What next after your company formation?

We’ve managed to successfully form and register your company, and you are now ready to go! What should you now focus your ideas and attention on? We’ve listed some points we would recommend being constantly at the forefront of your business thoughts and ideas. You should endeavour to leave no stone unturned at this point.

Developing your initial idea. We are going to assume that you’ve spent much time researching your idea and understanding what it takes to implement it. Now you are registered, now is the time to work out key advantages and any potential flows with your business plan.

Determine your target market. As a start-up company, you cannot expect to simply target everyone you can. You should work to build a niche, as you will more than likely need to focus your time and resource on a customer segment.

Managing and planning your finances is of course important to your business. Think about what price you will charge, what are the day to day costs of running the company, and forecast how profitable you can/are likely to be.

Staffing. Are you going to require staff now or in the future? Can you afford it, and when what are your longer term plans for staff?

Analyzing risk. Are you aware of the scenarios in case you were to incur any issues with the business?

Registering a trademark. This can be finalised directly with the government online. If you need to do this, we would advise doing so immediately after the company has been registered.

Register for UK tax. You should refer to the information HMRC have written to you after the company set up. Also, register an online account to manage your dealings with HMRC. Do you and will you need an accountant in place? We offer this service through our sister company, Perfecto Accounts, so please do contact them if this is relevant to you.

Identifying your key locations. Decisions surrounding your physical address are hugely important. If you are working from a residential address, are you aware of what is involved with this, and do you have a plan in place for expansion?

Developing your brand. What makes your business unique and how can this be a tangible selling point? Work towards your assets.

Online presence. Establish how important your online presence is to your business model, and develop it accordingly. This will need to be tied into your visibility to customer and potential customers.

Marketing. What resource and budget do you have to market your company? Do you have a marketing plan in place? Attempt various campaigns to see what suits you and is effective, and scale your marketing strategy if you need a larger reach.

Learn more about your industry. Knowledge and experience is key if you want to be seen as the ‘thought leader’. Your customers will want to be dealing with experts in their field!

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This post was written by Chris Beck