The UK is one of the most fertile grounds to start a business. Apart from being cheap and easy, future business owners can set up a company in just a few days. But, before you start anything you must do a lot of planning because this business should make you money in the future. Below is our “must do” list, if you intend to start and run a successful company.
Do the market research
Before you start with this process and investments, you must do the market research, see if your business has a future. If you want a successful business, you need to be able to sell your products and services. Learn everything about the market demands and then make a business plan.
Choose a name
Even though this might seem like the easiest step, choosing a name can be rather difficult, and business owners have a hard time deciding it. You must find a name that is available, and you can check that at Company House, a UK government website.
Open a bank account
If you want to make transactions, you need to have a bank account that is separate from your personal account. You will need a business bank account. It is not strictly required is you are a sole trader, but it is highly recommended. In this way, you will keep your accounts clean.
Be clear about regulation
You need to make sure that you are complying all regulations and taxes, such as health, safety, data protection and so on. Gov.uk has some excellent online tools which you can use.
Type of the company and legal structure
Usually, the two most common choices are a sole trader and a limited company. Depending on size, cash flow and type of business, you accounting experts will be able to give you the best advice which one to choose.
Track a cash flow
If you want to succeed, you need to know where your money is going. Even if you have a book – keeper, you should have your record as well.
Keep cost low
Before you become more financially independent, save, save and only save.