Blog - forming a company

Four Festive Christmas Business Top Tips

02 December 2016

There’s not long to go until Christmas, and if you’re a business owner, you’ll probably have already seen some festive shopping changes. Many businesses do their best business in the run up to Christmas. With that in mind, we’ve put together our four top tips on how to make the most of the Christmas period and maximise your own business’s success.

Let us know what you thought of our Christmas tips over on Facebook or Twitter, and if you liked this article, don’t forget to share it!

  1. Run special Christmas promotions

In the past, January was the time when the sales came out. Now, it’s never too early to start putting out promotional offers! Customers love to see offers with a festive twist, so be creative. You don’t necessarily need to slash your prices – it could be as simple as throwing in a free Santa toy with every product or service purchased, or offering a mince pie and a hot drink to every business visitor.

  1. Make sure you’re prepared

There is such a thing as being too busy! If you’re expecting a lot of business this Christmas, make sure you have the staff levels to cover the demand. Staff often like to book holiday during the Christmas period, so make sure you’ve taken this into account in your plans.

  1. Get your business looking its best

Christmas is a time when your business will be seen by a lot of existing and new customers, so make sure it’s looking great. Is your branding the way you want it to look? Is your business address doing you any favours? If you’d like to change your business address to a prestigious London address, you can use our business address service. Find out more about our business address service here: https://blog.eformations.co.uk/address-service/

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  1. Be a social media star

This Christmas, make sure you use social media to its full potential. Decorate your page with festive trimmings to show customers you are up to date and don’t forget to post all of your best Christmas offers. You could also take advantage of the precise targeting of Facebook adverts to advertise your Christmas promotions and introduce some new customers to your business. Facebook ads allow you to target customers within a specific mile radius from your location, so you won’t be paying to reach people who aren’t likely to visit your business.

Never used Facebook ads before? Facebook offer a lot of step by step help on how to create adverts on their Facebook.com/business site.

Are you thinking about forming a company over Christmas or in the New Year?

We’re here to help make sure your business succeeds! At eformations, we offer a wide range of business services designed to make forming a company and running a company, easy, hassle free and affordable. To find out more about our company formation service, and other business services, visit our website: https://blog.eformations.co.uk/Or alternatively, give us a call on 020 8232 5479 for a friendly chat.

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.

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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 Things You Should Ask For Help With When You Start A Business

25 November 2015

Starting a business shouldn’t be a lonely process. You may be the mastermind behind your idea, but when it comes to making it happen, it’s always good to seek help with areas you’re not familiar with. Not sure what you should ask for help with, or how to do it? We’ve made a list of four things you should ask for help with when starting a business.

  1. Testing your idea

Lots of people are unwilling to talk about their business idea for a couple of different reasons. Some people are unwilling to open themselves up to other people and risk their idea potentially being ridiculed. Others are afraid that someone will steal their idea if they talk about it.

The truth is, sharing your idea is an excellent way to gain feedback and someone may say something that inspires you to think of an angle you’d never have considered on your own. As far as stealing your idea goes, you are the ingredient that makes your idea unique and no one can replicate that. Also, people are probably far too busy with their own ideas to consider taking yours.

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  1. Not giving up

How can you ask for help with not giving up on your idea? This has its similarities with our last tip. By sharing your idea and getting your friends and family onside, you’ll create a support group that will help you to see your idea through. Sharing your plans means you’ve got a helpful bit of pressure to make it happen.

  1. Forming a company

There can be a lot of paperwork to navigate when forming a company. The time and hassle of getting to grips with all of the technicalities can be avoided by forming your company with an online company formation service. It’s really simple to do, and your company will be formed in 3-5 working hours. You can find out more about our online company formation service here.

  1. Marketing your company

Marketing is something that many business owners take on themselves, thinking it’s an area they can save money on. Unfortunately, these business owners will soon discover that even marketing basics, such as setting up social media accounts, take up a lot of hours that could be spent working on the business. Another good reason for asking for help with marketing is that experienced marketers can achieve results you might not be able to get on your own. Marketing could make your business a success, or a failure, depending on how well it has been done.

A good tip is to shop around for a marketing company. Ask other local businesses who they’d recommend and read any reviews about the company. This should help you to stay safe and spend your money on something that will give you a great return on investment.

Need help starting your business?

We care about your business and are here to help you succeed. At eformations, we offer a wide range of business services, from an online company formation service, to a London business address service, and much more! To find out more about how we can help you, visit our website https://blog.eformations.co.uk/or give us a call for friendly chat on 020 8232 5479.

