{"id":7468,"date":"2020-04-05T14:00:48","date_gmt":"2020-04-05T13:00:48","guid":{"rendered":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/?p=7468"},"modified":"2024-01-30T10:36:00","modified_gmt":"2024-01-30T10:36:00","slug":"checklist-setting-up-company","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/checklist-setting-up-company\/","title":{"rendered":"Set up a company using our checklist"},"content":{"rendered":"
Setting up a company can be a stressful time, with a multitude of decisions to make and so many factors to take into account. That being said, the incorporation process itself is really straightforward \u2013 particularly if you set up a company through an authorised formation agent.<\/p>\n Our Fully Inclusive Package - the ideal way to set up a limited company<\/span><\/a>\n \n However, there are many other general tasks associated with starting a business, and the choices can sometimes seem bewildering. So let’s take a look at some of the key aspects you’ll need to tackle.<\/p>\n The first step to starting any business (after coming up with the initial idea), is to decide whether or not there is a sufficient market for it to succeed. This involves thorough market research such as:<\/p>\n If the market research looks positive, the next step will be coming up with a comprehensive business plan. This is especially important if you wish to approach investors for seed funding, as they will want to see whether they can make a healthy return on investment (ROI).<\/p>\n There are many\u00a0rules to follow when choosing a company name<\/a>, and choosing the wrong one can lead to a company incorporation application being automatically rejected.<\/p>\n Can my company have the same name as another company?<\/span><\/a>\n \n Issues regarding company names include:<\/p>\n Limited companies must be incorporated with Companies House. It is possible to set up a company online, either direct with Companies House or by using an authorised company formation agent such as Quality Company Formations<\/a>. Alternative methods include using third-party software or applying to set up a company by post using Companies House form IN01<\/a>.<\/p>\n As well as registering your company, it will be necessary to register with HMRC for purposes of corporation tax – and potentially for PAYE, Self Assessment, and VAT.<\/p>\n Although it is not a legal requirement to have a dedicated business bank account, it is recommended as a way of ensuring that business records are kept separate from personal finances.<\/p>\n The financing of a business venture should be given some serious thought, as the first few months may only see meagre profits, or even losses. Work out how long any personal savings will last, and consider whether to take out business loans or ensure sufficient overdraft facilities.<\/p>\n Government loans and grants may be an option in certain sectors. Also, consider investors and crowdfunding opportunities.<\/p>\n Many businesses – particularly services industries – will start off from home, and this can help to keep costs down. However, even for people who work alone, they will often benefit from office environments where they can share ideas with other entrepreneurs, and co-working spaces that cater to this need are currently thriving.<\/p>\n Even when a business expands, hot-desking in a co-working space can provide for multiple colleagues to work in the same office, albeit shared with other businesses. But at some point, a dedicated office may be required.<\/p>\n \n Physical shops will generally require dedicated premises, and it is vital to ensure that any property is allowed to be used for the required purpose in accordance with the Town and Country Planning (Use Classes) Order 1987<\/a> (e.g. many business properties can only be used for offices, as opposed to cafes or restaurants, etc.).<\/p>\n Marketing your new business will often be key to generating new customers. Unless you have a shop or retail business – in which case business premises with a sufficient level of footfall is crucial – websites and online marketing will play one of the most important roles in drumming up business, particularly at the start.<\/p>\n Although websites can often be created quite easily these days, it often pays to engage a professional, especially in terms of any graphics (e.g. company logo) and content. A branding expert can help in terms of both getting visuals and messaging to appeal to your target market and provide consistency across the board.<\/p>\n \n Aside from building an attractive and user-friendly website, it is helpful to get to grips with various other online marketing tools, such as:<\/p>\n Other more traditional forms of marketing may well be helpful, depending on your sector, e.g. leafleting, newspaper adverts, TV advertising, etc.<\/p>\n As well as finding customers, most businesses will also need to source reliable suppliers. These can range from professional services to manufacturers who are crucial to the production process (in the case of goods). Relevant contracts will need to be drawn up, to ensure that the supply chain is robust and secure.<\/p>\n Various businesses will require specific permits and licenses, depending on the product or service. For example, alcohol licenses must be obtained for anywhere serving alcohol on their premises, while food manufacturers will need to ensure they meet food safety standards, etc.<\/p>\n Many companies will also require certain forms of insurance. Employers\u2019 liability insurance is mandatory for any business which employs staff (hefty fines are applied to employers who fail to take out this insurance).<\/p>\n Public liability insurance is another popular form of insurance and, although not legally required, can be very useful to insure against claims by the public (e.g. if a customer slips or trips on your business premises).<\/p>\n Professional indemnity insurance is often taken out by services companies providing professional advice, to protect themselves from claims in respect of their advice (e.g. if a client loses money due to poor financial advice).<\/p>\n Virtually all businesses will process some form of data, be it from employees, customers, suppliers, or third parties.<\/p>\n Since the General Data Protection Regulation (GDPR) came into force, huge fines can be levied in respect of data breaches or mishandling of data. It is vital that all businesses understand at least the basic requirements of the Data Protection Act 2018<\/a> and related legislation.<\/p>\n1. Market research and business plan<\/h4>\n
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2. Choosing a company name<\/h4>\n
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3. Register your company<\/h4>\n
4. Bank accounts and finance<\/h4>\n
5. Business premises<\/h4>\n
6. Marketing and brand<\/h4>\n
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7. Supply chain<\/h4>\n
8. Permits, licensing, and insurance<\/h4>\n
9. Data Protection<\/h4>\n