New business setup - where do I start?

[dalboy]

OK I am thinking of going solo on a service I currently provide at my place of full time employment. Its to do with webcasting services for companies.

I want to go completely solo as I have 10 years experience and work in IT.

I have thought of a few company names, and about to register the domains.

What is my next step? Is it register the company on Companies House website and then setup a business bank account?

Am I best speaking to a solicitor first?

I will have to buy some equipment if I am going to go solo which is fine as I have the finance for this. I am currently in the process of setting up some meetings with potential clients but obviously at the moment have no business cards, website etc... Although I will obviously do this, just giving you an idea of where I am at the moment.

Thanks and any advice much appreciated!!!

 

[Scalloway]

You don't need a solicitor to set up a company. You would be advised to have one set up terms and conditions for your contracts though.

 

[Remys]

Just speak to an accountant as they know all the you need and would be glad of your business. Price a few of them up though, you can have a big difference between them.

Setting out on your own is a big step, and I wish you luck. It can take a long time to establish a website so make sure you get clients from elsewhere.

 

[dalboy]

Thanks.

The website is just for contact info and work examples.

 

[Scalloway]

The websiteis just an advertising tool. You need to make sure that your clients know what they are agreeing to, that you get paid and that you pay the correct taxes.

 

[SetupaCompany]

Setting up a company is the easy part, once you have chosen your company name and decided on the structure (e.g. directors, number of shareholders, etc) then it is just a case of filing that with Companies House.

You can either do that direct or if you want to simplify the process further then we offer company formation packages from £19.99 and it only takes a few minutes to complete our application (see signature for link).

You would be advised to consult an accountant on other matters though such as your annual returns, the best setup for you personally in regards to taxation, etc. A solicitor would be useful for contracts, etc as another poster has mentioned.

 

[dalboy]

Setting up a company is the easy part, once you have chosen your company name and decided on the structure (e.g. directors, number of shareholders, etc) then it is just a case of filing that with Companies House.

You can either do that direct or if you want to simplify the process further then we offer company formation packages from £19.99 and it only takes a few minutes to complete our application (see signature for link).

You would be advised to consult an accountant on other matters though such as your annual returns, the best setup for you personally in regards to taxation, etc. A solicitor would be useful for contracts, etc as another poster has mentioned.

Great thanks - might just use yourselves for ease of use. I already have the .co.uk and .com domains with 123-reg from today. Is that a problem?

 

[SetupaCompany]

Great thanks - might just use yourselves for ease of use. I already have the .co.uk and .com domains with 123-reg from today. Is that a problem?

Nope - domains and registering company names are completely separate things.

Our packages do come with a free domain though but you can register any domain name it doesn't have to be the same as your company name

 

[Scalloway]

Have you checked that your proposed company name is not already registered and will be acceptable to Companies House?

 

[dalboy]

Have you checked that your proposed company name is not already registered and will be acceptable to Companies House?

Yes, its not taken

 

[ZipserSir]

OK I am thinking of going solo on a service I currently provide at my place of full time employment. Its to do with webcasting services for companies...

I want to go completely solo as I have 10 years experience and work in IT.

...

I will have to buy some equipment if I am going to go solo which is fine as I have the finance for this. I am currently in the process of setting up some meetings with potential clients but obviously at the moment have no business cards, website etc... Although I will obviously do this, just giving you an idea of where I am at the moment.

You probably have all this covered, but your message sounds a little previous...

You say you are thinking about going solo, are currently employed doing what you propose to do, and are setting up meetings with potential clients.

Have you discussed what you are planning with your current employer? Are you planning on taking their clients away from them?

At this stage I would not worry too much about structuring a company; you can do most everything you need to do as a sole trader.

But the conversations with prospective clients and maybe your existing employer could be more interesting in terms of how you eventually set-up.

I would not commit myself to anything until I had had those discussions; you might just get an unexpected offer that takes you in a different direction to the one you are contemplating!

Best of luck whatever you do!

 

[dalboy]

You probably have all this covered, but your message sounds a little previous...

You say you are thinking about going solo, are currently employed doing what you propose to do, and are setting up meetings with potential clients.

Have you discussed what you are planning with your current employer? Are you planning on taking their clients away from them?

At this stage I would not worry too much about structuring a company; you can do most everything you need to do as a sole trader.

But the conversations with prospective clients and maybe your existing employer could be more interesting in terms of how you eventually set-up.

I would not commit myself to anything until I had had those discussions; you might just get an unexpected offer that takes you in a different direction to the one you are contemplating!

Best of luck whatever you do!

Thanks for your reply.

Yes i am currently employed, but in my own time trying to setting up meetings with new clients.

Not planning on taking current clients from current employer.

