Steps To Starting A Business with Paul McCarthy – Cork
Having your own business is a dream that a lot of people have. If you are on the verge of starting your business, you need to know what steps you should take. These steps will ensure that you start your business correctly and remain in the legal framework for this.
Create A Business Plan
The first step in starting a business will be to have a business plan. This plan will be your road map and keep you on track. This should include research done into your target market as well as budget forecasts. You also need to include a marketing plan in your business plan.
Your business plan will be required if you want to get funding for your venture. Banks and other lenders will look at your business plan to determine if it is viable and your business model is sound. You can also use your business plan in the future to check that everything is going according to plan.
Choose Your Structure And Name
There are different legal frameworks that you can choose for your business. Each will offer some benefits and have drawbacks that you need to know about. You can choose to be a sole trader or a limited company.
If you are unsure which would be best, you should get professional advice. A solicitor or a financial advisor will be able to help. Choosing a solicitor might be the best option because they can help you set everything up.
After deciding on the structure of your business, you have to choose a name. This name will have to be registered with Companies House. This is something that you can do yourself or you can get your solicitor to handle this.
Register With HMRC
Once you have all the paperwork for your business, you need to register with HMRC. This will register your business for tax and you have to legally do this. If your business charges VAT, you will need to register for this as well. Legally, your VAT number will have to be on all of your invoices.
Get Your Additional Paperwork
There are certain businesses that have additional requirements which need to be met before you can legally start trading. This will include permits and licenses as well as insurance. You should have identified all of this additional paperwork when creating your business plan.
To get the necessary licenses, you will generally have to contact the local authority. However, there are some businesses which need licenses provided by a national body. The type of insurance that you need will vary depending on the type of business you have and if you have any additional employees.
If you want to start a business, there are many steps that you have to take to do this. The best place to start is by creating a business plan which will help you determine if the business is viable and provide you with information about what you need. You will have to decide on a legal framework and register for tax.