A guide to starting your own business -  part 2

starting your own business 2

A guide to starting your own business -  part 2

In part one of our guide to starting your own business, we covered some of the most common concerns people have when it comes to taking the leap towards becoming a business owner. Coming up with a great idea, writing a business plan, and where you can find funding for your business are all chief concerns. But the truth is, even when you have all of these things in order, the hard work doesn’t stop there, but often the help does. This is why in part two we are going to cover what the next steps are once you are on your way to starting your business. We can help steer you in the right direction.

Registering your business

So you’ve got your funding and are able to take the first steps to bringing your business to life. The first item on the agenda should be registering your business with Companies House. If you are a sole trader, you don’t need to worry about this stage. But, if you’re setting up a limited company or limited liability partnership, you need to register. You can do this online, for £12, paid by debit card, credit card, or PayPal. You can also do it by post which costs £40. If you need more help with registering your business with Companies House, you can follow this useful guide.

Accounting and taxes

As a sole trader, even though you don’t need to register with Companies House, just like limited company owners and limited liability partnerships, you still need to register as self-employed with HMRC. This is so you can accurately pay your taxes for the year, and HMRC knows how much you owe and how much you have paid. You need to make sure you are fully able to complete your self-assessment tax return, whether this means learning about what it is and how to complete it, hiring a professional accountant, or making sure you keep track of all the necessary documents and financial records for your company.

It’s highly recommended that you invest in some accountancy software to make this task much more straightforward as it can automatically update your financial information and payroll information. With accounting software, you will save a lot of time, stress, and money, and avoid paying hefty penalties at the end of the tax year if things go wrong.

Registering for VAT

Once you get into the swing of things, if your business revenue exceeds £81,000 per annum, you are legally obligated to register for VAT (Value Added Tax). The process is free and usually takes about two weeks. Even if your business doesn’t exceed this revenue, you can still apply for VAT as it can sometimes offer benefits to your business.

Networking and marketing

Once you have the legal documents out of the way, it’s time to grow your business and a considerable part of this is making sure people know about it. This doesn’t have to be expensive. You can attend many free networking events run by local businesses, and there are marketing strategies like content marketing which generates over three times as many leads as outbound marketing and costs 62% less.

If you’re struggling to find your footing when setting up your business, don’t worry. There are always people willing to help. Give Coster Content a call on 07462 455 894, and we can give you all the help you need with your business’s online marketing so you can focus on its growth.

Alia Coster