Complete Beginner's Advice Needed

[Kris78]

Hi, everyone!

This is my first post. It's great to be a member.

I'm starting a new online business in a couple of months. In a few weeks time I'll be opening a standard business account in preparation. What I'm wonderting is if there are any steps I *must* take before I open the business account?

Things like registering a business name, registering as a sole trader, that kind of thing.

I wouldnt want to be going through the bank account opening process and find I've not done something I should have and everything gets delayed.

So I'd really appreciate some basic advice on what I might need before I go and open my account.

Thanks in advance!

 

[Business News]

Hi,

It would be worthwhile going to talk to a bank first to let them know what you are undertaking. Start off with the bank you run your personal accounts through first as you'll have history with them.

If you have any dodgy credit history this will affect which banks will talk to you. The likes of Yorkshire Bank are more forgiving of previous bad trading or credit history than most banks but charges are high. Banks like the HSBC offer good periods of free banking but low interest rates (then again they all are now). The HSBC online banking is the best business banking online sysyem I've used out of 3 I've had experience with.

Once you have your company set up then it should just be a case of filling out the forms. Banks do kike seeing business plans even if you don't intend asking them for loans or an overdraft facility. If it's a bullish business plan they may even treat you to lunch!

Hope this helps,

Barry

 

[Grant1413]

Natwest do a good business account for people with a little bit of adverse credit.

Think they call it a 'Foundation Account' Plus 2 Years Free Business Banking

Does everything else a normal account does, except no credit card.. My pal has had this account for 6 months and now they have upgraded him..

I got a basic website made, domain name, email address, hosting ( what ever that is ) £99 + Vat

http://www.onepagewebsitedesign.com/

All the best

 

[Humphrey]

If you are opening a business account the bank will normally expect to see evidence of the fact that your business exists - normally business headed paper - it can be produced on a word processing package / desktop publisher - it should include business address and telephone number.
If you join the Federation of Small Businesses you can get a free bank account with the Cooperative Bank and the fact you are a member will help, but will cost you the FSB joining and annual membership fees. You also get free legal help from the FSB so it can be good value for money.

 

[paultnl]

LLoyds TSB are giving away some good Sage software to help you make your business plan. I don't think you have to open an account just make the enquiry.

 

[Kris78]

I've had a Barclays current account for more than 15 years, so as long as there are no obstacles, I'll definitely be going with them. I have no bad credit history, so I should be okay there!

 

[Business News]

I've had a Barclays current account for more than 15 years, so as long as there are no obstacles, I'll definitely be going with them. I have no bad credit history, so I should be okay there!

See if you can pilot their online business banking before you commit as it may differ from the personal set up, you'll be referring to your business account a lot more frequently than you do with your personal banking so ease of access and ease of use on-line are high priority items to consider.

 

[Emily Caver]

Hello Kris:
I suggest you to select a credit card with the appropriated level average for your business requirements, not too high not too low.
Good Luck!

 

[Dawg]

Have you had a look at the Business link start up guide on their website? It's a useful site to have a look at, and quite often has better advice than the actual human advisors, (allegedly ).

I'd say the first thing to do would be to get an accountant. A decent local one will be able to tell you which of the banks is worth approaching, (over the first few years you will find all the banks are sh1te), how to start, (self employed, limited company etc.), which way to do accounts, (personally I'd prefer to use rusty razor blades soaked in Gordon Brown's pee rather than Sage, but hey..), and other things besides.

Then keep coming back here and ask questions, (after searching for old answers), about, for instance, how to name a company, doing a business plan, websites, marketing, tax, insurance etc etc, (and exactly where to park that first Ferrari).

Good luck.

 

[Kris78]

See if you can pilot their online business banking before you commit as it may differ from the personal set up, you'll be referring to your business account a lot more frequently than you do with your personal banking so ease of access and ease of use on-line are high priority items to consider.

Does that mean not all Barclays business customers get online banking? They make it sound as simple as applying on their website...

I use the personal online banking a lot, so it's pretty important that I have it for the business account too.

 

[Business News]

Does that mean not all Barclays business customers get online banking? They make it sound as simple as applying on their website...

I use the personal online banking a lot, so it's pretty important that I have it for the business account too.

There is on-line banking but business banking is more complex with different payment options to personal banking as an example. I've experienced 3 business banking options and HSBC is by far the easiest to navigate has has the most features whereas the Yorkshire Bank was very much a basic transactions model. The better the system the easier you'll find it to reconcile accounts and make BACS payments. I've never been with Barclays so I have no experience of their on-line set up. Could be the best out there for all I know?

Barry