 

4 Reasons Why Now Is The Perfect Time To Start A Business

11 November 2015

Have you been waiting for the right moment to start your own business? Is it something that you’ve been considering for months, or even years, but have never found the perfect moment to get going? Unfortunately, waiting for the perfect moment is a real start-up killer, as perfect moments seldom arrive. Instead, starting your business right now is the best thing you can do to ensure your future success. Why? Because a business has zero chance of success if it doesn’t ever go from being a dream to a reality.

Here are four reasons why now really is the perfect time for you to start a business.

  1. The Christmas rush is coming

With a few exceptions, the run up to Christmas is a lucrative time for most businesses. If you can get your products or services out there in the next few weeks, you could be in time to profit from it. Starting a business during a season where people are more likely to be spending is a good way to give your company a fantastic initial boost.

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  1. You don’t have to risk it all

If you’re not ready to quit the day job and risk everything on your business, that’s okay! The number of ‘sidepreneurs’ is on the rise. Sidepreneurs are people who have regular jobs, but they pursue their businesses/paid hobbies during their free time. This can be a really good way to start a business without the risk and if you’re successful, the side business could eventually make it so you can quit the day job.

 

  1. You don’t need to be a technical genius

Don’t let a fear of paperwork and technical ‘need to know’ put you off starting your business. Help is readily available and there’s no need for you to get bogged down. If you’re thinking about forming a company, you can use an online company formation service that will save you time and hassle. Form your company in just 2-4 working hours! You can find out more about our online company formation service here: https://blog.eformations.co.uk/legal-requirements/

 

  1. Waiting won’t help you to succeed

We know we’ve said it before, but waiting for the perfect moment to start will not help you succeed if that moment never comes. Even if you don’t feel that you have enough time at the moment to fully commit to your idea, you can make it work. A few hours a day spent on a business is better than it never being started at all.

 

We’re here to help you start your business

We’re passionate about business and are here to help your start-up succeed. From a second to none online company formation service, to a brilliant business address service, and many other useful business services, we’re the best place for your business to begin. To find out more, you can visit our website https://blog.eformations.co.uk/ or give us a call for a friendly chat on 020 8232 5479.

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.

Don’t forget to let us know what you thought of this business help article over on Facebook or Twitter!

  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.

How To Issue Shares

22 May 2015

When you form a company it is the requirement of  the Companies Act that at least one share must be issued at the time of incorporation. This is called subscriber share and carries the value (nominal value *) you choose at the time of incorporation.

Q. A question we are often asked by our customers after they have formed a company is – how can I add a ‘partner’ to my business?

A. Limited companies don’t have partners, they have directors and shareholders, so if you mean that you want to give a share of your company to another person then you need to issue further shares.

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Here are 5 easy steps to issuing shares

Check that your company’s Articles don’t have a restriction on the maximum number of shares that can be issued. This is relevant to companies incorporated before 1 October 2009 because these older companies used to have an authorised share capital.

  1. Complete an application form
    The person wishing to own the new shares completes an application form and returns it to the Company with the required payment. So, if the nominal value of the shares is £1 each and he/she is applying for 100 shares then £100 will be payable to the Company.
  2. Pass a Resolution
    The directors pass a resolution to approve the application and allot the shares to the person applying for them.
  3. Send form SH01 to Companies House
    Return of allotment form SH01 must be sent to the Registrar within one month of the allotment date.
  4. Prepare Share Certificate
    The company secretary prepares the share certificate. The share certificates are available in the statutory register. The company must issue share certificates within two months of allotment.
  5. Complete Members Register
    The name of the new share holders must be entered in the company’s statutory register to complete this task of making them members.

Since allotting shares is so easy after the company is incorporated, you don’t need to think about the share structure too much when forming a company. Just form the company issuing one share to the director or another person. Further shares can be issued at any time after the company is incorporated. Call the eformations team on 0208232 5479 for further advice on how to form a company or how to issue shares. We are well equipped with knowledge and experience.

*Nominal value, also know as par value or face value of a share is the value at which it will be redeemed. Nominal value is not the same as market value. If the market value is higher than the nominal value, the difference is called a premium.

Five Tasks You Should Be Outsourcing

07 May 2015

Outsourcing is a really savvy way for you to take your start-up, or growing business, up to the next level. Hiring freelancers and outsourcing certain tasks will help free up more time so that you and your workforce can focus on moving forward with the business. We’ve created a list of the five top tasks you should be outsourcing to help you start taking advantage of the benefits of outsourcing right away.

Outsourcing. Business Background.

