Starting a your own business is a big decision that takes a lot of time and hard-work but the rewards are fantastic. However, many people love the idea of setting up a business but don’t actually really know where to start with it. Below, we have given you the steps that you need to take if you want to start up your own business today!
Inform the Government You Are Now Self-Employed
The first thing that you will need to do when starting your own business is inform the relevant authorities that you are now self-employed. This is easy to do and can be done online by filling out a simple form. You can also find information on Government websites as to how you should look after your record-keeping and filling out tax returns.
After registering yourself as self-employed, you will then need to get the right insurance that will cover both your and your business against any risks. This could include anything from theft to accidents. What type of cover you have to get all depends on the type of business you are starting and how you will be running is. Shop around for insurance and make sure that you save money by getting the best deal that you possibly can.
Choose Your Company Name
Now for the fun part! This is the stage in which you will get to choose your company’s name. You will be able to look at online registers to find out if the company name that you want is available or if it has already been taken. You can then purchase a website domain name and get your business up and running.
What’s great about being your boss is that you have the luxury of choosing where it is that you want to work. If you are going to be setting about your own business premises, you will need to be able to provide information about it and you will need to know what the rates are in your area. Another great option is also to work from home as most people will start off working alone. You can purchase a steel building from Armstrong Steel whose products are erected by 75% of their customers if you want to put your hand to some DIY and transform this into your own office on your back door. This will give you a place to get your work done whilst also keeping your work and home life separate.
Business Bank Accounts
When starting a business, you will need to set up a dedicated bank account for it as it is a separate legal entity. Remember, these accounts need to be kept very clear for compliance and legal reasons.
Which brings us on to our next stage which is making sure that you are following all regulations. You can do this online and it will give you complete peace of mind that you are following the law.
Finally, make sure you appoint an accountant who can keep track of all your sales and costs. This will save you time an effort when it comes to tax season!
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