There are many stages to setting up your own business. Many of these are the same for any business, and the best advice can be found at: http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073858805.
This gives advice on all aspects of setting up and running a business, and has a wealth of advice on such things as marketing, tax, employment law etc.
In addition, there are a few special points about running a debt management business. These include:
Most businesses are registered for VAT, and special rules apply for businesses in the financial sector. More information about VAT and VAT registration can be found at: http://www.hmrc.gov.uk/vat/index.htm.
The Office of Fair Trading are the main regulator of the debt management industry. This is done in a number of ways and through various pieces of legislation, in particular, the Consumer Credit Act, the debt managment guidance from 2008, and the debt management guidance compliance review from 2010.
This is a legal requirement for anyone operating in debt management. You should get your application for a Consumer Credit License completed and submitted at the earlist opportunity as this is a common stumbling block for new businesses. For more information have a look at the OFT website at: http://www.oft.gov.uk/OFTwork/credit-licensing.
As you will be storing personal and financial data about your customers it is essential to be registered with the Information Commission, and to adhere to the data storage and usage rules. More information can be found at: http://www.ico.gov.uk/for_organisations.aspx.
You should seriously consider enlisting the help of an external compliance consultant to cover all aspects of compliance with the various regulatory bodies and acts. We work closely with these consultants to ensure that Debt Trakker works in line with these regulations, and would be happy to put you in touch.
If you need any help or advice with starting your debt management business, please do not hesitate to contact us for more information.