  1. Marketing

If you don’t have professional experience as a marketer, it can be a great idea to outsource your marketing. A good tip is to research the best marketing teams in your area, as it will be easier to check any testimonials and contact other clients in order to find out what kind of results the marketing company yielded. You want to outsource to a company with an excellent track record and ideas which you feel fit in with your brand.

  1. Domestic duties

If you’re finding it stressful to keep up with ‘at home’ tasks such as cleaning the house and mowing the lawn, or even cooking, why not try outsourcing these jobs? If what you’re billing for an hour of your time is a lot more than what it would cost to hire a cleaner for the same time, you should definitely consider outsourcing these roles.

  1. Bookkeeping and accounting

This is another area which it can be hard to get a grip on if you’re new to running a business. Doing it DIY is possible, but it takes up many hours and costly mistakes can be made. It’s often better to pay a professional to do this job, even though it may seem expensive, because in the long run your business may well end up saving money.

  1. Paperwork

Filing documents such as your business’ annual requirements and even forming a company can all be outsourced. As a business owner, getting bogged down in the paperwork is the last thing you want to be doing and learning the ins and outs also takes up valuable time. Outsource tasks such as registering for VAT, or registering your limited company, and free up your time for focusing on your business.

We provide many online business services including online company formation. Find out more here: https://blog.eformations.co.uk/legal-requirements/

  1. Recruitment

Unless you have a background in recruitment, it can be a difficult task to find the right person to fill a role. Professional recruitment agencies will be able to place your ads where they’ll be seen by the right people. Agencies can also screen applicants so that you’ll be left with a well-qualified shortlist without any of the hassle.

Are you ready to start outsourcing?

Here at eformations, we offer many services to help make running your business as smooth as possible. From online company formation, to VAT registration, telephone answering, and much more, find out how we can help your business by visiting our website: https://blog.eformations.co.uk/ Alternatively, call us for a friendly chat on 020 8232 5479.

Five Tips For Successfully Running Multiple Businesses

13 April 2015

For many entrepreneurs, one business simply isn’t enough. Having multiple businesses is also a great way to generate multiple streams of income, and if you delegate well enough, it can even lead to the holy grail of business owners: passive income. It also means you don’t have all of your eggs in one basket.

However, balancing multiple businesses is a delicate task and it’s a lot more complex than forming a company, forming another one and then trying to do everything at once. We’ve put together five tips that will help you to successfully run multiple businesses and eventually generate multiple streams of income.

  1. Choose your projects wisely

Find a niche, test it, and then fill that gap with your product or service. Your idea doesn’t have to be completely original; it can just be your own twist on something that already exists. Choose something you’re passionate about, you may be working on this project for years, so it’s important to stay interested!

 

  1. Hire great people

Successful businesses require great staff. If you’re juggling multiple businesses, having those extra pairs of hands around to catch every ball is very important. Having great people, who share your vision, on board will also help you gain new opinions and insights that could help your businesses succeed. Always listen to the people you work with!

 

  1. Pick some great partners

Once your business and brand gain a reputation, you may discover that people want to work with you. While diversifying with partners is a great idea, as you can benefit from their talents and experience, always keep in mind whether or not it fits with your vision and brand. However enticing the offer may seem, make sure it feels right and don’t be afraid to say no if it isn’t, as it will benefit your business in the long run.

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  1. Start simple

The best way to begin your journey to owning and running multiple businesses is to start with one. Successful businesses usually start small and grow. Even though you may have multiple good ideas for businesses, it’s always best to start with one and master it before moving on to your next project. Sticking with one maximises your chances of success, as forming multiple companies and trying to start them all at once is likely to mean that you’re spread too thinly and do a poor job.

 

  1. Keep working hard

Whether you’re working on a single business, or have several ventures on the go, it is important to keep your foot on the pedal. If you’re at the head of a business, by working hard, you’re setting a great example for your employees. Working hard doesn’t mean never having a break and sometimes it’s good to step back from the project and see it from a new perspective, but a great working ethic is important if you want your businesses to stay successful. Hopefully you’ll be passionate about your projects and it won’t feel like work!

Thinking about forming a company?

If you’re considering forming a company, we’re here to help. Our online company formation service is easy to use and your company formation will be done in just 3 – 5 working hours. If you have any questions about this service or any of our other business services, call us for a friendly chat on 020 8232 5479. Alternatively, visit our website blog.eformations.co.uk for information about all of our business services.

Seven Top Tips For First Time Business Owners

02 April 2015

Even the biggest success stories come from small beginnings, and there is absolutely no reason why you can’t be a success too. With the right idea and a lot of hard work, you’ll be on your way to business success. However, there are many things it is helpful to know before forming a company and starting your first business. Here are seven top tips for first time business owners that will help you to launch your first venture successfully.

