How to Start a Business in the UK

If you have a sound business plan and wish to follow your own path of success, the best way for you is to start a business. Countries like the UK serve as great business locations, where it is easy and convenient to start a new business.

Tips on How to Start a Business in the UK
Here are some tips to help you start a business in the UK:

• First decide what kind of business you want to start. If the idea of moving around does not suit you, home business would be the most suitable for you. It also has a lesser cost of establishment. Online business is also a good low-cost business.
• If you want to start a business that requires high capital, you may approach a bank or a financial institution for loans. For getting loans easily, you should draw up a sound business plan. This would help you in securing loans easily, and you can also bargain for repayment conditions in your own favour.
• There are a number of online and other magazines on entrepreneurship. Read them to get an inkling of the best and the latest business ideas. Also get yourself acquainted with the legal framework in the UK and other business-related acts, such as the Companies Act 2006.

How to Start a Business: Setting up a New Company
To start a business or a new company, follow these company registration steps:

• Choose an appropriate name for your company. Ensure that the company name reflects the nature of your business.
• Based on your business plan, choose an appropriate business structure. You can choose from private limited company, public limited company or private unlimited company.
• Appoint a secretary and directors for your company.
• Fill in the registration form provided by the Companies House.
• Mail the forms and relevant documents, with the registration fee to the Companies House.

Since the Companies House receives thousands of applications each month, you should be extremely careful about avoiding errors and mistakes. The most convenient way is to take the specialised help of company formation agents. A well-known agent in the UK who can make your task simpler is Company Formations 247. The agent will assist you in all aspects of starting a new business in the UK, which includes drafting your business plan, finding office space, and other official services and the entire registration process.

Naming a Company in the UK

While naming a company, you should consider factors, such as ease-of-registration and creation of a strong brand for the business. In the UK, you must take special care to choose a name that is easily passed for registration by the Companies House.

Naming a Company: Ease-of-Registration
The rules prescribed by the official agency, the Companies House, must be followed while naming a company. Words used for government institutions and agencies should not appear in your company name. Some examples include government, national, international and institution.

Refer to the Companies House to check whether a company name same as yours is already registered with the agency. Check the index of registered companies maintained by the Companies House. You are also not allowed to use a name that sounds similar to an existing company. Also check for conflict in name with the Intellectual Property Office.

Naming a Company: Create Brand Identity
A powerful and relevant company name is highly influential in creating a unique brand identity. Here are some useful tips for naming a company:

• Easy to Pronounce: An effective method of choosing a company name is to think in terms of marketing and advertising scenario. Choose a name that is easy to spell, pronounce and understand. While considering the advertising scenario, think about the print and electronic media, including radio. If your company name can be easily read from newspapers, easily spoken on the radio and television and easily understood by the masses, it indicates the potential to create a strong brand.
• Type of Words: You can either choose words that describe your business, or use abstract words for depicting an idea. However, be careful about using words that are comprehensible enough, and which can clearly convey the nature and purpose of your business to the target audience.
• Use of Dictionary or Thesaurus: If you have some vague idea of how your company name must be, you can take help from a dictionary or thesaurus to give it a distinct shape. An effective naming technique is to combine the first letters of the words that describe your business in an elaborate way, and use this contracted word as your company name.

Since you can’t afford to lose time during the registration process, due to some flaw in the chosen name, the best way is to take help from a company formation agent. Company Formations 247 is a UK-based agent well-equipped to provide several company formation services, including naming a company and the actual registration process. The agent can also offer you a ready made company if you are eager to start your own business immediately.

Business Name Search

The process of business name search could be annoying if you don’t know the correct technique of doing it. Since choosing the name of your business is the first prerequisite of starting your own company, this needs to be done with extra care.

In every country, there are government authorised agencies that help entrepreneurs registering their new companies. For instance, in the UK, the Companies House is responsible for registering the name of any company.

The Right Technique of Business Name Search
Here are a few steps to follow while searching the right name for your business:

• Vision: While doing business name search, you should not be myopic. That is, an entrepreneur must be hopeful of having a great future for his business. This prevents you from choosing a localised business name, which might prove disadvantageous at a stage when you need to sell the franchise.
• Marketing elements: A name has a great role in the marketing of a product or services. Hence, search for a name that mirrors the nature of your business.
• Spelling: Search for a name that is easy to spell. If the chosen name describes your business correctly, but has a complex spelling then the name would not be popular among the masses.
• Internet factor: Since the Internet is a very strong medium that enables all kinds of businesses, it is important to check the availability of domain name. There are many free domain name checkers available online, where you can check the availability.

Business Name Search: Points to Consider Before Finalising One
Your business name search must also involve ensuring that your company name adheres to the legal requirements that facilitate easy registration. Here are a few points to consider before finalising the right name of your company:

Certain words, such as national, international and institution, used for government institutions or organizations, are restricted from use in company names. Hence, avoid these words in your chosen company name.

The Companies House maintains an index of all companies registered in the UK. Check this index before finalising the name of your company. You can do this by either calling the agency over phone or on the website of the company.

Hiring the services of specialised company formation agents can hasten the process of finding a suitable name for your company. Reputed agents such as Company Formations 247 are well-equipped to provide you all types of services related to company registration and incorporation.