04Dec/15
business startup

How To Set Up A New Business

In order to set up a company, a proper plan must be developed. This should include basic information like the business name, address, website address and any contact information. If using an email address, use a professional sounding address, preferably with the company name as part of the email address. Avoid using any available services that offer free email addresses. Another important tip to consider is that the company owner will need to know and understand every aspect of the business, including the legal aspects. Document translation may be needed for those who English isn’t their first language. This is crucial when setting up a business that everything is clear and accurate.

Start by indicating the type of business to be started and the legal form of it – sole trader, partnership or limited company. Provide a vision, or detailed description of just what the business is about and what it will do. Provide information about the industry within which the company will operate, as well as a description of products or services and what makes these products or services different than any that may already be on the market. Continue reading

13Oct/15
businessmen

How To Set Up A Company

When setting up a company in the UK, you need to select a specific structure for the type of business or organisation. Basically there are three types: sole traders, partnerships and limited companies. Sole traders are considered to be self-employed which means they typically work for themselves and will need to register as a sole trader. If conducting it as a partnership or a limited one, you must live in the UK or have an office that is registered and one director residing in the country. UK leading experts and specialise in limited company formation and registration, which is easily carried out through an online process. Company registration is different for each of the three types of businesses.

Registering as a Sole Trader

Getting set up as a sole trader is perhaps the easiest method of formation. Sole traders must calculate their own tax liability which requires registering for self-assessment tax with HMRC (HM Revenue and Customs). Some sole traders find it easier to employ the services of an accountant to assist in these tax calculations. A National Insurance (NI) number is required as well. Sole traders may conduct business under a company name or using their own name.

Registering as a Partnership

This operates like a sole trader except there are several owners rather than just one. Each partner may run the business as an individual but responsibility is shared between all partners including any bills incurred and any losses. As with the sole trader business, partnerships must also register for the self-assessment tax with HMRC and pay for National Insurance. Each partner must also pay their own income tax on the individual share of their profits from the partnership.

There are also specific rules for naming a partnership. For example, terms like “limited” or “limited liability partnership” are not allowed. The name of the partnership must not closely resemble any similar registered trademark or allude to any connection with government authorities. Partnerships must include the names of all partners along with the business name on any official forms like letters, invoices, etc. Continue reading

01Aug/15
target marketing strategy

Thinking Like A Customer

Starting a business has, from time to time, been a consideration for a high proportion of people working in business environments. It’s increasingly easy to do it yourself without much outside help, and the benefits can be great.

But, as any experienced entrepreneur would remind you, starting a business from scratch begins with a strong game plan, clear goals and the best business ideas. Opening one’s own business allows for unprecedented freedom at work, a self sense of pride and the feeling of a job well done. Running a business, however, also requires consistent responsibility and a steady pool of creativity to draw from. You need to keep in mind that setting up or expanding a business is very demanding and in the first few months, it could be difficult to handle. By knowing where to find the best help and ideas, such as thinking like a consumer, utilising online resources, and working with others, any aspiring entrepreneur can take the first steps to their very own business.

As we often hear, customers are the life and blood of every profitable business. In one’s journey to find the best business ideas, make a pit stop for shopping is vital. By noticing one’s own habits and behaviours while shopping, a young entrepreneur can begin to see patterns for success. Notice the way in which customers move about a floor plan, which displays impressed you and others, and what kind of products seem to be the most eye catching. Simply put, some of the best strategies can be derived from what is already being done best. In the harsh and competitive world of business, it is a simple advantage to utilise what is known to work effectively. Continue reading