  1. Focus on one idea

Entrepreneurs often feel like they should be taking every opportunity and capitalising on new ideas. However, having multiple projects on the go means that you’ll be spread too thinly, which can slow your progress. It is better to do one thing perfectly than ten things poorly. If you’re thinking about jumping on another idea, it may be that your original concept isn’t grabbing you enough. See if you can adapt it and try to see an idea through from start to completion.

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  1. Analyse weaknesses and strengths

What are you good at and where do you lack experience? It is a mistake to think you’ll be able to do everything yourself. Figure out where your strengths lie and surround yourself with successful advisors and mentors who will help you to become better at business.

  1. Start cheap

When you’re starting out after forming a company, watch every pound and triple check all expenses. The money in your wallet is all that’s keeping your business afloat at the start, so keep a close eye on it! Fancy offices and cars should wait until after business success.

  1. Scale down

If you need a lot of capital to get your business started, you should probably rethink your concept. Investors are unlikely to give money to someone that is untested. Scale down your idea and make it work as an early stage venture. If you’re successful, investors are more likely to be interested.

  1. Do what you know

Businesses built on strength and talent have a greater chance of being successful. Don’t jump into a business just because you think there’s a chance to make a lot of money fast. Do something you know and something you love. You’ll be putting a lot of work into this one idea so it’s important to like it!

  1. Learn your pitch

You never know who you’re going to meet, so it’s a great idea to have a thirty second pitch you can reel off. Be sure to adapt the pitch to the person and always be concise.

  1. Know when to walk away

If your idea doesn’t pan out the way you envisaged, know when to walk away. Don’t go down with a sinking ship. Instead, reflect on where mistakes were made and what could be done differently next time. Then try again, either with a new idea or with a fixed version of the old one. Never give up and you will prevail in business.

Thinking about forming a company?

We offer an easy to use online company formation service that will help you to register your limited company and start trading in no time. If you’d like to find out more, or to talk about any of the other services we provide, call us for a friendly chat on 020 8232 5479 or alternatively, visit https://blog.eformations.co.uk/

 

5 Tips For Legally Forming And Running A Business

25 March 2015

Forming and running a business is an exciting idea, but the legal side of business can be a daunting prospect. That’s why we’ve put together five tips that will help you on your way to legally forming and running a business. By avoiding making mistakes, you’ll save you and your business money and time and get the legal side of things out of the way, so you can focus on running your business.

Check your company name and register it

This is one of the first things you should do when forming a company. It’s a good idea to register your company as a limited company as it offers more protection than being a sole trader. It is a great idea to talk through these options with a business expert or accountant, as they will be able to explain the difference. Give us a call if you’d like to talk it through on 020 8232 5479.

Assuming you are going to register as a limited company, there are some important things to remember:

  • The company name must end with the word Limited or Ltd.
  • The company name must not be the same as, or similar to another already registered company name. You can check this here: https://blog.eformations.co.uk/
  • Your company name cannot contain any restricted or sensitive words.

If your idea is an original one, consider patenting and copyright

If you have a great original idea for a business, it’s reasonable to not want anyone else to steal your concept. If you are concerned that this may happen to you, it’s a great idea to look into patenting, copyright and even trade marking, which may help to protect your idea and give you the legal grounds needed to go after anyone who does attempt to steal your idea.

Before rushing into spending a lot of money on patenting an idea, it’s a good idea to find out what the patent is actually worth and how much it will protect you. A great way of finding this out is to ask the question ‘what would someone need to change in order to not break the patent?’ and you’ll have your answer. You may be surprised how easy it is to get around!

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Organise your finances

It’s a good idea to organise your business’ finances as soon as you start your business. This means less time searching for receipts and being bogged down in a mountain of paperwork later. Finding an accountant you like early on in business is a great idea.

You can also get organised using your mobile phone! We recently wrote an article on accounting apps that can help your business keep track of money. Read it here: https://blog.eformations.co.uk/2014/11/

Read up on employment law

If you’re going to be taking on employees in your new business, there is a lot you need to know in order to comply with the law. A great way of learning all you need to know about employment law is to sign up for a reputable short course, run by an expert. Alternatively, at the start, hire freelancers to avoid the paperwork and legislation associated with employing staff.

Seek professional advice

If you’re considering forming a company and a business, we can help you to get it right first time. From helping you to check whether or not your chosen name is available, to online company formation and much more, visit https://blog.eformations.co.uk/ to start your business today. Alternatively, call us on 020 8232 5479 for a friendly chat and discover how we can help your business today.