Starting a new small business is a stressful time for many people, especially if it is their first attempt at business ownership. If you are starting your own business, there are some obvious tasks that you must complete.
Firstly you must decide on a name for your company. Sometimes a business name will come to you in a flash of inspiration, while other people can debate for weeks about to call themselves. A business name should ideally be the embodiment of what your company stands for – ambiguous titles are a luxury that small businesses cannot usually afford. People that hear about your business should be able to get some idea of what you do just from the name.
Next you will to need to register the name to avoid other businesses copying you. Check online first to make sure that no-one else is already using that name. Even if you unintentionally choose a name that conflicts with another business, you may be required by law to change it if they object and could potentially be sued for damages. Your business name might also be restricted slightly depending on which business form you choose to take.
Another important step is opening a business bank account. Do not attempt to run a small business while only using your personal account as this will very quickly become confusing and impossible to manage. Many banks will also offer specialised accounts for businesses with numerous benefits and reduced rates.
Don’t be shy about seeking advice. There are many organisations that offer free advice and the Internet is full of people prepared to share their knowledge and experience with others. On a more practical level, accountants and solicitors will need to be consulted at some point in the future and it will not hurt for you to start building relationships with them now.
How we can help…
WinWeb.com provides the following software and services to help small businesses that are just starting out:
WinWeb Business Support Services – We also offer a multitude of personalised services from our Business Support Services team. These allow you to outsource basic business functions, leaving you free to concentrate on making your new business a success.