Beginner’s Guide on Starting an Entertainment Business in the United Kingdom
The world’s your oyster if you know how to set up an entertainment business in the United Kingdom.
United Kingdom entrepreneurs looking to start a viable business have plenty to choose from. One of the most versatile sectors is the entertainment industry, which offers a variety of business ideas. An entertainment business can run the gamut from magic shows and birthday parties to corporate launch events and concerts. Successful entrepreneurs can achieve both fame and fortune in this high-octane business. To get started, you need to know all about starting an entertainment business in the United Kingdom.
Industry Practice
The United Kingdom’s entertainment industry is forecast to be worth GBP80.5 billion by 2023. The film and television industry alone generated a trade surplus of approximately GBP1 billion in 2020. The entertainment industry in the United Kingdom encompasses the arts, entertainment, and recreation sectors. An entertainment business can be linked to music and radio, film and television, video games and gaming, e-sports, etc. It can also be on a smaller scale, such as parties and shows, festivals, etc.
With the pandemic, there has been a change in consumer behaviour, and people are now choosing entertainment forms that they can easily access from their homes’ comforts. People are watching movies and series that are shown on streaming services like Netflix or Amazon Prime or on other social media platforms like Facebook. This opens up new opportunities for the entertainment industry. The sector can cater to this demand by providing engaging content through these digital platforms.
Business Registration Procedure for Starting an Entertainment Business
With its experience in company incorporation procedures, 3E Accounting will take care of company registration in United Kingdom. A key area of concern in starting an entertainment business is the cost. Creating your business entity won’t cost much, mainly if you operate as a sole trader or partnership. A limited company or LLP (Limited Liability Partnership) does require incorporation with Companies House but is also low on cost. General administrative expenditures would include:
- Website design and hosting.
- Securing your domain name.
- Business and personal liability insurance.
- Getting a trademark license.
- Opening a bank account and e-payment gateway.
Depending on the type of entertainment business you choose, financing can be simple or complex. Birthday parties or small-scale magic shows will not require much investment. Staging launch parties or concerts will be more expensive as you need to hire equipment, performers, etc. Working out how much start-up capital you need is crucial to ensure your cash flow is healthy.
A well-written business plan will address these issues and more. For example, you might want to consider leasing a serviced office space. You may even want to start as a completely online e-commerce business instead of a traditional brick-and-mortar one. Due diligence will also enable you to identify the competition and come up with a niche service. 3E Accounting, the leading corporate service provider in the United Kingdom, will guide you through every stage in the process of starting your entertainment business,
Licences and Permits
Licenses and permits will also need to be in hand before you start your business activity. There is plenty of guidance provided by the United Kingdom Government website on licensing. Most approvals and permits vary according to the area and the type of entertainment activity. A good rule of thumb is that some form of approval is needed if it is a regulated activity.
For example, playing recorded music, public dancing, street shows, or serving alcohol would qualify as a regulated activity requiring approval. Conversely, a private launch may not need much approval. Organizations like nightclubs, cinemas, or open-air theatres also need a license.
It’s always best to check with your local council or authority to ensure full compliance. For example, you may need permission if you provide live or recorded music to a crowd of more than 500 people. You also require a permit if you screen a movie to an audience. If you provide entertainment to a group from 11 at night to 8 in the morning, you will need a special permit.
Knowing all about starting an entertainment business in the United Kingdom to set up a business is a big step. You can make this overwhelming task a lot more palatable by engaging professional help. 3E Accounting offers bespoke company formation packages that aim to redefine the way you do business. We provide customized company incorporation services for all companies, whatever be the industry. Our services are professional, comprehensive, and innovative, and we deliver performance-driven results. Contact 3E Accounting today to chat with our team about our custom-made services.
