your new office.
Indeed, there are many benefits of investing in additional storage space, especially in a city like London where office space is at a premium. These include having both:
- More Space for Employees: For those lucky enough to have office space in London, they’re well aware that there are only so many desks you can squeeze into it at once. Putting items you don’t need every day in storage can help you to fit more employees in and improve your business’s efficiency.
- And Fewer Health Hazards: Bulky items in a workplace (or in your home) are a hazard. They can be tripped over, can block fire escape routes, can put pressure on floorboards and walls and could fall over if improperly secured. Storing large items in a locker can help to safeguard the health and wellbeing of your employees, as well as avoid unnecessary injuries or anxieties.
Finding Coworking Space in Barking
If you’re just starting out and aren’t looking to invest in office space just yet, we’re pleased to offer a number of private work space pods at our Barking facility. Working from one of these pods also means not having to leave your office space in order to fetch the items you need, making you much more efficient and helping you get more out of the working day.
There are also coworking spaces in Barking where you can hire out whole meeting rooms, such as at the Regus Centre at Jhumat House.
If you need a coworking space in Barking that you can host events from, we recommend using MAKE IT.
If you do need more support, whether you need a cleaning service or advice on legislation, we’ve put together a list of some helpful service providers you can reach out to in Barking and, of course, feel free to enquire any time about the self storage services we offer in Barking.
Posted on 25th March 2025 by Shanaiqua Desa
