Once you have worked out your start-up costs and decided how to fund your business, there are further steps you need to take before you can press the start button.

You should have weighed up the pros and cons of different business structures and decided if you want to become a sole trader, set up a limited company or start an online business.

Although starting a business from home reduces costs, you may need to choose premises, in which case you must make sure they're secure. You’ll also have to set up a basic bookkeeping system and find out about your tax and National Insurance obligations. You'll have to address your information technology needs and perhaps buy additional software for your home-based PC. At the same time, you're likely to have to create a website for your new business.

You might even need to recruit your first employee. This will mean fulfilling your legal obligations as an employer, so you should read up on basic employment law concerning hours, pay, parental rights and premises, as well as recruitment, contracts, discipline and grievance procedures. You must also comply with health and safety rules.

This will help provide an excellent foundation on which you can try to establish and develop your new business.