In 2022, according to Enfield Council, 93% of the employers in Enfield were small businesses (businesses with fewer than 10 employees). A testament to Enfield’s reputation as being a fertile ground for startups.
Indeed, the council reported that 42% of new businesses started in Enfield survive at least their first four years – higher than the UK average.
Enfield is also known for investing heavily in support programs for start-ups, supporting smaller companies as they attempt to scale up.
All in all, starting a business in Enfield is a great idea!
The process of starting a business
The process of starting a business in Enfield is largely similar to that of the rest of the UK.
For the most part, you’ll need to follow the below steps:
Step 1: You’ll need to decide what sort of business you want to be
Do you want sole ownership of your business or go public and embrace a limited liability set up? Whatever you decide will have legal ramifications on your business and affect the way you operate so it’s worth thinking carefully about.
Step 2: Decide on a business name and address
The next step is to find a unique name for your business and determine where your business’s official address will be. To give your business a professional image from the onset and also just to secure your sense of privacy, it’s usually recommended that you keep your business address separate from your home address.
However, this doesn’t necessarily mean you need to spend a fortune on office space right away.
Enfield has several coworking spaces to choose from.
Coworking space in Enfield
There are plenty of spaces for coworking in Enfield, especially if your job is based around paperwork, social media or writing. Here are a few of your options within the borough if you prefer to work away from home:
Office Pods: An office pod gives you a decent amount of privacy in a coworking space, allowing you to conduct your business without worrying about other workers reading over your shoulder. If an office pod sounds like a good solution, our office pods offer free Wi-Fi and even coffee to help you get through your day.
Maker Studios: If you need some help to get into your ‘creative flow’, maker studios are an option for coworking spaces that foster an inspiring environment to help you come up with your next idea. These look different for everyone, but one of your options in Enfield town is located in Mainyard Studios, which also offers a communal kitchen.
Coworking Spaces: Coworking spaces tend to be large, open rooms where you can set up with your laptop or your co-workers and get some work done. These spaces are comfortable, communal and designed to offer a place to focus away from home. Enfield’s Theobalds Enterprise Centre is one such coworking space in your local area.
Step 3: You’ll need to register your business with Companies House
Once you’ve decided on a business structure, name and address, the next step is registering your business with Companies House. This not only legitimises your business but is a legal requirement so that your business can be taxed appropriately. It should be noted that registering your business with Companies House is only mandatory if you’re part of a partnership or have a limited liability ownership structure. If you work on your own, and are a sole trader, you are instead legally required to register for an annual tax return self-assessment.
As a rule of thumb, it is advised that you set aside 30% of your annual earnings to cover any tax your business may owe.
You may also need to apply for special licenses or insurance if your business plans to deal with food, waste management or animals. It’s worth investigating whether your business will require one of the special licenses before beginning operations.
Step 4: Set up Bookkeeping
You shouldn’t start operating before your bookkeeping is set up. Bookkeeping can be a big help when it comes to budgeting, invoicing, adjusting your prices, and filing your taxes.
Find a way of recording your earnings and your expenses and implement it from day one. It will honestly save you so much stress down the line.
What if you’re considering relocating your business to Enfield?
When it comes to relocating your business, it’s incredibly difficult to do everything on your own and borderline impossible to do it all at once. Moving things into storage can help make the moving process a lot less chaotic.
Having somewhere secure, where you can store your bulkier and less-essential items can also really help with clearing up space and help you stay organised.
Browse our range of storage units in Enfield.
Posted on 25th March 2025 by Shanaiqua Desa
