Under the changes announced yesterday to National Insurance rates, both employers and employees will each be taxed an additional 1.25%. In his speech in parliament Boris Johnson’s reason for the
For many people the idea of starting up a business can feel like an exciting prospect. The ability to work for yourself, set your own goals and potentially climb your own ladder to success is enticing. Yet, forming your own business comes with a lot of responsibilities; so many find themselves too afraid to make the first step. In order to take that first step, you need to have confidence as well as knowledge of what to do. Here are some of the things you need to do before starting up a business.
1. Research Ideas
Before starting up a business you should understand what you want to achieve and how best to go about it. Therefore, it is vital that you look at the current market and how your business can fit in and prosper. Research your ideas online to find out what works and how to make your business stand out. Work out what market there is for your product or services and how best to sell its unique value. Market research will help you further understand your customers’ needs and how best to shape your business.
2. Choose A Name
Picking the right name for your business might sound basic, but can actually be quite daunting. A good name should be simple, easy to say or spell out, and be instantly identifiable with your business. Consult with Companies House to understand the process for naming your business; check on their website to make sure no other businesses have registered your chosen name first. Look into how your name will appear online in URLs and on social media. Remember, your name will be the first thing potential clients notice about your business; make sure it is one that fits well.
3. Complete Paperwork
Paperwork related to starting up a business may seem daunting, but it often does not take as long to deal with as you may think. Research the basic paperwork you need to start a business such as VAT as well as any specific documents related to your circumstances. Check with your local council and Companies House as to what you will need. In addition, it is a good idea to open a separate bank account specifically for your business.
4. Make A Business Plan
It is a good idea to have a business plan in place now to avoid any nasty surprises down the road. Check online for guidance on writing a solid financial plan for your business. In addition, factor any risks to yourself or your business that could crop up so you know how much to budget for should they occur.
5. Determine Funding
The final step to consider when starting up a business is where your initial funding will need to come from. Depending on your type of business you can try investors, crowdfunding, or pay with your own funds. Investors can provide a large amount of capital as well as experience and knowledge, but savvy marketing skills are needed to get them on board. Crowdfunding can let you know how popular an idea is through the number of people willing to pay for and promote it, but it is very easy to make a mistake during a crowdfunding campaign that could derail your plans. Finally, self-funding is risky as it requires a full investment on your part but may impress potential investors if you can make it succeed.
At AccountAbility Plus our team are on hand to help you set up your own business and support you throughout the process. Our outsourced services include registration with Companies House, help with corporation tax and VAT applications, contracts and payroll schemes for employees, assisting in the creation of policies and procedures and more. We are here to help and advise you with any services so that you can focus your time and energy on running and growing your own business. To find out more about our expert services for company startups visit us online or chat with us via phone today.