There is demand for this service as we have a dozen clients using it. Many more have used it over the years. More would use it but my company only offers this to existing clients that use our other services (non IT) I have researched in to how to target new clients, however I was a bit worried about going to them with what seems as a new business. I was going to push my 10 years of experience in the field, but I am just wondering if its risky from their end to go with a new business thats entered the market. Who knows? My plan is to get a few meetings so I can speak to the potential client directly, sell my service and see what they say. Having a domain, company registered, bank account, business cards, equipment and example work should make it look more professional!

I dont want to associate any new potential clients with my current employers for numerous reasons. Would just like to go my own way and have my say on things after working for someone else for 10 years...

Thanks for all the good luck wishes!

 

[ZipserSir]

Good answer dalboy!

The key thing then are those meetings with prospective clients.

Listen very carefully to what they say as you will learn more from them than anyone here!

I would not commit myself to anything until I had had those meetings.

Your business isn't new by the way, and don't let anyone get away with saying that it is. It has been going very successfully, thank you very much, with one client for ten years!

 

[dalboy]

Good answer dalboy!

The key thing then are those meetings with prospective clients.

Listen very carefully to what they say as you will learn more from them than anyone here!

I would not commit myself to anything until I had had those meetings.

Your business isn't new by the way, and don't let anyone get away with saying that it is. It has been going very successfully, thank you very much, with one client for ten years!

Thanks Dont commit to what exactly? Website, equipment etc...? I just want everything setup apart from the equipment when I go into the meetings so it looks like I have something solid to offer. First impressions and all that! Equipment will be the most expensive part but I have budgeted for that and will purchase only when I feel positive from meetings or I manage to get a trial sorted with prospective client.

 

[ZipserSir]

Thanks Dont commit to what exactly? Website, equipment etc...? I just want everything setup apart from the equipment when I go into the meetings so it looks like I have something solid to offer. First impressions and all that! Equipment will be the most expensive part but I have budgeted for that and will purchase only when I feel positive from meetings or I manage to get a trial sorted with prospective client.

From you have said already I am going to assume that you will sell mostly on a face-to-face basis. If it is then I would not pay out for anything before you have these initial discussions. What you have to offer is you, either you are compelling or you aren't. If you can't persuade someone to buy your service in such a situation no amount of printed material or websites is going to change that.

I would work on the assumption that I was not going to receive a firm order from any of these meetings, but use the experience to develop a business proposition.

If you don't get a bite it will have cost you nothing and if you do, count it as a bonus!

 

[TODonnell]

I would think very carefully before going self-employed in the current economic climate, if you have a well-paying job.

You have to work out realistically how much income you can truly count on daily, weekly and monthly and what your expenses will be.

The main feat is getting clients you can make a fat, net profit of off.

 

[dalboy]

I would think very carefully before going self-employed in the current economic climate, if you have a well-paying job.

You have to work out realistically how much income you can truly count on daily, weekly and monthly and what your expenses will be.

The main feat is getting clients you can make a fat, net profit of off.

I know. Hence why I am pushing it in my spare time while keeping my full time job. Once I get some meetings and feedback I can then assess the situation and see whether the business is a viable idea.

 

[Custom Process Solutions]

Hi Dalboy,

Best of luck with your new venture!

I am in the same position as yourself trying to start things up while working full time, keep us updated with how things go

 

[dalboy]

Hi Dalboy,

Best of luck with your new venture!

I am in the same position as yourself trying to start things up while working full time, keep us updated with how things go

Thank you - and to you!

What are you doing out of interest? Its daunting isnt it!

Spoken to some people on the phone yesterday who are interested in meetings mid April so need to finalise them and chase more people! The meetings would help with constructive criticism and will give me a better idea of whether its worthwhile.

 

[Custom Process Solutions]

Thank you - and to you!

What are you doing out of interest? Its daunting isnt it!

Spoken to some people on the phone yesterday who are interested in meetings mid April so need to finalise them and chase more people! The meetings would help with constructive criticism and will give me a better idea of whether its worthwhile.

I create macros in Excel to automate everyday tasks, I currently create them as a 'non-core' part of my finance job role but am realising more and more the time they can save so want to take it external

And it is very daunting! - just trying to find the right way to balance work / venture and trying to work out when to make the jump!.

And im in the same position, I am trying to find out how viable this is plan ahead.

 

[dalboy]

Hi guys.

Got another question as I have a potential meeting next Thursday.

What should I take with me (if anything?)

My company streams financial presentations live and non-live. I havent got any documentation. I have been doing this (not on my own) for about 10 years so I know in my head its advantages of use and how it can be beneficial financially.

Just wondering if its unprofessional to go with no paperwork etc...?

As it is web based I was just going to show them examples on my iphone and their desktop machines.

