When forming a new business, make sure you start of correctly and avoid simple and costly mistakes with this start-up checklist.

When forming a new business, make sure you start of correctly and avoid simple and costly mistakes with this start-up checklist.

Research your business idea. This will include researching the viability of your business idea as well as your target market. You will need research your competition and see what will set your business aside from your competitors

Secure a domain name. This is important as all businesses need to have a wenbsite especially as a lot of your customers are likely to view your products and services online.

Assess your strengths and weaknesses. If starting your own business alone then it is important master certain skills to give your business the best chance of success. You can learn certain skills and there are also various parts of your business where you can hire a consultant.

Open a business bank account. If you are a limited company, your finances should be separate. Having a business bank account is one way to achive this. Be aware of charges and what facilities are on offer.

Hiring an accountant from the beginning can help you have that expert help with managing your business including support on managing your cash flow and business accounts.

What business structure will you operate unders such as a sole trader, partnership or limited company. An company or LLP will provide financial flexibility, protection of your business assets and provide credidability with customers, suppliers and lenders.

Consider the tax implications and National insurance position for different company structures before making a decision.

Choose your business trading name and ensure it is original and not in use. You can check this on the company name website.

Employ a professional company formation agent or your accountant or solicitor to help set up the legal formation of your company.

Check what legal legislation and requirements your business must follow and organise your business insurance

Organise your Tax and National insurance contributions by registering with HM revenue and customs. If employing staff, you will need to register with PAYE.

Organise your accounts and financial systems and ensure that your business is compliant with Statutory requirements such as filing annual tax returns.

Ensure you have a business plan in place that highlights what your business is and how it will operate

Ensure you have the necessary finance in place to get your business started especially in the earlier months when your business is just starting.

 

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