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Things to think about when you register a company
When you register a company, it is often a very exciting time. You’ve come to the point that you need to officially put your business on the books – and set it up as a legitimate company. It’s quite a momentous occasion, especially if it is your first business.
However, there are many things you need to think about when you register a company. It really is the start of a journey, and not the end. Although it’s very easy to register a company with Company Formation MadeSimple, it’s a bit more of a challenge to bring to mind what you need during that process.
Let’s look at some of the things to consider when you register a company, it might help make the process of registering a little bit smoother and simpler.
Forms & Filing – Complying With Official Requirements
Obviously you will know about the nature of the business you are going to form, or at least have some general ideas. After all, that pang of inspiration when you had the business idea is probably what lit the fire in you to register it in the first place.
However, there are some things you might not have such a clear idea about – particularly when it comes to the official requirements you have to comply with. Make sure that you consider the following:
- Company Type – Just because you’re an entrepreneur doesn’t necessarily mean you know all the, sometimes complicated, ins and outs of the registration system. You need to choose your company type, if you’re in the UK it will probably be a Limited company, but it may be more specialised if you are operating internationally or you have a flat management company. Be sure to research this thoroughly prior to registering.
- Packages – Your business idea might have very specific needs, as a result you need to make sure that your needs are catered for with the formation package that you choose. You may want to include a Registered Office address or preparation and filing of your Annual Return, so make sure the package you choose when you register a company has everything you need.
- Accountancy & Legal – The financial and legal aspects of registering a business are unavoidable. In fact they are very important considerations, so you should certainly consider an accountancy consultation and also think about taking care of your annual return filing – as it’s very important to get this right and the date of your first return will come around sooner than you might think!
In terms of the ‘official’ side of your business, you probably just want to make sure you’ve done everything right – that way you can focus on the core values of your business. When you register a company you really need to make sure you’re compliant with all the rules and regulations, and considering the points above can help to make sure you do that.
Now that we have got the more official stuff out of the way, we can start to think about the more creative side of things. There are so many decisions that you will make and it’s likely that creatively, in terms of branding and outlook, it will be a continual process of refinement.
The good thing about that is you can develop and change without worrying too much, so consider the following points but don’t necessarily stress too much about them – because they will most likely be quite simple to change if you want to:
- Name – You might want your registered company name to be your brand, but it might also be a slight deviation. Deciding on your brand name and the name recognition you are hoping for your business is very important. Whatever you decide upon – try to keep your name distinguishable from your competition, not too wordy and be sure it sums up the essence of your business.
- Audience – Your audience is everyone you are hoping to win business from. You can have a broad range, but try to establish the aspects of your ideal audience and form a creative business strategy. Age, gender, profession – these are all aspects you should consider, you should try and define exactly who your ideal customer is.
- Values – When you have a business you are going to have certain values that define your company, these are dependent on the nature of your business. A law firm’s values could be ‘Serious’, ‘Reliable’ and ‘Thorough’ whereas a design studio could be ‘Cool’, ‘Understated’ and ‘Effortless’. It all depends. Think about your values, try to draw up a list of 5 or so, and use these when considering creative decisions – if you comply with your values you can make the brand identity more consistent.
The more creative and strategic side of your company is important to think about when you register. It doesn’t have to be set in stone, but it is undeniably beneficial to have a very clear intention as this will leave you more confident after forming – the crucial time when you actually start the day-to-day running of your company.
Thinking It Through & Re-Thinking It Through
Your business is a very changeable thing, so don’t get too bogged down in making something completely fixed. The type of company you need might change as time goes on, but you can always re-form if necessary. In the same way, your business values and name could change too – it’s an ever evolving process.
Keep in mind the above points when you register a company with Company Formation MadeSimple, that way you’re a bit more likely to keep yourself on a solid track as you set out into the initial days, weeks and months of your new venture.