Blog - Form your company

The First Year In Business: How Successful Startups Made It Through

07 October 2016

Starting a business is a big risk, but often one that is worth taking. A lot of the time, start-up owners are on the line financially and sometimes even mentally during their first year of business. That first year is critical in deciding whether your business will be a success or a failure. While no one possesses a magic formula that can tell you for sure if your business will be a hit or a miss, these tips will help you to make that first year as good as it can be and line your business up for its best chance at success!

Keep on trying

When you read about businesses succeeding or failing, you’d be forgiven for thinking that there are only two options – magical unicorn businesses that are instant runaway successes and disastrous failures – businesses that have always lacked potential and are doomed from the start. The truth is that most startup businesses usually fall somewhere in-between these two extremes.

In order to influence your business in the right direction, perspiration and perseverance is required in order to make your inspiration pay off. It’s also important to try and maintain a positive outlook despite the challenges that your business will inevitably face. If you can see past these challenges to the future of your business, then you’re well on your way to succeeding.

Work together

Time is a commodity during the first year of a start-up and business owners are often immersed in the business, but it can be good to take some time to talk to colleagues, friends and other advisors. Collaborating with these people is a great way to gain feedback, insight and even new ideas that could help your business.

Not every conversation will be of value to your business, but in general most will be positive and you’ll also be building yourself a support network that will be useful in years to come.

shaking-hands-ECqBCE-clipart

Enjoy the journey

This is an important one! There are a lot of risks involved with starting a business and some challenges can seem insurmountable and create a lot of stress. However, the opportunity to pursue something you truly believe in, to see it grow and to be your own boss is considered by most to be excellent compensation for the initial tough times after forming your company.

Plan for the future!

Planning for year two is something that is important to do. Setting long term goals, such as having five year plans, is also recommended by many leading entrepreneurs. This will also help you to see past any challenges that appear during year one and aid you in finding a way through to business success. It’s also great to set goals so that you know exactly what each task you do is contributing to!

Are you ready to begin your business journey to success?

From forming your company with our online company formation service, to business accounting and much more, we’re here to help your business on its journey to success. Find out more about the services we offer on our website: blog.eformations.co.uk Or alternatively, give us a call for a friendly chat on: 0208 232 5479.

4 Reasons Why Being A Sole Trader Shouldn’t Mean Doing It All Yourself

27 August 2015

Sole traders running their own businesses all too often fall into the trap of trying to do everything themselves. When singlehandedly running a business, it is essential to remember you are restricted by the hours you personally can work. Rather than thinking that means you need to work even longer hours, work out ways you can cut down on your workload so you can focus on what you need to do for your business, while farming out the rest.

Another great reason to outsource might be that there are certain areas that you do not yet have experience in. If you’re not an excellent digital marketer, or if you’re not good with juggling numbers, marketing and accounting might be two elements you choose to outsource.

sole work

  1. Outsource marketing

At first, marketing your business can seem like one of the fun things you can do yourself. It’s fine to set up your social media profiles and put up pictures and logos, but as time wears on, you’ll realise maintaining your digital and real world marketing is a challenging task.

Another reason to outsource marketing is that while the basics can be simple to master, trying more advanced techniques often result in mistakes that can be costly to your business. Find yourself a successful marketing agency, or a marketing expert that you really like, and work with them. It might seem like a lot of money, but you’re looking for the return on your investment.

  1. Employ a bookkeeper and accountant

You may have some number crunching ability already and if you’re very well organised, keeping excellent records of your business’ outgoings and income can be a simple task that can be done as you go along. While doing your business’ bookkeeping at first may be helpful to get an idea of how things are doing, as time goes on it will take up more of your time. Hiring an accountant can also be a good way to actually save money when filing your annual business return. A good accountant will know the tax man’s rules inside out and can help you to work the system to your advantage.

