Sunday, 26 December 2010
All You Need to Know About Starting Your Own Company
By Iwanono Makabebe
If you are considering or in the process of forming a company in the United Kingdom, then you are in for an exciting ride. This can prove one of the most testing times for your company, and you need to ensure that you take every step necessary to make the launch of your company a successful one. The aim of this article is to provide you with some of the information you need to know with regard to business start-up and company registration.
When setting up a business in the UK, if you have decided that starting a company is right for you then consideration needs to be given to the company's name. You may wish to start this process by making a list of all the company names you wish to consider for your new business venture, before selecting the best name. You should access the Companies House website in order to find which company Names are available to you, or you can check using the Wisteria Formations name checking system.
It is also very important to consider exactly how much it will cost you to physically set up your company during the company registration phase. These costs will vary considerably between different types of service providers (lawyers, accountants etc) and online companies. These will offer you different levels of service for a different fee. Other start-up costs also depend on your circumstances. Costs associated with a new website would consist of computers, printers, web domains/server registration costs and the cost of web design, where as a high street shop will need to consider telephone/internet service, stock, shop fitting, cash registers and lighting.
Depending on the type of business you will be forming, overheads will play a major role in the amount of profit that you can realise. These are the ongoing expenses which a company will have to pay out for which may include electricity, Internet, water and telephone bills, along with any rent or mortgage that you will have to pay.
Obviously the costs that a business will face will depend on the type of business you will be operating. Some businesses have very high start-up and development costs to get off the ground, whereas other businesses can get going very easily and at a low cost.
The most common practice which many companies choose to register their selves is through the online website of a formation agent. These agents can help and advice you on all the areas covered in this article, such as searching for your desired company name, as well as setting up a company bank account and helping your new business with services such as book-keeping, accountancy, tax planning, business plan writing
Also ensure that you consider any legal and accountancy costs, staff salaries, insurance and banking costs. The business may be eligible for a grant or some form of government incentive, depending on the circumstances. Therefore if you are struggling for funding you may wish to consider this.