Mind Your Own Business – Setting up on your own

Chris Ridgeon, Partner at Whiting & Partners, walks you through the first steps to setting up on your own.

So, you’ve decided to go it alone. You’ve identified a niche for your idea, your product or the service you can offer. It may just be that you want independence and greater recognition for your expertise.

We have many start-up businesses looking to us for help and advice. These range from spare room endeavours to full blown units which have evolved over time.

We’re often asked about the choice of a business name and our advice is to look for a title that is short, sharp and relevant. It’s important for a number of reasons. It’s the first thing that people notice, and it should flag up your offering from the outset to both existing customers and newcomers alike.

If you are looking to operate as a limited company, be sure to check that your preferred name is not already in use. This can easily be done by a quick search on the Companies House website. If you want a website address that reflects your name, then check domain availability.

We are among the most established firm of accountants and business advisers in East Anglia and have a ‘hand-holding’ philosophy that applies not just on the first day, week, month or year but on involvement along your business journey from launch to growth.

Our first conversation with you is free and is based on four principle questions:

• What is your business plan?
• What is the best structure, sole trader or limited company?
• How do these options differ from full-time employment?
• What are the tax implications?

Starting in business is a daunting task in itself but when you throw in the needs of your target sector and any specific tax rules, it is easy to get lost! We can help from day one to make sure everything is set up smoothly to allow you to concentrate on generating an income.

Record keeping is an important element of running your own business. As a ‘wage slave’ it might all have been done for you but now you’re on your own and if you have time to glance in a mirror, you’ll see your ‘back office’ looking back at you!

For more information or to set up an appointment, visit the Whiting and Partners website.