This is our first dose of knowledge pill!
Naturally there were many contenders of what a good concept would be to start exploring in this supposedly long series of blurbs, which we aim to develop into a rich source of knowledge to our readers. We entertained the thought of exploring something in Accounting, Finance or Research discipline. While we started and abandoned few of them, it dawned on us that while other topics may be good follow ups, the first topic should be what our recent struggles and explorations have been for the past few weeks.
We started our company – The PhiloMaths Ltd. a few weeks back, the question we grappled with – How do we set up our business correctly. A brief googling on how to set up a business throws in a ton of details – some useful others not so much. So, let’s get straight to the point
Before you proceed: Think, discuss and reflect on,
- What are you offering differently from what’s available?
- Who are your audience, and how would they know/trust you?
If you are convinced, you are now an aspiring entrepreneur.
Setting up a business in UK is very straightforward. Thanks to the treasure trove of details available on www.gov.uk. You get all the information from one trusted source.
Step 1: Decide on a business name that reflect what you intend to offer
A quick check on Companies House (https://find-and-update.company-information.service.gov.uk/company-name-availability), will guide you on what is available and what is already taken. It is very possible that most of the names you can think of are already taken so be prepared with a few options and think creatively.
Step 2: Register your business
You will need a government gateway ID and £12. Best to set up a limited liability (limited by shares) rather than sole trader, partnership etc. Define SIC code/s (https://www.gov.uk/government/publications/standard-industrial-classification-of-economic-activities-sic) that best describes your business activity. This process usually takes only a couple of days for approval and at the end of this process you are a director / shareholder / PSC of your company! You have now progressed to the entrepreneur stage!
Step 3: Open a business bank account
It is always best to separate your personal and business finances. Opening a business account usually takes about 7-10 days. Most UK banks offer an online registration and verification process. Once completed and successful you will have access to online banking. No use reminding that all business cost needs to be attributed to your business account
Step 4: Build your company website
If you intend to go online with your business, buy a domain and a shared web hosting service. Most of them are available for under £250 for a 3-year plan. Start your own website development using WordPress, there are lot of helpful videos on youtube and linkedin learning. Explore and create.
Step 5: Create the web content
One step at a time. This will not be an overnight process. Set small target daily/weekly and sooner or later you will have a decent web content that you can publish to the world. Now you are an e-entreprenuer!
There are many other sub steps: including and not limited to creating your brand logo, opening a youtube channel, social media accounts (facebook, yourtube, tiktok, linkedin etc) as applicable, designing a business card etc.
Start now and it will eventually all make sense.
All the best!