7 Simple Steps to Set Up a Business

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If you have always been thinking about starting a business, now is a better time than ever. You can find that company incorporation in the UK is easy, and you’ll be able to set up your business cheaply and quickly. You don’t have to go through a lot of tedious processes and instead you can begin with your company comfortably.

So, if you know what line of business you would like to work on, you need to follow these seven simple steps.

Step #1: You need to inform HMRC you’re becoming self-employed.

There are many methods in which you can let HMRC know. You can do it online or by phone. After which, you will get started as a sole trader or a company owner. Make sure also to complete HMRC’s free online training. This will give you practical advice on tasks such as filling in and filing your tax return.

Step #2: Don’t forget to get insurance.

Since you have started your own business or have selected company incorporation in the UK, you need to make sure you have the insurance covered. This is to protect your business against fortuitous events, accidents, sickness and others. But the insurance cover will also depend on your business, and how you run it. So, you need to consider those when choosing your insurance company. You can select specialist brokers. They can be great for niche businesses. Trade associations offer big discounts to their members so you can consider them too.

Step #3: Determine your business name.

No business or company will ever be complete without a business name. If you’ve decided on one, ensure that it is not already in use. You can search Google and Companies House to make sure that no other companies bear the name you have chosen. On the one hand, if you have not chosen a business name yet, you can go with your own name. Don’t invest in any advertising materials until you have decided and settled with a business name. Purchase the website domain name as soon as you have chosen your business name.

Step #4: You need to set-up a business bank account.

One of the important steps for starting your own company or business is to set-up a bank account. This is because your company is a separate legal entity from you. You must keep apparent accounts so you and your company’s liabilities are separate. If you are a sole trader, this is not a strict requirement.

Step 5: You need to comply with regulations.

For your company to be a legal entity, you must comply and satisfy all regulatory issues. These can be health and safety standards or data protection regulations. You can check out Gov.uk if you need a guide to help you through the requirements.

Step 6: You must keep records and start accounting.

Bookkeeping and accounting are all essential in running a business. That is why you can either hire an account or set-up your own bookkeeping system. In this way, you’ll have records of all sales and costs. This step is crucial since any mistake in accounting or bookkeeping can cost you revenue loss if you’re not careful.

Step #7: You must choose your workspace.

Find a strategic location for your business or company. If you want a lot of foot traffic, for instance, you need to look for buildings close to popular hangouts. You would want your business to be within the vicinity of your target audience. You can visit your Local Authority or Council if you want more information about business premises and rates in your area. For those working from home, you can look for Co-working opportunities in your area. This is if you prefer working outside instead of being cooped up in your house.

Remember these seven steps, and you are now ready to set up your own business. If you want a cheap company formation, you can visit us at MachFast. With our help, you can start your company incorporation in the UK quickly. You just need to answer a few questions, which means no complicated forms. You can then start your company and open a business account in only 10 minutes. This is such a convenient method for all the aspiring business owners and entrepreneurs out there. Many of whom are excited to launch their respective businesses.

If you want to begin, you need to download our MachFast app. It is available for both Android and iOS users. This app is the first and only app in the UK that can help you set up your business and open an account in a few minutes. Our service providers will handle all the work for you. Companies House will register your company after checking the information you have provided, and CashPlus will open a free account for you. So, what are you waiting for? It’s time to begin the business you’ve always planned for, and it will all happen in 10 minutes!

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