Chantal Baker, is the director and founder of Champ Consultants Ltd, an accountancy and tax consultancy practice in Caterham.
There are a few things that you need to consider.
- Make an appointment to see an accountant. Most accountants are happy to offer an initial free meeting.
- Decide whether you are going to be trading as a sole trader, a partnership (there needs to be at least 2 people in a partnership) or a limited company.
- Set up a separate bank account depending on the way you are structuring your business.
- If you are a sole trader, you need to register with HMRC as a sole trader and have until October in the following tax year from when you started your business, to register with HMRC.
- Set up a business plan as a structure and a way to guide you through the initial stages. A business plan will help you with your cash flow.
- Establish how you will be funding the business. This can be from your own funds, external loans or investors.
- Start doing networking to promote your business. You can never tell enough people about your business.
- Start up a website and an email address linked to your business. Try not to use a Gmail, Hotmail, Yahoo etc email address.
- Promote your business on social media channels. You can use various channels depending on your business.
- Do not start your business in a hurry. Make sure the timing is right for your business. The right timing will mean the difference between a failure and a success.
- GOOD LUCK
Please always seek professional advice before taking any action. We are happy to answer questions in future issues. Please send your questions through the contact us page on our website: www.champconsultants.co.uk
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