Business start-up can be the most enjoyable aspect of running a business, but can also be the most challenging time.
You may have a great new idea for a business, but whether it is viable is another matter. There are many decisions you need to take before you embark on the journey of starting up your business. Your choice of legal entity is as follows:
- Sole trader
- Limited company
- Limited Liability Partnership
Whether you are working from home, trading over the Internet, setting up a shop or running an office, it is important to complete a formal business plan. However, before you decide to start up your business, you must do your research. You need to understand your market, know your competition and forecast your potential profit to prepare a useful business plan.
Getting help with your business plan can be very beneficial. When you are enthusiastic about a new venture, it can be difficult to be realistic. It can also be difficult to think of all the factors that will affect your business. We can provide you with our extensive knowledge of many businesses so that you can consider all the factors that you need to know.
Non-UK entrepreneurs will find the advice of a UK accountant particularly helpful in identifying aspects of UK trading which are outside their previous experience. Riches & Company have many years experience in both helping foreign entrepreneurs to start up and manage UK businesses, and also with UK entrepreneurs trading in overseas markets.
Starting up a new business brings with it a number of additional responsibilities, which should be addressed with our professional help at the outset:
- Incorporation of a Limited company
- VAT registration and administration
- Payroll registration and administration
- Company Secretarial duties such as Annual Returns
- Insurance of premises and staff
- Obtaining finance.