Many business start ups fail because of inadequate market research. Overcrowded sectors, insufficient customer awareness, wrong location - the list of potential pitfalls is almost endless.
Setting up and running a business is a time consuming task – you need to be dedicated and focused and able to structure your time in order to be successful. The rewards of starting up your own business can be great, but think carefully if you have the attributes and right sort of personality to cope with going it alone.
So you want to start your own business, but are not quite sure where to begin? Maybe you have a fledgling business but need help to move it forward.
You should think carefully about which structure suits your particular circumstances before making a decision. Choosing the wrong structure could expose you to unnecessary costs and risks, while failure to address certain practical issues may result in you falling out with your business partners or associates.
Having said that, the status of sole trader suits many professions where starting up does not require major investment, and where a skill – such as carpentry, bricklaying or freelance services – is just as important as business acumen. It will not stop you from employing people when you start to get busy, but it will allow you to keep a tight grip on your business and to run it as you wish.
There are different ways to start a new business. These vary from self employed and partnership to private and public limited companies. There are a lot of important points you need to consider when thinking about starting your new business. There are also a lot of important questions you need to answer while considering your future enterprise. These questions usually include:
- What kind of business should I be?
- What do I call my business? Do I break a trademark rights or copyright with my proposed name?
- Do I need a license?
- How the trading laws affect me and my business?
- Statutory insurance requirements
- Keeping business records
- Annual requirements
- Tax liabilities
- and many others
Coddan CPM Ltd is here to help new entrepreneurs to make the most important decisions on the structuring of their new business operations and help with the annual statutory requirements: from annual filings with the Companies House and Tax Office to preparation of resolutions and minutes for day-to-day operations.
At Coddan, business specialists and consultants also can assist with the following queries and matters:
- Banking and finance transactions
- Intellectual property – we advise on exploitation and/or realisation of intellectual property including patents, trade marks, copyright and industrial know how in conjunction with the firm's intellectual property group; we also advise on confidentiality issues, restrictive covenants and computer software and hardware licensing
- Commercial agreements including agency, distribution and management agreements
- Shareholders agreements – we have the expertise and knowledge of many industries to recognise what our clients require;
- Internet start-ups. Web site design and development
- Financial services regulations
- Company incorporations for both local and foreign interests – we offer a fast, efficient and tailored fixed fee service for company incorporations
- Apostille legalization, notarial and consulate certification of the documents
So, if you're thinking about starting your own business or have already started one, but are looking to get some professional advice, why not ask Coddan for help?
For more information please visit www.ukincorp.co.uk or e-mail at: info@ukincorp.co.uk