I opened a company. What do I have to do next?

Discussion in 'First Steps To Starting A Business' started by johnp1, Oct 4, 2018.

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  1. johnp1

    johnp1 UKBF Newcomer Free Member

    19 2
    Hello, my first post on this forum.

    I opened a company and I managed to open a business bank account.

    The aim is to sell random stuff online such as clothing, charging cables etc. ( merchandise from EU and outside of EU ).

    I am a bit stuck as I don't really know what are the next steps I must follow.

    I was thinking that finding an accountant that understands import / export and e-commerce in general would be the next step.

    A quick search on Google displayed many ads but how do I actually know which accountancy company / individual is good or which one is bad ( I am based in London ).

    [ alternatively, do you think I need an accountant as my operations are very small , I will sell a few cheap products ( under 100 items ) every month ? - can I manage the books by myself? ]

    What would be the next step to take in order to start my business operations ?
     
    Posted: Oct 4, 2018 By: johnp1 Member since: Oct 4, 2018
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  2. estwig

    estwig UKBF Legend Free Member

    12,597 4,499
    The next step: Sell something, make some money.
     
    Posted: Oct 4, 2018 By: estwig Member since: Sep 29, 2006
    #2
  3. Martins-Adwords-Solutions

    Martins-Adwords-Solutions UKBF Contributor Free Member

    31 5
    Until you make your 1st sale you don't have to worry about accountancy. I agree that the next step is to sell something and since it is an online business you need a website and then reach the right audience. The fastest way to sell something is by using ads, Google Ads and Facebook ads. You can try on your own by spending smaller amounts by targeting users that would likely be interested in your products (FAcebook) and by selecting keywords like "name of the device charging cable" ...
    Goog luck.
     
    Posted: Oct 4, 2018 By: Martins-Adwords-Solutions Member since: Nov 28, 2015
    #3
  4. finleydesign

    finleydesign UKBF Enthusiast Full Member - Verified Business

    636 138
    Yes as above you need to sell something for an accountant to account for! Don't panic, you don't really need to do much except get things moving, get your Ecommerce website setup and away you go
     
    Posted: Oct 4, 2018 By: finleydesign Member since: Mar 15, 2012
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  5. johnp1

    johnp1 UKBF Newcomer Free Member

    19 2
    Thank you for your replies.
    Yes, I already started to sell stuff but not in behalf of the company but in my own private name ( sell different items on Amazon and Ebay ) now I want to migrate this operation and sell in behalf of the company.

    Do I need to notify anyone that the ltd started to trade?
    Can I simply put money into the business bank account and buy supplies using it?
    If I buy merchandise from EU, can I simply buy it as I did so far or do I need to do anything special?

    I have all sorts of questions like that.
     
    Posted: Oct 4, 2018 By: johnp1 Member since: Oct 4, 2018
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  6. Mr D

    Mr D UKBF Legend Free Member

    25,449 3,108

    Realistically most accountant firms should be able to do the accounts. There are several accountants on here or you can search the internet.
    Can get the accountant well after starting to sell.

    I use an internet based accountant - everything is done by email, I've no reason to speak to her or go visit her.
    Some people prefer to sit face to face with someone or get advice and help.

    Don't try and do your annual accounts yourself for a limited company.

    Its however a good idea to start off doing your own books - plenty of bookkeeping software around. You will be on top of what is happening with your business by entering your own figures as and when they happen.

    Next stage I'd figure out where you want to sell. Amazon, ebay etc. Then start looking for stuff to sell there.
    Besides searching the internet its worth looking at trade mags (some are free) in particular areas of business. And searching your local area - often local trade warehouses around though usually need one or two trade invoices from elsewhere to sign up to them.

    Your place will look like Delboy's flat in no time!
     
    Posted: Oct 4, 2018 By: Mr D Member since: Feb 12, 2017
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  7. Mr D

    Mr D UKBF Legend Free Member

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    You will need a business account on amazon and ebay. Amazon you will need permission to sell using a 2nd account and you will need to go through company verification.
    They take weeks / months to transfer a personal account over to limited so not recommended.

    Ebay will need a business account with them, plus paypal will need to verify the company.
     
    Posted: Oct 4, 2018 By: Mr D Member since: Feb 12, 2017
    #7
  8. johnp1

    johnp1 UKBF Newcomer Free Member

    19 2

    Are you saying that its better to simply close my personal Amazon Seller account and simply open a new account which will be configured as a business account from the very beginning ?
     
    Posted: Oct 4, 2018 By: johnp1 Member since: Oct 4, 2018
    #8
  9. Mr D

    Mr D UKBF Legend Free Member

    25,449 3,108
    No reason to close the personal account.
    You would need amazon permission for another account.
     
    Posted: Oct 4, 2018 By: Mr D Member since: Feb 12, 2017
    #9
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