Posted on: 26 July 2019
The quicker you can get your new business up and running, the quicker you can start making money. Setting up a business doesn’t have to take a long time, and you can get going quicker than you think.
Take a look at our guide on how you can get your new business running as soon as possible.
Our quick tips for starting a business
Register with Companies House
If you are planning on working as a sole trader, you need to register for a Self-Assessment tax return at Companies House, or if you are setting up as a limited company, you will also need to register for a small fee. Be prepared to answer questions about yourself and any directors you may want associated with the company. Setting up a limited company should only take around an hour online.
Don’t worry about a name
You could spend all the time in the world trying to think of a business name that fits your company perfectly, but don’t let this slow you down. For ease of setting up your business, choose your name and what your business will do, for example, John Smith Marketing. You can decide your final business name later to use as a trading name. Make sure that you don’t print any materials or buy a web domain until you have finally decided on a name though!
Set up a bank account
A quick Google search will provide a list of banks around the UK that will allow you to have a business bank account. You need to set up a separate business account even if you have a personal account as your business is classed as a separate entity. This is the part that will likely take the most amount of time; as going to a traditional bank could take anything between one and four weeks to complete. However, you might consider new online-only, fintech banks that aim to get your business account setup much more quickly. Be prepared to answer questions about your business, your business plan and cashflow forecasts.
Whilst hosting a website can cost you money and be complicated to run yourself, creating social media pages for your new business is a great way of getting yourself an online presence for free, and can be simple to run. Facebook and LinkedIn are the two main sites that you should look at. Facebook has over 2.3 billion users around the world, or around a third of the world’s population, so it allows you to target exactly who you want to reach, generate leads and helps to drive traffic to your website when you get it up and running. LinkedIn is known as the professional social network, where you can engage with clients and peers and advertise your services.
- You may be interested in: Developing a social media plan for business
Explore freelance websites
When you start a new business, it can be difficult to generate leads and promote your business. There are now websites that you can sign up to where you can offer your freelance services. Fiverr, Fivesquid, Worksome and Upwork are some of the websites that you can start using to quickly offer your services to thousands of users. You can charge anything from £5 up to £1,000 depending on your area of expertise.
Business insurance for freelancers
Because there are a huge variety of businesses when it comes to freelance work, getting the right insurance cover that protects you and your livelihood can be tricky. Talk to a business insurance broker, such as Premierline, who can advise on the type of insurance that you should consider for the type of work that you do as a freelancer.
As a freelancer, you should consider professional indemnity, a cover designed to protect you should your client make a loss following your advice, and cyber insurance, as cyber-crime targets your computer systems and data, and is becoming more prevalent in the UK.
Premierline business start-up guides
For further information about setting up a business, we have created a set of downloadable PDF guides which cover off business setup in detail for many popular freelance business ideas:
- How to start a copywriting business
- How to start a cleaning business
- The Ultimate Mobile Coffee Business Plan
- How to Start a Tutoring Business
- How to Start a Management Consultancy Business
Freelancer insurance with Premierline
Freelance work covers a huge variety of different services, which is why getting the right business freelancers insurance to protect your livelihood is so important.
At Premierline, we know that business insurance isn’t a one size fits all approach, which is why our business insurance experts are trained to assess your business insurance needs and find the perfect quote to protect you and your business. Get in touch today to speak to one of our business insurance advisers.
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