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FAQ

There are many questions when it comes to starting your own business. Here are some of the mostly frequently asked questions.

What Is A Franchise Business?

A franchise is where an established business owner or “franchisor” sells the rights to use their company name, trademarks and business model to independent operators, called ‘franchisees’.

What Is An Example Of A Franchise?

The most well known examples of franchises would be one of the many fast food restaurants which include McDonalds, Burger King, and Pizza Hut.

What Is A Business Plan?

A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.

What Are The Two Main Business Types?

There are two main types of business model; Sole Trader or Limited Company.
Every business – no matter how big or small – must have a legal structure, with the bulk choosing to be either a sole trader or a limited company.

What Business Insurance Do I Need?

The insurance you need for you business depends on what your business does. For example public liability is needed if your in contact with the public and professional indemnity if you offer advice. There are many more that maybe specific to your business type.

Do I Need A Business Bank Account?

While it’s advisable but not compulsory to have a business bank account if you’re a sole trader, if you’ve set up a limited company it’s mandatory to have a dedicated bank account for your business, as your business is legally a separate entity.

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