Starting your own business requires you to follow a systematic process. Once you have the fundamental steps covered (know your business niche, list down your company goals, etc), it’s time to register your business and “officially” step foot into your respective industry.
So, you want to start a business — this is great news. But before getting carried away with sales and long-term business goals, you should definitely follow some simple steps to make sure you start the right way. Using the services of an experienced formations company can get your enterprise up and running within hours. of receiving your online application.
Here are our 7 steps to successfully registering a business in the UK:
1. Think of a Company Name
Your business is your baby. Therefore, you should select an appropriate, engaging and effective name. Be creative and think about longevity. Check Companies House to see if the name you want is available and then buy the website domain as soon as you get the green light!
2. Decide What Type of Business You Will Be
This point is technically the registration. As stated on the official Government website, depending on your location, type of business, and whether you will be taking people on as employees, you need to register yourself as any of the following:
2.1. Sole trader
Although it’s comparatively easy to set-up as a sole-trader, you will be responsible for your company’s accounts and manage its finances, which includes keeping track of your tax records.
2.2. Limited Company
If you set up as a Limited Company, your personal finances need to be separated from your business finances. You can seek the help of an accountant to register and handle your books.
2.3. Partnerships
This is the easiest way for two or more persons to run a joint business. You’ll have to share the financial responsibility for all your company’s accounting and debts.