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Things to consider before company formation

Before you begin to set up your company you need to decide what your business will be about. Market research is essential, to know whether your business idea is viable and whether you can make it a success. You can get this information by setting up focus groups and surveys, as well as by analysing data online or pay professionals to do this for you.

Especially important when it comes to gaining finance for your company your business plan is also a great way of analysing your company’s success.

Things to include in your  business  plan :

  •      Where you are now, what you want to do , what you want to achieve , your unique selling points and your business structure.
  •     List the roles of directors, the company secretary, management team and current employee positions, identifying the people who will fill them as well as possible future posts.
  •     Where will you be based, transport and distribution methods and any legal, regulatory or insurance obligations.
  •     Market need and highlight customers and key competitors. Take a look at market size and current trends.

Highlight your pricing and how you will promote your product or service, as well as the channels you’ll use for sales,  lay out your financial projections including sales and cash flow and any funding that is needed.

Before you start your company it’s worth learning a few of the basics like Bookkeeping and finance, Marketing including setting up and managing your website, Sales techniques, Procurement, including choosing your preferred suppliers, Your legal, regulatory and insurance obligations.

Completing a company formation may lead to many routes of finance. There are many options for finance for your company. Combined with knowledge and passion, specialisation can lead to a truly superior business that people are happy to recommend. If you know what you’re doing and you’re passionate about it this will shine through and your customers will know it. The best businesses are run by people who are experts in their area and really care.

There’s a lot of work involved and things to consider when starting a company, but once you’ve got everything in place it can be quick and easy to register as a limited company and start trading. Choose Experienced Chartered Accountants to guide you  in the process of company formation.

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