Setting up your new business specialist advice and help

Setting up your new business

Getting ready to launch

Decisions, decisions, decisions and yet more decisions ...

You've done your research and you've decided that you have a viable idea and that you have the energy, determination, skills and resilience to create a successful business. You're aware of the risks both financial and personal. You've listened objectively and dispassionately to advice and opinions, both good and bad. So now you're ready and keen to get on with it and set up your business.

Now it starts to get serious. You're going to be faced with a multitude of decisions. Some you will be confident in making because they're within your realms of experience and knowledge. Others you will be less sure of as they will be less clear cut and outside your comfort zone. This is when you'll need advice and support from a professional advisor like Wood and Disney experienced in supporting ambitious entrepreneurs like you. Making poor decisions now can cost you financially and put your business at a disadvantage down the line. It is better to spend a little extra now and get professional advice early on than to soldier on and muddle through, only to be faced with far higher costs later sorting out problems that could have been avoided with better decision making at this stage.

If you have done your research and prepared thoroughly, you should have realistic expectations of the work you need to put in and belief that it will all be worth it. Wood and Disney can take on some of the tasks for you, especially in the area of compliance, to lessen your burden and to give you the confidence that all the right information has been submitted to the proper authorities. However, most of the work setting up your business you will want to undertake yourself to keep costs down and because you are the expert in your field and you need to set up your own contacts and develop your own relationships with your suppliers for example.

We've broken down the Setting Up stage in your new business into: compliance, infrastructure and support, getting ready to launch. There are many other topics we could add, many more decisions you need to make but it would take too long to outline them all here and they vary depending on your type of business and market.

Wood and Disney have helped set up many new businesses but we don't pretend to be experts in every area, nobody could be. We do promise that if we can't help you with a specific issue we will know an expert who can.

Compliance

Choosing a name: The name of your business is incredibly important. It is often the first thing customers see and guides their first impression and perception of your business. The right business name can help you differentiate your business, your products and services from your competitors.

When you have a shortlist of proposed business names, do an online check against the register of companies at Companies House. This will enable you to find out if a name is available to register or has been registered by an existing company. You can’t register a company with the same name as an existing company. Also make sure that your proposed business name is not the same as a registered trademark. You can check the trademark register online. It's also a good idea to look at available domain names at this stage. You don't want to choose a great business name only to discover that someone else owns the domain name. We can help you with any on-line searches you need to do.

Choosing a business model: You need to decide on a legal structure for your business: sole trader, partnership, limited liability partnership (LLP) or limited company (Ltd). This decision has tax and cost implications which we will discuss with you. Many small businesses start as sole traders then change to limited companies once they have become established. We can explain the advantages and disadvantages of each structure and help you decide which is best for your business. Depending on the decision you make, we can help you register your company at Companies House and notify HMRC. Deciding if you are going to be VAT registered from day 1, is another important decision with associated advantages and disadvantages which we can explain to you.

Wood and Disney have years of experience dealing with HMRC and Companies House. We have built up a trusted reputation for excellence based on the accuracy and professionalism of the services we give our clients as witnessed by the regulatory authorities. Wood and Disney can advise you on all aspects of compliance to ensure that your business is set up correctly avoiding future costly compliance and regulatory problems.

Getting it right first time really does pay off when setting up your business!

Infrastructure & Support

You're going to need the supporting infrastructure for your business. This largely depends on the size, legal structure and complexity of your start up. You will need to open a bank account and it's a very good idea to choose an accountant to help you make some of the decisions we outlined above in "Compliance" to avoid costly mistakes.

Choosing an accountant: You need an accountant to advise you on the best legal structure for your business. To ensure that your business is set up and correctly registered with the relevant legal authorities: HMRC etc.. To advise you of best practice in setting up financial controls such as bookkeeping, credit control etc.. To help you source and raise the right amount and type of funding to finance your business. Choosing a professional practice like Wood and Disney, members of the Chartered Institute of Accountants of England and Wales (ICAEW) gives you the assurance you need that the advice and service you receive will be of a high standard, in our case the highest standard!

Obviously we think you should choose us! Take a look at our "10 Great Reasons to Choose Us" and "What our clients say about working with us".

We'd love to hear about your business and promise to give you honest, no-nonsense, straight forward advice.

Come and talk to us!

Choosing a bank: You will need a business bank account. There is now quite a choice of banks from the big high street names to on-line banks. Wood and Disney have built up relationships over many years and have trusted contacts in all of the main high street banks and many of the newer players. We can advise you on the most appropriate choice for you and introduce you to our contacts in the major players.

HR support: If you are going to employ staff you need to ensure that you have legally binding contracts of employment and that you comply with employment law and health and safety rules. Wood and Disney can introduce you to human resource professionals who will keep you out of trouble and ensure that you comply with best practice.

Raising finance: Many small businesses aren't fully self-funded. You will almost certainly have to invest some of your own money into your business. Lenders want to see that you believe in your business and have the confidence to personally commit financially. You may also need to borrow money to finance buying/leasing equipment, vehicles, stock...We can help you prepare a business plan and have all the paperwork in place to approach lenders to raise the finance you will need. Through our partnership with Capitalise we can help you secure the best source of finance for your business. For more information on how we can help you, take a look at our web page RAISING FINANCE SOLUTIONS >>

Get ready to launch

This is a really busy time. Organising suitable business premises, recruiting staff, placing orders with suppliers, setting up IT systems, organising admin systems ... You'll need to take delivery of machinery and set up any production or workshop facilities. Prepare your shop for opening if you are retailing. Take delivery and organise sign writing for vehicles. Design and order packaging. The list is very, very long!

Some of the marketing activities you'll need to think about are covered in more detail on the next page - "Launching and the first year". To start with you'll need to develop your website and prepare a marketing plan for your launch. Marketing is a continuous process. It starts now and develops as your business becomes established. Wood and Disney have many long established contacts in digital marketing agencies, website developers and PR firms who have provided excellent services to both ourselves and many of our clients.

Most of this work you will undertake yourself but Wood and Disney will be there if you need any advice or support or just want someone to talk through problems with.

Preparing to launch your business is an exciting time.

Wood and Disney are always available if you have any questions, need an independent, objective perspective on a problem or are just in need of reassurance in moments of self-doubt.

Now let's move on to start trading ... launching your business and the first year

Launching and the first year