Starting a Business
So, you are thinking about starting a business? That is fantastic, but there are a few things you need to consider to ensure that your business is as successful as possible. This page details all the main aspects of starting a business, including how to pay your taxes and which business structure is most appropriate for you.
You may like to watch our "60 second guide to starting your own business"
Business names and structures
First things first, you need to decide whether you are going to set up as a sole trader or a Limited company. Whilst there are benefits of going limited, such as not being personally liable for the business’s debts, many freelancers and small businesses tend to opt for the sole trader route when starting out because they don’t want the hassle or legal commitments associated with a Limited company. For more information on which business structure is right for you, have a look at our sole trader or Limited company page.
In terms of a business name, it’s really up to you to decide. However, you need to try and pick one that is catchy and relevant to your business. Furthermore, Google is now one of, if not the first place most people go when searching for businesses, which means that it will be beneficial to think of a name that people can search for easily online i.e. don’t make it too long or difficult to spell.
Where to work
In an attempt to keep overheads to a minimum, a lot of our clients opt to work from home when first starting a business. With telephone lines and internet connection already installed it makes the process of getting everything up and running much smoother as there is no need to search for business premises.
You will need to think long and hard about whether you want to work from home or out of another location; there are pros and cons to both. There could be a lot of distractions in your home and you may find yourself being ten times more productive if you operate out of a designated business premises.
Taxes, payroll and returns
Here comes the part that often puts people off starting their own business. Taxes! But it is honestly not that difficult and an accountant can easily help you out.
To put everything in basic terms, if you own a Limited company, you will need to complete an annual return at the conclusion of the tax year and send your accounts to HMRC. After this, things can get a little more complex, as you have to think about whether or not you need to register for VAT and set up payroll. However, if you get stuck or would like more information you can simply ask us a question.
The procedures for sole traders and Limited companies are different, so you will need to take this into consideration when deciding on a business structure.
Marketing your business
Once you have set up a business you are going to need to have some form of plan in place to obtain more clients. A great way of doing this would be to set-up a website. It doesn’t matter if you are a carpenter or a copywriter; a website is an extremely useful promotional tool and a place that you can direct potential clients to if they want to find out more about your services.
Our page on finding work as a freelancer is a fantastic resource that will provide you with a number of other ways that you can generate business and talk about things in greater detail.
Appointing an Accountant
If you are planning on setting up as a sole trader or Limited company, an accountant will be able to guide you through the start-up process, complete your year-end accounts and much more. Easy Accountancy will be able to help you with all of this as part of our all-inclusive fixed fee service.
If you have any further questions about starting up your business, such as if you should register as a Limited company, please fill out the following form call 0500 234111/01442 275767 or email email@example.com. and we will be happy to help.
Setting up as a Sole Trader, Freelancer or Small Business Infographic
We have presented all of the key points associated with setting up on your own in an easy to read inforgraphic. Please click on the image below to find out the main reasons to be self employed, the processes you need to complete to incorporate your business and much more.
How to generate free leads
We have created a quick, plain English video guide on 'How to generate free leads' to help those of you working with a limited marketing budget. Click on the link below to watch the video and dont forget to subscribe to our YouTube channel for regular updates.
For more advice on how Easy Accountancy can help you and business, or to find out more about our fixed fee packages, please call 0500 234 111 / 01442 275767 or email firstname.lastname@example.org.