Starting a New Business: A Simple Checklist
Starting a New Business: A Simple Checklist
We get it! Starting your own business can feel like a daunting task... And figuring out where to begin can be even more overwhelming—we’ve been there! But if you're serious about launching your own venture, it's crucial to have everything in place from the start. Our handy start-up checklist is here to provide clarity and direction on this exciting journey of becoming your own boss!
Our Small Business Checklist Includes:
Writing a business plan
Whether to go Limited or Sole Trader
Naming your business
Registering your company
Banking
Domain names
VAT registration
Licences
Business insurance
Building your brand
Creating a website
Setting up your online presence
Finding an accountant
Not all of these tasks will apply to your business, but by going through each one, you can decide what steps to include in your own new company checklist. This way, you can be completely confident you’ve got everything you need to register your business and get going!
1. Write a Business Plan
The first step in starting a new business is to write a business plan. Don't worry, it doesn't have to be a lengthy, complicated document. A simple one-page outline can lay the foundation for your business and help you focus on what you want to achieve. This plan will serve as a roadmap, guiding your decisions and keeping your goals in sight.
2. Limited Company or Sole Trader?
Once you're clear on the direction of your business, it’s worth considering whether to register as a Limited Company, Sole Trader, or even a Partnership. Understanding the differences between these business structures will help you choose the right option. Of course, speak to an experienced accountant before making any decisions!
3. Naming Your Business
Naming your business can be more tricky than you imagine. Sometimes it can just come to you, and other times it feels like inspiration will never strike! But this is an essential step for your company setup. The naming process depends on your business structure. Limited Companies need a unique name registered with Companies House, whereas Sole Traders have more flexibility but often reserve a unique name for future use.
4. Registering Your Company
Registering your company is the next step. For Limited Companies, you’ll need to provide detailed information for all directors, shareholders, and other key roles, as well as a registered office address. For Sole Traders, obtaining a Unique Taxpayer Reference (UTR) from HMRC is necessary. Again, seek advice from an experienced accountant. Once you have a plan, you can do this yourself on Companies House.
5. Banking
Limited Companies must open a separate business account for their finances. While Sole Traders don’t have to, we highly recommend keeping personal and business finances separate from the start.
6. Domain Names
Securing a domain name early is crucial. Let us say that again! Get that domain… So many clients have fallen in love with a name, only to delay and then realize it has been taken from under their nose. Without a domain, you can't have a website or professional email addresses. Think about different variations of your domain, such as .co.uk or .com, and whether you want a descriptive or branded domain. You can purchase domain names easily from sites such as 123 Reg or GoDaddy.
7. VAT Registration
You don’t have to register for VAT unless your taxable turnover exceeds £85,000, but you can register voluntarily to reclaim VAT on business expenses. This might be beneficial depending on the nature of your business. Register directly with HMRC or use a service to ensure correct registration.
8. Licences
Depending on your business type, you may need a licence to start trading. Examples include licences for taxi drivers, nightclubs, pet shops, and more. Ensure you’ve checked local authority requirements and obtained the necessary licences.
9. Business Insurance
Various types of business insurance might be needed. By law, you need employers’ liability insurance if you employ others. Professional indemnity insurance is necessary for offering professional advice. Consider public or product liability insurance, especially if you work from home.
10. Build Your Brand
Or get a professional like us to do this for you! This involves selecting unique colors, fonts, elements, and imagery for your business. This is a hugely important part of your business as it is what will set you apart from the competition.
11. Create a Website
Your website is your online storefront working for you 24/7. It’s a place to showcase your business, who you are, and what you can offer.
12. Set Up Your Online Presence
Ensuring your company has a digital presence is essential for creating a business in 2024! It doesn’t need to be complicated to start; you can simply begin by creating a Google My Business profile and social media accounts on the platforms of your choice.
13. Find an Accountant
A good accountant can significantly impact your business by handling complex tasks, saving you time and money, and advising on financial matters. Set up bookkeeping basics and consider dedicated software or a bookkeeping service.
Create Your Own Company Setup Checklist
This list is a good starting point to help get things off the ground. If you need extra help, we offer power hours and a range of marketing packages from web design to social media marketing, created especially for new businesses!
Contact us at hello@reachmarketingandsocial.com.