  1. Outsource company formation

Forming a company may seem like a relatively small thing to do. However, getting to grips with everything that’s involved takes time, which could be better spent working on your business. Our online company formation service will form your company in just 3-5 working hours, and there are easy to follow step by step instructions to help you through the process.  https://blog.eformations.co.uk/legal-requirements/

  1. Get a cleaner

Getting a cleaner may seem like a luxury you can’t afford, but there’s an easy way to work out if it’s worthwhile or not. If you bill more in an hour than your cleaner does, you should definitely be employing someone else to do it rather than doing it yourself.

Another good reason to get a cleaner is that having a clean and tidy place to work always helps productivity and will promote your chances of success!

Need a helping hand with your business?

At eformations, we’re here to help your business succeed. Whether you’re looking for a quick and easy company formation service, accounting and book keeping, or assistance with other business matters, we offer a wide range of services. You can find further details of what we can do for you over on our website: https://blog.eformations.co.uk. Alternatively, why not call us for a friendly chat about your business on 020 8232 5479?

 

Crowdfunding VS Bootstrapping: What’s Right For Your Business?

11 August 2015

If you’re starting a business but can’t see how you can possibly afford to fund it, what do you do? There are several options open to you. Some start-ups apply for a bank loan or seek investors. However, these ways of funding your business can be hard to attain, especially if you don’t have a track record of running businesses. Easier options for your company might be crowdfunding, or doing without any extra funding by bootstrapping your way to success.

funding

In order to help you choose the right option for your business, here are some pros and cons of the crowdfunding and bootstrapping methods:

Bootstrap your business

Pros

  • You are entirely in control of your business – what you decide goes!
  • Funding a business with your own money is great for focusing the mind for success. You don’t want to lose your investment.
  • It’s easier to make fast decisions and changes in your company as you don’t have to run it by anyone else first.
  • You’ll have more time to spend on the business as you won’t be involving others.

Cons

  • You’ll have to sacrifice anything that is not absolutely necessary – no plush office!
  • A lack of funding can limit what you can achieve, as you will have fewer resources.
  • It is entirely down to you whether or not your business succeeds or fails.
  • You are assuming all of the financial risk by putting your own money into this venture. Can you afford to lose that money?

Crowdfund your company

Pros

  • Funding means that your business can grow a lot faster and you can even afford to hire other people.
  • By creating a campaign and driving publicity for it, your business will have a head-start in marketing by already being in people’s awareness.
  • You may attract bigger investors who like your idea and have previous business experience you can call on.
  • More funding undoubtedly creates more opportunities for your business.

Cons

  • It can be hard to generate enough publicity and interest to attain your funding goals.
  • You will have to answer to and update those who have funded you. You will have to deliver on any promises made.
  • It is time consuming to raise the capital and it can also be costly. There’s also a chance you won’t hit your target!
  • You will have to be able to justify exactly how you are going to spend the money you’ll receive, which takes time and planning. Get it wrong and you might not have enough money to achieve your goals.

Take the first steps by forming your company!

Whether you decide to opt for outside funding, or give bootstrapping a go, one of the first steps to achieving your business dreams is to form your company. Your business can be formed and ready to go in 3-5 working hours, leaving you free to take care of more important tasks. Find out more about our easy to use, online company formation service here: https://blog.eformations.co.uk/prices-packages/

Need a helping hand in your business?

Here at eformations we offer many services for businesses. From business accounting, to a first class business address service, and online company formation, we’re here to help your company succeed. View all of our services and form your company today by visiting our website. Alternatively, if you have any questions, feel free to call us for a friendly chat on 020 8232 5479.

 

5 Tips For Explosively Launching Your Business

19 May 2015

Starting a business is an exciting process, and there’s nothing more exciting than the prospect of launching a company. But how do you make sure your business launch is a resounding success? Here are five top tips on how to explosively launch your business in order to help you lay the groundwork for future success.

  1. Create an action plan

The first thing to do when planning your company launch is to come up with a plan of action. This plan of action should contain everything that needs to be done in the lead up to your launch. Approach it like a calendar and assign tasks for every day. Always think about how long it may take for you to achieve results from an action. For example, a newspaper advertisement may need to be booked in advance and then readers may take several days to respond. In comparison, forming a company through an online service will result in company formation after a few hours. Schedule your tasks accordingly.

