Once you have chosen a business type, picked out a good business name and gone onto register your company, you may think that your work is done. In reality, this is just the beginning. Once you have received your confirmation letter, you may be ready to trade. Before you begin trading however, there are a few things in the start up process that you will need to do and these can be key in helping you to build your business.
First, you should consider writing a business plan in order to make sure you have a set of business goals that you can aim to accomplish. You can use a business plan in a number of ways, not the least of which is to help you to secure financing for your business venture. Lenders are going to want to see a strongly written, well detailed business plan that outlines your company from start to finish. Writing a good business plan takes some planning and some work but no one knows more about your business than you, so it is you who should draft the plan.
Once your business plan is ready to go, consider your logo design. You want your business brand to be noticed and this is where your logo comes in. You can use your logo to visualize your brand and to help others to remember it. Remember that your logo is often the first impression that potential customers or clients have of your business. It should be memorable as well as tasteful and pleasing to look at.
Before you begin trading, you want to be sure to have the right registered address. This is the address that you will need in order to form your company and it does not necessarily have to be the same address as your actual company location. This is the address where all of your company information from Companies House, and any official mail associated with your company will be sent.
Be sure that you remember to register your company for VAT. This is a crucial step, although not all businesses need to do so. Figure out if your business qualifies to register for VAT and if so, get that done relatively quickly before you begin trading. You may also want to open up a business bank account. If you are setting up a limited company, you are required to have a business bank account. Even if you are not opening up a limited company, having a separate account for your business finances is a good idea as it helps you to keep your business and personal finances separate.
There are, of course, other steps that you will want to take before you begin trading, such as setting up a website and other tasks that will help you to get your business started off on the right foot. Many of these can be done after you have officially begun your company but some will need to be done before you actually start your business operations. Be sure that you know what must be done after the registration and before trading to ensure that you are setting your new business up for success.