The guide has been developed to provide useful and jargon-free guidance to help small business owners navigate the current small business landscape.

The resource contains a step-by-step guide for launching a business and covers 10 key topics in a simple and easily digestible format. There’s also a jargon-busting glossary for business owners to reference.

The topics include: researching your idea, business strategy and plan, company structure explained, incorporating your business, business finances explained, access to finance, tax explained, setting up a supply chain, marketing your business, networking, protecting the intellectual property of your business and lastly jargon busting.

The guide is aimed at first time business owners, taking them through much of the basics of setting up a business.

As well as outlining the above, the Guide contains some information that may not be widely known. For example, did you know, a registered design is protected for up to 25 years but must be renewed every five years? Or that, when it comes to corporation tax, companies with a profit of £50,000 or less pay the 19% ‘small profits rate’.

Richard Bearman, managing director of small business lending, British Business Bank, said: “I am a strong believer that anyone can be a business owner, no matter what their background or experience – they just need the right support and guidance to get started.

“Our new guide is designed to do just that, offering free, practical pointers and a step-by-step roadmap for those at the start of their business journey.

“Start Up Loans exists to provide funding and support for business owners hoping to start or scale up their ventures. This includes individuals who would not yet consider themselves ‘business owners’ or ‘entrepreneurs’, but rather just regular people pursuing their passions. These are the people who often need a bit of additional support when starting out and I hope that they find the Essential Guide to Starting a Business a useful resource.”

So if you need to know more about the differences between a cash flow statement and a balance sheet before setting up a business, download the ‘Essential Guide to Starting a Business’ please visit: The essential guide to starting a business | Start Up Loans

Through a network of Business Support Partner organisations, the Start Up Loans programme provides access to pre-and-post loan support to help applicants develop a business plan; fixed-interest 6% personal loans of up to £25,000 to help recipients to start or grow their business; and mentoring support to help loan recipients with everything from cash flow to marketing.