004. How to Set Up Your Business (Tips)

Before you start anything

Woah slow down… Before starting anything you need to look at your business plan, is it concrete?

Research into your current market and make sure you know everything you can before starting. Don’t just ask your friends, ask work friends and the general public to get a better understanding of your market.
You can download any templates you may need here (i.e Business Plan Template, Financial Tables).

Let HMRC know you’re setting up

If you don’t let them know, expect to be chased by that lovely person known as the Taxman!

They can also advise you on what you will need to get set up as (i.e Limited Company, Sole Trader etc) and you can find out about all tax-related information as well right here.

Choose your business name

Now this is the exciting part, remember this is the front of your company so make sure it’s good!

You can find out if your company name is available here, we do recommend checking that the domain name is available as well if you want the website to match. This may take a while as a lot of domain names are taken, but will be worth it in the long run.

Get your business bank account set up

You’ve got to have somewhere you can be paid into or you’re never getting that money in, you can use your current account if you are self-employed/sole trader, but it’s better to set up a business account so you can monitor your outgoings and income.

You can set up a business account at any bank, go into any on the street and have a chat or give them a call.

Make sure you are compliant

(i.e Health and Safety, Licences required, Data Protection etc)

Health and Safety is vital, if someone comes into your establishment and hurts themselves, you’ll be the one paying out, this is what covers it. If you misuse someone’s data or don’t have a certain licence you require… Guess what? You’re paying out!

The insurance company will check what kind of business you are and recommend what insurance to take out.

Learn more

Are you insured?

Like above, depending on your business, you will need to get insurance. Find out more about insurance by clicking here.

Make sure you have a good book-keeping system

We promise, you won’t regret making sure you start off with a good book-keeping system. There’s nothing more annoying than trying to work everything out manually at the end of the year, as well as helping you analyse your business. You will always need to keep a copy of what you’re invoicing and buying for tax purposes.

Develop your brand identity

Now it’s getting fun! Let’s make your business look clean, professional and appealing. Don’t just go and get a random, blurred image for your brand image. At Create8, we can help you with branding, websites (ensuring you are mobile responsive), business cards, brochures, letterheads. You name it, we can do it!

Make sure your customers can contact you

Hmm, why am I getting no enquires… Because nobody can contact you yet. Make sure your emails are set up. When getting a website developed by us, we offer a range of email packages and can help you set up your emails (as well as on your phone and computer). We also advise getting a phone number from a local provider. It’s important for you to have a point of contact in the business so you can build that client relationship.

Get your business known!

Through various promotional methods like Online Advertising, Physical Promotion, Word of mouth. Make sure you’re on social media.