Company formation process uk

14 July 2019

 

Starting up your own business comes with a lot of decisions to be made. It is best you are aware of them before you start investing into your business and gather enough information surrounding the sector you hope to penetrate.

It usually all starts with a business idea, a skill or a hobby. It is must easier to be passionate and knowledgeable about something that you have an interest in and obviously will just the make whole business venture a little more enjoyable for you.

Once you have a business idea in mind it is important to see if there is a place in the market for the goods and services you would like to offer. This could be through both primary and secondary market research. The primary research could be one on one interviews or perhaps a detailed questionnaire, maybe even a focus group to understand a little more about the industry and their current customer. The secondary research would mainly consist of recorded industry information, statistics, journals and articles. It is at this stage whereby you will see how the industry you would like to enter is performing. As you can see a lot of preparation is in order before you even test the concept on your target market.

Legalities are an important formality to understand or if not understand, seek credible advice for. The taxes you pay are strongly influenced by your business structure and so are the records and accounts you must keep. It is also important to note that your financially liability if the business runs into trouble changes according to the structure you decide to opt for. Given the amount of conditions each business structure has, it would be advised to seek help to ensure company formation is created in your best interests.