Are you seriously thinking of starting up your own business? Do you have what you believe to be a great business idea? Do you have a particular set of skills which you think can make you money? Have you always visualised working for yourself? These are questions which you should ask yourself before embarking upon the most exciting venture of your life.
If you think the time is right to start out on your own, or with a partner or two, you should start to plan your business and make the critical decisions to ensure the best opportunities for success.
Effective and thorough business planning is vital. Top of the list is a positive and convincing business plan setting out your goals and when and how they will be achieved. Include realistic financial forecasts for the foreseeable future. A strong and substantial business plan will ensure you stay on the right track and this document can be the key to attracting investment.
Market research is essential to verify that what you are offering is needed and desirable by the market you are targeting. If you can, think of some unique selling points for your goods or services in order to make your business stand out from the competition. Create an eye-catching and informative website which will attract potential and existing customers. Use social media to interact with and notify viewers of new products, services, special offers etc. Other marketing can include media advertising and door to door leaflets.
Decide if you need office or commercial premises and do some research as to what is available and rental costs. Source suppliers and staff (if needed).
Finding the right company formation organisation
These days, the easiest way to register your company is by using a company formation agent. Details of these can be found on the internet. You should spend some time studying their websites and finding out what each can offer. Seek out those who are well established and reputable. Read customer feedback and frequently asked questions to better inform your decision. The best ones will offer a variety of packages from basic to full business packs offering everything you will need for your business. Post-incorporation services to support your business into the future are offered by the finest companies. They can also arrange to open a business bank account for you with one of the major banks and provide accountancy consultation. You will have a close relationship with your company formation agent indefinitely if you choose to take advantage of the support offered.
The company formation process
Forming your company is a straightforward process when using a reputable organisation. On your side, you need to have all of the relevant information ready – facts and figures about the business, company name, registered office address, details of all directors, shareholders and company secretary (if one is appointed). This information will then be entered onto the relevant pro formas. After checking for accuracy, the company formation agent will submit the documents to Companies House for authorisation.
Usually, within a few hours, you will receive electronic verification that your company has been registered. You will also receive copies of the Certificate of Incorporation, Memorandum and Articles of Association and Share Certificates for all your shareholders. Any hard copy documents you have requested will follow by normal postal delivery.
You will then be the proud owner of your own legally incorporated company, and you can start to do business. This is what you have been working towards and the world is now your oyster.