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Setting up business in the UK: final steps

Setting up business in the UK: final steps

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Setting up business in the UK: final steps

The article was published in the newspaper “Angliya”, 04 August 2016

Author: Darren Bull, Senior Accountant at Red Square London

So we have got to the final part of our checklist and Red Square London has guided you through the first stages of getting your business set up. If you have missed any of the first three articles then feel free to contact me ‘Darren Bull’ I am the senior accountant here at Red Square London. Between me and our business consultant Laurie Evenson-Goddard we are on hand and only a phone call away to answer any of your questions.

At this stage you should have your concept, your business vehicle, your business name with a logo and branding. Then last time we covered choosing your accountant and finding the wright premises for your business. We have broken down the first six stages and now we will look at the final two, these are ‘Red Tape checklist’ and ‘Key selling techniques’.

In the United Kingdom there are certain rules and regulations you must follow when starting up a business. Let me take you through some of them;

  1. Red tape checklist: What your small business needs to know:

When setting up in business, an understanding of the red tape involved is a must, or you could find yourself in serious trouble. It is essential that you get advice and understand the factors below to ensure you have a good understanding of the relevant laws and regulations involved in starting a business. Here are some factors for you to consider;

  • Tax Law – your chosen accountant should guide you through this and there are many different taxes, regulations specific to those taxes, and ways of paying them.
  • Intellectual Property Law – your lawyer will be the person to help you here and make sure you don’t get into trouble.
  • Employment Regulations – these are important and if you do not comply with these, the consequences can be serious.
  • Insurance – this will protect both you and your business and again this is a legal requirement in certain instances. There are different types of insurance so make sure you are protected with the right ones.

These are the main outlines that you need to consider. If you are in doubt then its best to consult an expert and at Red Square London all this can be done under one roof and in house.

So, finally, we would like to share with you a few selling techniques.

  1. Key selling techniques that could help your start-up:

You will use a whole range of selling techniques in your business. Here are just a few of them:

  • Direct selling – this is when the business sells its products or services direct to the customer, ‘face to face’.
  • Selling wholesale – if you’re not selling directly to the customer, you could be selling to a wholesaler or reseller, who then sells the products on to the consumers.
  • Telesales or online sales – If your products can be bought over the phone or online, this type of sale is very time and cost efficient.

Look at your market and this goes back to stage one the initial point ‘market research and business plan and business structure’. If you have done this right then you will know how to best sell your goods or services. So we have covered your initial six key factors but remember this is only the start.

Well I hope this has given you a brief insight into starting up your business and some of the initial procedures you need to take into consideration. Red Square London is registered and regulated by the ‘Solicitors Regulation Authority of England and Wales’. We are licensed to carry out legal work. Furthermore, being a ‘Family Office’, we can offer you many other services, including support and assistance with your personal or business finance.

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