Starting up a new business is an exciting opportunity for new entrepreneurs who are just setting out on their future path. Seeing your idea come into fruition is a great new chapter, especially once you have made you first sale and have a clear vision as to how you will begin to develop your company.
So, what should you look out for in the early days of a new business?
Think of a name – Thinking of a catchy name for your new business can be quite a challenge but also fun. By drawing on words from the industry you will be working in and brainstorming various words and phrases with friends and family can be a great place to start.
Keeping to 2 / 3 syllables keeps a name short and snappy. Short names are guaranteed to be more memorable. Use websites to check if your new business name already exists and / or if it crosses into your industry sector. It may take a few attempts before you finally find the name to suit and one which no other company is using.
Set up your domain name & social – Once you have settled on your new business name it is so important that you order your domain name and sign up to all of your social accounts using your chosen name before you register the business (see next step). It is important to remember that established companies make a lot of money by looking at who has registered their company at the .gov.uk website. They will buy up your names and then try and sell them to you for a fortune before you have even given it a thought so always by your domain names and set up your social and then register your new business.
Register your new business – You can register your new business at https://www.gov.uk/set-up-business . Here there are several options such as Sole Trader, LTD & Partnerships. You can find out lots of information depending on the type of business you wish to register. If you are still unsure you can also speak to a local accountant, who for a fee, will talk you through and carry out the set-up process on your behalf.
Trademarking and patenting – If you are using symbolic logos or emblems to present your brand or you have a unique product idea that needs patenting before carrying out any further promotion, then it is key to have your work protected through intellectual property. Again, the .gov.uk website will help you to decide your best options and the next steps you should take. You can also find out more on our intellectual property page – http://www.crendoninsurance.co.uk/intellectual-property-insurance-products/ .
For more information on setting up a new business and obtaining commercial insurance or start-up insurance, please see our website www.crendoninsurance.co.uk. We help companies to understand all viable insurance options for what is needed when starting up a new business from employers and public liability to policies covering online retail and data protection. All of our policies are bespoke, according to the nature of the new business and explained very clearly without the jargon so that you as a new director openly understand what you are signing up for.
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