 

  1. Establish your brand

Looking professional is essential for any new business. Before you launch, make sure company logos, colours, marketing materials, and your website, are all sorted. Don’t forget to form your limited company and make your business an official trading entity! 

  1. Connect on social media

One of the biggest mistakes business owners make is to spend too much time on the wrong social media channels. Find out where your ideal customer hangs out online and then put your efforts into those social media platforms.

 

Having a profile on LinkedIn is a must for any business, as it will allow other professionals to contact you. If you’re a B2B business, you can also use LinkedIn to gain clients.

 

  1. Test before you launch

Before launching your business, enlist the help of friends, family and anyone more impartial that you can get your hands on! Ask them to click through your website and read through your promotional materials just to make sure everything works and that it makes sense to those without prior knowledge of your business. An exception to this rule would be if you were to provide a highly specialised product or service. In which case, try and connect with those in your industry, who will be able to understand it, and ask them to help.

rocket

 

  1. Build respect within your industry

In order to build your audience of prospective customers, it can be advantageous to integrate with their communities and establish yourself as an authority. To do this online, you may consider guest blogging for blogs in your niche, or contributing advice to questions asked in social media groups. In the real world, try attending relevant meet-ups or events that your ideal customer will also be attending.

 

Ready to launch your business?

If you form your company and tick off all of these points from your list, (after participating and engaging for a good amount of time) your business’ launch will be far more effective and anticipated than if you were to launch with nothing built up. An explosive launch will give your business the strong start it needs.

 

Do you have questions about forming a company?

At eformations, we’re here to help you make your business a success and that includes helping you form your company and choose the right package for your business. To find out more, please visit our website https://blog.eformations.co.uk/ or call us on 020 8232 5479.

 

 

 

Is Your Business’ Success Being Eclipsed By Your Image?

16 March 2015

It definitely takes more than a great idea to form and run a successful business. But what if despite all the planning and testing the market you form your company, launch it, and it fails to do well? Then it’s time to take a step back from your business baby and consider what might be holding it back from success. With that in mind, we’ve put together a check list that will help you isolate areas where there may be room for improvement in your business. Often, these important areas which affect company image are overlooked, but their effect on a business can be enough to make or break it.

Is your brand unforgettable?

A strong brand will help your business be memorable and help build a relationship with your customers. When creating a brand, it’s a great idea to come up with some brand guidelines and rules that can help you make decisions about how your company is presented.

Here are some points it is important to cover when creating a brand:

  • Creating a logo
  • Your brand colours
  • Your brand fonts and typography
  • Your company’s ethos (some companies write a book on this topic!)
  • A great tagline
  • Mascots and spokespeople

Well-Known World Brand Logotypes

Does your business look credible?

The first step of making your business look credible is to form a limited company. A limited company protects your personal finances and also shows customers you are a legitimate business as opposed to a one person operation. You can form a company using our online company formation service. 

Another thing that could be holding you back is your business address. If you’re using your personal address, or if you aren’t convinced your current address reflects your business positively, a business address service can be a great way to present a more professional business image. You can find out more about our business address service here: https://blog.eformations.co.uk/address-service/

Are you marketing in the right places?

Sometimes, at the start of a business, it can be tempting to follow the crowd as far as advertising goes. While it is important to keep an eye on competitors and the channels they are using, they might not be getting great results. The best thing to do is to work out where your customers hangout – both in the real and digital worlds. A great way of doing this is by talking to them and learning their habits. Alternatively, there are lots of statistics available online that show which demographics are using different social media platforms. From this you should be able to work out the social media channels you should be spending time on, and those that are best left.

Do you need help making your business shine brighter?

At eformations, we’re here to help your business succeed. From an online company formation service, to a business address service and full company secretarial work and much more…. we can offer your business the tools it needs to move forwards. Feel free to call us for a friendly chat on 020 8232 5479 or visit https://blog.eformations.co.uk/and discover how we can help you on your way to success.