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3 Business Pitching Sins And How To Avoid Them

24 June 2015

Gaining funding for a start-up, especially if you’re new to business, can be a very challenging task. There are many pitfalls that should be avoided when pitching potential investors. With this in mind, we’ve collected together 3 business pitching sins, made by many new business founders, and how you can avoid them.

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  1. Being unprepared

Before you approach potential investors, being completely prepared should be number one on your to do list. Do your market research and have realistic financial forecasts and answers to questions such as: ‘how much will it cost to get a customer?’, ‘When will you turn a profit?’ and ‘what are your main competitors currently doing?’

Another great way to make an excellent first impression is to have already formed your company. This can show a level of commitment that will demonstrate to investors you are serious about your business. If you’re daunted by the prospect of forming a company, have a look at our online company formation service packages: https://blog.eformations.co.uk/prices-packages/

Get a good business address. When initially communicating with potential investors, having a London business address on communications can really help your future business look great. If this is something you believe may help your company, you can find more info on business address services here: https://blog.eformations.co.uk/address-service/

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  1. Asking for more than you need

When starting a business, you may think that asking for more money than you need is better than having to struggle. However, having too much can cause the business to spend money on less essential areas and have a complacent approach. It’s better to start lean as it will keep you focused and you’ll also be able to raise the cash quicker.

It is also important to have a reasonable prediction of how much money you genuinely need to start the business. Work out all of the costs you can and make educated predictions for others. By outlining these costs in your pitch, you’ll also demonstrate to your investors that you’ve thought about it all.

  1. Making hard to keep promises

One of the biggest things that will put off investors is hearing phrases like ‘we are planning to’ and ‘we will do’. Pitching on a promise is a bad idea. More experienced entrepreneurs will simply state facts with a few personal interjections that support their case for investment. Don’t ask investors to bet on your future before you’ve taken any risk yourself.

Need help starting your business?

At eformations, we’re here to help your business get off to a great start. From a fantastic easy to use online company formation service, to a brilliant business address service and much more, we’re here to help you succeed. If you’d like to find out more about us, please visit our website: https://blog.eformations.co.uk alternatively, we’re always happy to have a friendly chat with you to answer any questions you may have. Just give us a call on 020 8232 5479.

8 Ways To Tell If Your Business Name Is A Winner

09 June 2015

You’ve done your research on how to choose a company name https://blog.eformations.co.uk/2014/08/how-to-choose-a-company-name/ and it’s passed all the tests, but how do you know if your chosen business name is a winner? You want to choose a name that represents your company well and that people will remember. You want a name you can be proud of for years to come. With these things in mind, we’ve created a shortlist of 8 ways you can tell if your chosen business name is the best one for your business.

  1. Can you say it easily?

If your company name isn’t easy to pronounce, people will find it hard to pass on and remember. If it’s awkward for you to say, you’ll soon tire of having to answer the phones with it several times a day.

 

  1. Is it overly witty or punny?

Having a clever business name is fine. However, not everyone shares your brilliant sense of humour. Be sure to test the name and remember that you’ll be stuck with a jokey name for the long haul.

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  1. Is it weird?

Your name shouldn’t be impossible to spell. Breaking a few spelling rules might be okay as long as you believe customers will be able to find you when they search for you online.

 

  1. Is it a new word?

Making a new word can be great for your brand, but make sure you find out if your new word translates well into other languages. You don’t want to pick a cool sounding name only to discover it means something obscene in German.

 

  1. Can you own the .com or .co.uk?

A dot com address is a must for any serious business. The dot com will always be respected and you should make sure your business name’s dot com address is still available, or can be purchased for a reasonable sum. Failing that, another country specific top level domain name, such as .co.uk, can be equally good.

 

  1. Is your name sticky?

This one is harder to put your finger on. Your names needs to be different and stand out while also engaging people. People should like it!

 

  1. Is it unique?

Use a business name checker to check your name. You can check your business name here: https://blog.eformations.co.uk/ It’s also advisable to run some online searches to see if your name is already taken by a competitor or another big brand.

 

  1. Is it too limiting?

You’re planning to be in business for the foreseeable future and hopefully you’ll also be looking to expand your business. If your name refers to a service or location, or uses your own name, will that still work in the future? Always think big.

Have you found your perfect company name?

If you think you’ve got the perfect name for your business, the next step is to register your limited company. We provide an easy to use, stress-free online company formation service. To find the right company formation package for your business, please visit our website https://blog.eformations.co.uk/. Alternatively, you can call us on 020 8232 5479 for a friendly chat.

 

How to complete a share allotment form SH01

02 June 2015

Once a decision has been made to issue further shares in a companies capital the directors must file form SH01 (Return of allotment of shares) with the Registrar at Companies House.

Form SH01 is used by limited companies and gives notification of a new issue of share but also includes a statement of the shares already in issue.

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Step by step guide to completing form SH01

1. Company name and number – these details can be found on the certificate of incorporation. Please ensure that they are as shown on the public register.

2. Allotment dates – If the shares were allotted on a specific date only the from date needs to be completed. If the allotment took place over a period of time ensure that both the from date and to date are completed.

3. Shares allotted – this section gives details of the new share allotments It includes the class of share, currency, number of shares allotted, nominal value of each share and the amount paid or unpaid on each share including any premium above the nominal value.

If the shares were not paid for in cash then details of the consideration must be provide in the section. For example if shares were offered in exchange for shares in another company then the details should be noted here.

4. Statement of capital (share capital in GBP) – this section gives a breakdown of the total amount of GBP shares in issue and their nominal and paid up values. Be aware that the aggregate nominal value is the amount of shares multiplied by the nominal value of those shares. It is not a reflection on the amount paid for the shares.

5. Statement of capital (share capital in other currencies) – a separate section is provided to give details of shares issued in currencies other the GBP but the same information must be provided.

6. Statement of capital – here a comprehensive breakdown of the total shares in issue is given. Again the total aggregate value is the amount of shares issued multiplied by the nominal value. Each currency should be displayed individually.

7. Prescribed particulars of rights attached to shares – here you should show the full rights attached to each class of share that is in issue. One section should be complete for each class as previously described in the statement of capital.

8. Signature – the form can be signed by any of the following: director, secretary, Person authorised, Administrator, Administrative receiver, Receiver, Receiver manager of CIC manager.

If you need help in completing the share allotment form or if you need general advice please call us on 020 8232 5479 or visit our website blog.eformations.co.uk.