5 Next Steps After Setting Up Your Business
Published on March 10, 2020
It’s important for you to do a few things prior to starting your new business on a full scale. Although these things might seem a bit complicated at first, still they are well worth your efforts.

1. A business plan

Without a doubt, you might already have an idea about the things to include in your business plan. Still, it’s crucial to note it down on a piece of paper & format it as per your likings.

Make sure your business plan is as precise as possible. If you include things which are not important in your business plan, it might actually have a negative impact on your business.

The primary reason for this is because investors looking to invest in your business might get confused & won’t realize its true potential.

2. Logo

Your company’s logo is as crucial as the name of your business.

Make sure it says everything in regards to your business. Your logo must compliment your business as well as the market you’re operating in. In terms of the pricing, try to get something not too expensive until you’ve raised enough cash from your business.

3. Make sure to register the correct address for your business

The address you register for your business is likely to be on each of your document, starting from your invoices to your letterheads.

In the beginning, you could even use the home address as your office address. In addition, you must also note that the address you add will be available for the public to view via Companies House. But, you can easily have a virtual mailbox which can make you seem professional to other people who know just by your office address.

4. A professional website

A professionally built website easily enables you to advertise your products or services in a convenient manner. Besides, it also helps you grow your follower base online.

You can find a number of software programs online which allow you to set up your personal site even if you have zero technical skills.

5. A business bank account

Using a business bank account, you are able to hold most, if not your entire cash in the business. Besides, you also have the option to personally transfer cash to your business account via the Director’s Loan Account.

What Is A Confirmation Statement And How Do I File One?

What Is A Confirmation Statement And How Do I File One?

You can use the internet or postal service to file a confirmation statement for your company.

Nonetheless, the online method is much simpler, faster, and secure compared to the post. Besides, it only costs you £13.00, compared to the cost of around £40 when sending it by post of around £40.00. Using the post also takes far longer.

Everything You Need To Know About The UK VAT Threshold

Everything You Need To Know About The UK VAT Threshold

It is important for a business to register for VAT provided that during the previous year their ‘taxable supplies’ (typically based on the turnover and not the profits) have surpassed the threshold for VAT. This is applicable to all businesses in the United Kingdom, no matter whether you’re working as a limited partnership, company, or sole trader.

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