If you’re planning on setting up a limited company, it can be an exciting part of your life. While its initial set up may involve a business loan and some hefty set-up costs, over time your business should begin to flourish if passion and hard work is poured into it. As well as doing some industry research, it’s a good idea to be aware of some absolute ‘must-haves.’ Owning a limited company means you might be responsible for other employees’ welfare, and potentially your customers’.
Get accident insurance
One of the biggest responsibilities of having multiple employees is ensuring that no accidents happen and that everyone is trained to work safely. However, accidents can and do happen, sometimes at no fault of the business itself. If you are worried about how your company would withstand the legal impact of an employee experiencing a personal accident on your premises, then you should absolutely take out personal accident insurance. Approaching experienced insurance providers, such as Hiscox UK, who can give you some guidance on what you should specifically be protected against.
A unique business name
One benefit to being a limited company is that your business will be legally protected as a separate entity. However, this also means that it’s essential that your company has its own unique trading name that isn’t used by another company. Finding a name that your company is proud to use is important but finding one that isn’t a clone of another company is equally vital to avoid some sticky legal issues.
Contact Companies House
Nowadays, it’s not so much as ‘contacting’ them as it once was in the good old days, but instead registering with them online. This next step is vital as it’s a good way of finding out whether your business name has already been taken. While there is a small fee for registering with Companies House, it’s just one more step in securing your company name.
A good marketing plan
You will struggle to get your business off the ground if you do not market it properly. However, if you own a small limited company, you may not have access to a marketing team – which is fine, as some of the fundamentals should come down to you as an owner. Networking with other local businesses, putting your company on social media and creating a website (some of which can be done for free) are all marketing strategies that cost almost nothing and will ensure that people know who you are.
Create a business plan
In the same way that you wouldn’t drive a car aimlessly, you shouldn’t be running a company without a plan in place. One of the best ways to understand what needs to go in your business plan is to do some research into who your key customer base is. Once you get a clear understanding of who you need to be appealing to, you can get started on an effective strategy.
Once you’ve achieved the basics of setting up a limited company, you can start expanding to the nitty-gritty bits, such as establishing who your shareholders are and how to grow beyond your current size. Starting up a limited company might not be a piece of cake, but it shouldn’t be a nightmare. Create a plan, do your research and protect yourself as much as possible.