Looking to start a business? We look at why now is a perfect time and what you need to do to get a business started.
We have learnt over our 40 years of forming companies is that in times of economic difficulty we see an increase in new businesses being set up. For many reasons from the founders losing their jobs or because opportunities and business ideas often arise out of challenging times. As a company formation agent, we are the first point of call for many successful businesses, it is something we are very proud of!
In Now a Good Time to Start a Business?
Eric Reis, author of the Lean Start-Up says “The best time to be an entrepreneur is when everyone is running for the exits. So yeah, it’s about to be a great time to be an entrepreneur,” as quoted on CNBC last week
Right now with the lockdown there are many reports of changing behaviours; increased online shopping, increased DIY and gardening, increased online communications. All areas that will require new supply chains and products and services for the end consumer.
Tammy Owens founder of the Anywhere Agency a network of almost 50 marketing and business development entrepreneurs has witnessed first hand the same trend.
“The world seemed to stall for a few weeks while everyone took stock of the new normal. However, in the last couple of weeks, we have been getting calls from quite a few individuals who are looking for advice on marketing their new businesses. We’ve seen a combination of drivers, including people losing their original revenue streams, those looking to solve a problem caused by the virus and those who are considering new innovations.
Apparently, when Sir Isaac Newton had to quarantine from the bubonic plague, he came up with the theory of gravity. Putting the challenges of our current times aside for a moment, it is going to be fascinating to see what enterprises come from the whole world sitting down for a few weeks and having a rethink.”
Ten Good Reasons to Start Your Own Business Now:
- Be in control of your own destiny
- There is very little work out there and lots of people who are looking for work, create your own
- Use the extra time you have – from not socialising, not commuting, not travelling – and put it to good use
- Create a type of business which is designed to be robust in the new scenarios we find ourselves in
- If you have thought of a solution to a problem, there are likely to be others that need it
- Buyer behaviour will be disrupted so customers will be more ready to try new things and switch to your products and services
- In the near future, as the government tries to re-stimulate the economy, there are likely to be support programmes to help you
- Because, hard work though it may be, it’s a lot easier to set up a small business than you think (especially with Company Formations 24.7 😊)
- Think about your ideal life in the future, build a business structure to support it
- If you don’t do it now, when are you going to do it?
Help Starting a Business
So you are still reading which means you are serious about starting a business what do you need to do?
You need to sketch out a business plan. Business plans evolve over time so don’t worry about how detailed it needs to be at the start.
Key considerations include:
- Outline your service or product
- Who is your target market and how are you going to reach them
- What is the competition, how will you compete on price, product or service
- What do you need to start your business, equipment, website, people
- How will you finance your business including initial start-up costs and monthly running costs or cash flow
Setting Up Your Business
Now you have your plan in mind, you need to get your business off the ground. The first step is to pick a name and register as a company at Companies House. This we can help you with, you can start with our free business name check tool on our website, simply enter your name ideas and it will tell you if they are available or not. We have some articles on company name restrictions you may want to check out.
Next, you have to choose your company type. If you intend to make profits out of your company you will choose a Private Ltd company. Other options are LLP – Limited partnership, companies that are suited to a partnership structure is you are lawyers or accountants. Or Limited By Guarantee (LBG) if you are intending your company to be a not-for-profit charity or community project.
Then simply pick a pack and our company formation order form will walk you through registering your new company. If you are intending to be the sole shareholder of your new business you will just need your information. If there will be another shareholder or director of your company you will need some identifying information. Don’t worry if you don’t have this to hand that’s ok. You can save the order and come back and complete it when you have the information.
When it’s complete, our business formation specialists will check your company details and then send them off to Companies House. Then you will receive your unique company number.
Once you have your company number its time to start and put your plan in action. You can open a business bank account, start to employee people, apply for start-up loans and more.
Start A Business With No Money
It really is possible to start a business on a shoestring if you can minimise your costs. For starters, you can work from home. You can ask family members to help with money to start the company. You can use social media channels for your marketing. There are also some great free website builder tools available such as WordPress and Wix. For content marketing, we all have a sister, brother or nephew who is a whizz at Instagram or Facebook!
We started Company Formations 24.7 to help companies get started at an affordable cost and with ongoing company support. If you form your company with us, we will help keep your company compliant with friendly filing reminders and updates. You can also check out some great deals with our partners to help with other matters; such as a free month of accounting, a free web domain, bank accounts with cashback.
Still not ready to start your business? We have a heap of handy guides for the budding business owner here: Guides to Setting Up and Running a Company