Many people wrongly believe that setting up a business is a difficult process, when this is not actually the case. If you stick to a simple system, and keep your mind focused, the whole process really could not be easier. Still sceptical about how easy forming a company is? Then follow our four-step guide below and you could be up and running in no time.
1. Idea
Deciding to start your own business is always very exciting, and it can be easy to get too carried away and try to incorporate everything you have ever wanted to do or may ever want to do from the get-go. However, it is highly recommended that to begin with, you try and keep your premise as simple as possible. It is much better to do one thing very well than lots of things in a mediocre fashion. Obviously if your original idea is a success, you can always expand anyway.
2. Name
The key to any business is a great name. Unfortunately, functional monikers such as ‘Smith & Sons Glass Blowing’ don’t really cut the mustard anymore, so picking something new and interesting is key to ensure that your idea gets the attention it deserves.
As it is the first thing your audience will learn about your brand, you need to make it clear what it is your brand wants to convey, whilst keeping it simple and easy to understand and allowing for possible easy expansion in the future.
3. Setup
The final main step you need to start a business is to choose on your business structure. Whether you are choosing to form a limited company or an unlimited one, the structure you decide upon can affect how it will run in the future. Do a bit of research into the various types available, and choose which is most applicable to how you would like to run your business. It couldn’t be simpler!
4. Trade
Once all of the above are complete, you can start trading. This can be daunting, but try and keep true to your original idea and you shouldn’t go too far wrong.
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