Essentials For Setting Up Your Own Business

| April 30, 2013 | 0 Comments

Setup Business

Though there aren’t many things that you need to do before setting up your own business, there remain some things that are absolutely essential to do before setting it up. Here is a brief run-down of these ‘essentials’; make these your top priority before you take further steps to enhance the quality of your business through, for example, promoting your company or setting up appropriate Internet broadband for business purposes.

Register with HM Revenue & Customs

This should be your ultimate priority, as if you fail to register within three months of becoming self-employed, you will face a fine. You can register with HM Revenue & Customs by calling them on 08459 15 45 15 or registering online.

Choose a name for your business

Though which name is best for your business is a largely subjective judgement, there remain many commonly-voiced ‘dos’ and ‘don’ts’ of choosing a name for your company. There are also many other restrictions that you need to know about; for example, there are many sensitive words and terms, including ‘British’, ‘National’ and ‘Federation’, that you are not permitted to use in a company name except in very particular circumstances.

Open a business bank account

You should keep your business bank account separate from your personal bank account, as it will make it much easier for you to keep track of your company’s financial in-goings and out-goings. It would be a good idea to choose a bank for business banking with, on the recommendations of other small business owners.

Issue invoices correctly

Though it is, to a certain extent, your choice how sophisticated your invoices are, there is some information that you must include in each one. This information includes the word “invoice”, the date of the creation of the invoice, a unique invoice number, your company’s name, address and contact information and much more.

Have written terms and conditions of business

These can consist of just a simple description of what you are supplying, the prices you are going to charge and your payment terms. Alternatively, more professional written terms and conditions of business can be downloaded from an online legal document specialist.

Insure yourself

This can be more important for some self-employed people than others, as some types of insurance are compulsory only for particular types of work. Other insurances are optional but worth keeping in mind, so you should remember to do some research in this area.


Category: Investment

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