Page 7 - Spring Into Markets
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Step 3: Consider finance and funding
Research the type and amount of funding you are looking for — a variety of market operators now offer rent incentives for new businesses on their market, so see if the markets you are interested in do this. Use the NMTF’s database of markets to find contacts:
The NMTF endorses Government‐backed, Start Up Loans UK: Other sources of finance are available.
Most market managers ask traders for proof of public and product liability insurance. Employers’ liability is a legal requirement. Make sure you are protected — members of the NMTF are covered under an umbrella public, products and employers’ liability policy:
When sourcing and buying products from wholesalers, research which suppliers are reputable and recommended. Make sure you get invoices and receipts for every purchase, ensuring they are compliant with trading standards legislation.
Register as a sole trader with HM Revenue and Customs — this means you are self‐employed. You can keep all your business profits after tax is paid on them. Get up to speed with tax returns, national insurance contributions, registering for self‐assessment and record keeping.
To go to the HMRC Government gateway
Guide 1 Starting Up 7
