Need some startup & name advice please, oh and Hello!

[FastFeet]

Hello everyone, always seen this site from time to time and finally decided to sign up and get some help with what I'm doing as I'm going round in circles

First if all a brief background. I've been a sort of freelance web developer who also does writing and editing. For the last 10 years I've been doing odd jobs here and there, but never enough to make serious money.

This year I'm looking to start my own business, I love working on my own (and controlling things) and having done retail and office work in recent years I want out on my own.

This year I have been doing research on getting started and have a fair idea of what to do but there's still blanks I can't work out. I don't expect you guys to give me all the answers but a bit of advice will hopefully go a long way with me

For now I'm going to focus on 1 problem: the business name. Nothing's been registered yet but I want to use a name similar to my own name I.e ZXY Media as ill be working with and producing various items of media for clients.

In my head you get one chance to pick a business name due to building a reputation and so forth. I feel the name maybe too boring and bland.

Part of this problem is how exactly I register my business. Technically I would be a sole trader but I hear it involves more risk, I have seen some people my age register with companies hours or as a LLC possibly.

When all is said and done i am working by myself, freelancing. So what would you masters advise? I'm becoming hesitant over this company name business, and its slowing don progress and help would amazing - Graham.

 

[J4m3s@Finanscapes]

The company name is tricky - it won't really matter what you choose to begin with, as you'll be selling direct to people who you know or speak to. I'd suggest you choose a name that suits the sort and size of company you want to be.

You can check on companies house (follow the link on their home page to Find Company Information) to see whether a particular company name is already in use.

The choice of legal structure is probably best advised by one of the accountants on here. If you go for a Ltd company there's a small fee to register, then you have to submit company accounts every year - but it's a business entity and you're a director so your exposure should the company fail is "limited". For us, the decision was a no-brainer as we always expected to grow into a much larger business than a partnership or sole trader.

Good luck with it. If you have a reputation and some clients you already do work for you're off to a great start

 

[FastFeet]

Thanks for the advice James it really is appreciated! It seems that if in 6 months I want to change company name and turn into a limited company that could be possible.

I'm just thinking ahead in case things change... I could startup as a sole trader and use the name I've picked out - just don't want it to affect my business later.

Small fees and paperwork are no obstacle for me, like I say I'm being cautious before I venture into the somewhat unknown!

I'm thinking starting off with this pre picked name and registering as a sole trader. Then changing names (if needed) and upgrading myself to a limited company (you can do that with only 1 person in the company right?).

 

[J4m3s@Finanscapes]

You can change your company name at any time, but you just need to be wary of abandoning any brand or reputation (including mentions on twitter, internet backlinks or referrals etc).

As to whether or not you can "upgrade" from sole trader to Ltd Company you're well outside my area of expertise I'm afraid, sorry!

 

[ryedale]

Hi Graham

Welcome to the site and good luck getting started. I did the same as you in 2007 and it's really worth it although the first few years are hard while you build a name for yourself.

Have you got a portfolio to start with ?

 

[accountsandlegal]

Hi Graham, to set up as a sole trader all you have to do is register as self employed with HMRC, if you want to set up as a limited company you will have to incorporate at Companies House.

How you set up will depend on your circumstances. If you are a sole trader it is very simple to set up, get started and your taxes will be less complicated. As a limited company it is slightly more difficult and requires you to process a lot more information but it could pay off in the end as it can be more tax efficient.

With regards to your company name, if you are going to incoproate at comanies house it has to be completely unique.

Before I worked for Accounts and Legal I set up an online retail business and operated as a sole trader even though I had a high turnover. To me it was for the best as I was the only employee as such. This could be best for you.

 

[jeremy49]

Hi Graham

My advice to you on choosing a name is that it does not matter what you call yourself eg Moonpig who would have thought of it being greetings cards

But as long it is easily spelt and easy to remember for people to pass on your details and find you on th e web. New web suffixes are now being released, just checked

graham.design is available as example.

I'm not suggesting that this be your name, but I just wanted to point out that your customers could remember your name was Graham and that you did design, you have a fighting chance of being found even if the could not remember your telephone number.

 

[harper101]

It's good to create a company name that is easy to remember and likewise appealing (such in signage, etc).
A good company name can be helpful esp. in making your website to rank in search engine result, esp. for start ups.

All the best for your new business!

 

[FastFeet]

Hello and thanks to everyone who replied, all really useful stuff! The domains idea is a good one as yes there are lots more opportunities for domain names this year. I'm going to get a good looking portfolio done and if I get started I'd probably take the sole trader route. I could stop my sole trader operations and start a limited company if that's possible. I'm going to get a prudent plan in place and begin very soon, hopefully ill be around here for the near future

 

[FlowOnline]

Something worth considering may be a name that describes what your business does as this could benefit you with SEO . These are often not as widely available but it is worth giving the name of your company a good think. For example a company doing digital marketing could have X digital marketing .co.uk to help relevancy in SERPS.

Hope this is useful,

 

[FastFeet]

SEO is always at the back if mind as I deal with web development a fair but. All the advice is awesome, I've come to the conclusion that if anything going to register as a sole trader.

I have thought of a problem though. For the last 6 years since uni I have been doing odd jobs here and there, say 1-3 websites a year at best. I'm worried that as I didn't register all those years ago that HMRC will come down on me like a pile if bricks! So I'm sorta scared to start now!

I never charged too much as I was just getting some experience, that's how I looked at it anyway. Am I in big trouble or am I okay? Replies would be really appreciated

 

[Tiger_Shark_Signs]

Yup - we started out as a sole trader in 07 then partnership and then went limited.
But if you're going to go that route then set up the limited company with companies house anyway and just report to them every year that books aren't due 'cos the company is dormant.
That way you can build your brand as a sole trader but without the risk of someone nabbing your ltd name.

As for the name! blimey - we've had a tough time coming up with a name for our new venture.
All I can say is take your time and go with what's right for you...
Once you've made a decision - keep saying it over and over again - and if it still sits right in a few days go for it...

 

[FastFeet]

Good advice, so it can be done by the sounds of it Can anyone advise about my last post regarding trading before I've actually registered as a sole trader - what would you guys do?