For whom the bell tolls……

Starting up a new business is an exciting time, there’s so much to do and hopes are high for success and the financial security that hopefully follows.

Some early decisions that are made in haste can have long term ramifications, obvious ones being the choice of name and telephone number.

When it come to business telephone numbers it pays to get it right early and take advice from those in the business who have the experience and know-how.

 For instance have you ever thought about the following?

Most residents in a block of flats have no interest in the behind the scenes nuts and bolts of the legalities that govern the interaction between the flat owners. The first time they experience a residents’ committee is when there is a problem and at that point the articles of the flat management company come into play. It’s important to ensure that the people running the management company are sensible and level headed , especially as there is often a resident who turns up at meetings and likes to hear the sound of their own voice usually because they have too much time on their hands. Therefore choose candidates for positions such as director or secretary with care as a firm hand may be needed to call meetings to order and ensure that outstanding issues are dealt with in a timely and appropriate manner. Somebody with professional experience of procedures and legalities is usually the best candidate although they may not have enough time to devote to what amounts to a voluntary job. Often the best results are achieved by engaging the services of an external manager to run the flat management company in addition to actually dealing with repairs and maintenance, although a cost will be incurred.

I’ve actually gone and done it – we had a winter sale at Formations direct! Over a 7 day period we cut the price of electronic online identity checks by 1/3 and the response was extremely positive. Certainly a better result than Tesco and the likes. Now I am a proper retailer. I am now considering whether I should put on an apron and stand at the door of my emporium a la “Open All Hours” and contemplate life at the end of each day prior to locking up.

If you are reading this blog then it most likely means that you are seriously considering forming a limited company. There are currently over 2 million limited companies in the UK, and they are often preferred to sole traders and partnerships for a number of reasons including:

Separate Legal Identity

A limited company has its own identity; this means that these kinds of companies will survive the death of the owners, and it’s possible for the shareholders and directors to change over time. The company will therefore carry on unless it is formally wound up or liquidated. This undoubtedly gives more perceived security for your employees than any other business type.

Prestige

The formation of a limited company signifies permanence, giving your customers the confidence that you are both effective and responsible. Many larger businesses refuse to deal with sole traders and partnerships, only choosing to liaise with limited companies.

Sell

Although you are starting a company, it is a good idea to look out for the long term prospects too. The owners of sole trading businesses or partnerships also individually own the assets of the business, so selling it can be laborious and difficult. Limited companies are much easier to sell on, as ownership is represented by shares that can be sold without disrupting the activities of the company.

Time

It’s quick and easy to start a limited company, and it can all be done here online. You don’t have to deal with Companies House directly, you are often better using a company formation agent, who is just as quick and is allowed to offer you advice, unlike Companies House who are a government agency. If you want to set up a limited company then it couldn’t be simpler with our company formations service. Registering a company through Formations Direct is competitively priced, with a variety of packages on offer starting from as low as £17.

Once you have filled in the form online, we will fill in the necessary paperwork and submit it to the Companies House, completing the whole process within hours of us taking your order. If you need any help or assistance once you have set up your company, then we can provide you with after-sales advice too. For more information call us free today on 0800 085 45 05.

Starting your own business can be very exciting; becoming your own boss and taking control of your own company is the dream of many an entrepreneur. However, there are certain things that you should know – and certain mistakes that you should definitely avoid.

Mistake 1 – Poor Planning

Going into business without a proper plan is perhaps the biggest mistake it’s possible to make. Writing a proper business plan will help you test the feasibility of your idea, attract investors and secure funding, make your business planning manageable going forwards, and give your business the best possible chance of success. At the very least, you need to understand your industry, do your market research and have feasible and achievable sales forecasts.

Mistake 2 – Forgetting the Paperwork

There are some pieces of paperwork that are absolutely vital; the annual returns and accounts, although not needed immediately, are top of the list when it comes to importance if you have a limited company. You must complete your first Annual Return and deliver it to Companies House within 28 days of the anniversary of incorporation of the company. If you fail to do this on time there is a risk that your company could be struck off, and the only way to get trading again is to go through company restoration.

Mistake 3 – Struggling On Alone

A new business needs a wide range of skills; leadership, accounting, legal expertise, information technology and much more. Some of these are specialised skills, and there’s no shame in admitting that perhaps you don’t know everything there is to know about bookkeeping if that’s not your speciality. Identify the areas where you need specialist advice and help, and outsource them so that you can focus on running your business.

Mistake 4 – Burning Out

Starting your own business will mean that you have to put a lot of effort and concentration into your work; however, it’s important to maintain a healthy work-life balance. Working around the clock is likely to strain your relationships with family and friends just when you need their support the most, so be careful that you don’t neglect them.

Choosing the name for your business is not a decision to take lightly. You want a name that will both stand the test of time, and embody the core values of your business. As a general rule, smaller businesses are more daring with names, because larger businesses would rather stay neutral for fear of offending any prospective customers. That is not to say that, as a small business owner, you should throw caution to the wind and call yourself something outrageous; but you can afford to go beyond choosing a bland name if you wish.

Being bold in the name of your business will ensure that you stand out from your competitors. Your business name should have positive connotations. It should be easy to spell, needs to be fairly short and should include information on what your business actually does. Including information about what your business actually does in the name makes it easier for potential customers to pick you out in phone books, which is why plumbers, hairdressers and electricians often include their profession in the business name.

Once you have all this in mind and are confident of the purpose of your business name, you can brainstorm ideas onto a piece of paper. Write without pausing for a good two minutes or so, pick out your 5 favourite names and then run these names by someone you trust.

It is highly recommended that you should have a website to accompany your business; so when naming your business be sure to consider your domain name. Single words that are fewer than six letters will be difficult to come by, as these domains will most likely be taken already. An alternative trend that many people are practising at the moment is to use key words as a domain name instead of an actual business name; ‘plumbersin _______’ followed by a location, for example. However, Google changes its algorithms on many occasions, so this strategy won’t always benefit you in the long term. Keyword website URLs are just a short term solution, so it isn’t a particularly good business practice.

Of course, once you have decided upon a name for your limited company you will have to check that it hasn’t already been taken, as no two limited companies are allowed to have the same name in the UK. Here at Formations Direct a company name check is just a click away. With our company name search you will also see which domains are available in conjunction with your company. For your convenience, you will also have the choice to order your domain when registering a company with us. We have a range of packages for you to choose from, and it will only take you around 5 minutes to form your very own company. If you have any queries don’t hesitate to call us on 0800 085 45 05.