My thoughts are to play it by ear and see whether what I am offering is what they are after and if they want to provide it as a service to their clients. Then go back to them with more info either via email or another meeting? Dont want to make the wrong first impression.

Any help appreciated!!!

 

[Scalloway]

I would prepare an executive summary. One sheet of A4 is usually enough for someone to take in at a meeting. Could you not borrow a laptop to show them a sample? I would consider that more professional than using a phone or asking to use their own desktop.

 

[dalboy]

I would prepare an executive summary. One sheet of A4 is usually enough for someone to take in at a meeting. Could you not borrow a laptop to show them a sample? I would consider that more professional than using a phone or asking to use their own desktop.

Thanks for your reply.

I wil look into producing an executive summary.

Yes I could take a laptop - Thanks for that

 

[Nochexman]

Thanks for your reply.

I wil look into producing an executive summary.

Yes I could take a laptop - Thanks for that

I hope you won't think this too obvious, but make sure that you have checked any images or links that you are proposing to show before you arrive. Messing around after you have arrived never looks good!

 

[dalboy]

Thanks nochexman, yes all links checked and will double check before I go!

 

[Pareto Associates]

It's a breath of fresh air to see someone posting in Startup forums that looks like they actually have some sort of plan in place.

Well done and I wish you all the success with the meetings!

 

[dalboy]

It's a breath of fresh air to see someone posting in Startup forums that looks like they actually have some sort of plan in place.

Well done and I wish you all the success with the meetings!

Thank you very much!

I am a bit worried as I dont have any equipment yet - I was planning on getting that if they agreed to me doing a trial / test run for them. I have the finance for this but didnt want to buy it all for nothing!

I also dont have any business cards to take to the meeting. I am getting a website holding page done before the meeting but I was worried that I am coming in to the meeting with not a lot behind me if they start checking my info after I leave. I believe I can sell my services face to face better showing examples of work and the benefits so I am hoping this is enough!

 

[Pareto Associates]

Thank you very much!

I am a bit worried as I dont have any equipment yet - I was planning on getting that if they agreed to me doing a trial / test run for them. I have the finance for this but didnt want to buy it all for nothing!

I also dont have any business cards to take to the meeting. I am getting a website holding page done before the meeting but I was worried that I am coming in to the meeting with not a lot behind me if they start checking my info after I leave. I believe I can sell my services face to face better showing examples of work and the benefits so I am hoping this is enough!

This is a good point, you need to create the illusion that you are established without pushing it too far. I would definitely get some Business Cards sorted out.

You can get them at Vistaprint.com, instaprint or moo.com (in order of quality - lowest first)

Get a decent logo made, preferably made using vector graphics software. You can put up projects for logos on www.freelancer.com and graphics designers can bid for your project. From what I have seen, there are some pretty good designers on there. Try going for something simple e.g. word based logo. You can usally get a decent logo for £40 or less.

Emphasise your personal 10 years experience, remember this is not new to you.

 

[Pareto Associates]

To add to this, bringing your own laptop is essential.

Make sure it loads quickly too, you don't want to have the client waiting 5 minutes while the hamsters in your laptop wake up.

Make sure you have battery, fumbling around for power sockets isn't great either.

Maybe even look into a remote slide changer so you can place the laptop appropriately (not essential).

In short, everything must be slick but try not to be rehearsed.

 

[Custom Process Solutions]

Best of luck with the meeting! Let us know how it goes

 

[dalboy]

Best of luck with the meeting! Let us know how it goes

Thanks for asking!

It went well overall - I said everything I had planned, showed them some examples on the laptop with minimal wait time. They understood the service straight away, what I can bring to the table and how they can use it as an additional service for their clients. (As an extra revenue stream for themselves obviously)

They asked if I would be willing to do a few trials at a reduced rate which I of course agreed to.

They are going to speak to some of their clients who have events in the next few weeks and let me know!

It may come to nothing or I may do 1 and they may not find it useful I really dont know. What I do know and what I emphasised to them was that I have been doing it for nearly 10 years and in that time it has gained popularity and is an excellent way to get their clients message heard on an online format. Explained we are at least 50% cheaper than competitors and a smaller base - She even said she prefers to deal with smaller companies like myself as you can get a bit "lost" in larger ones. I full agreed and mentioned why we are less expensive.

Really hope something comes of it and will keep you posted! I still dont have the equipment yet as I am waiting for an agreed trial date so I can prepare and test accordingly.

I am on holiday for 2 weeks from next Friday which I mentioned, but said I would still be contactable and I would personally want to be present for the 1st event for obvious reasons.

 

[Custom Process Solutions]

Sounds great! - All the best
Its nice to see something like this taking shape!

Its giving me some hope I can get myself up and running too