Is it finally time to bring your ideas to life and create your own brand? This can be an exciting development and something that you have dreamed about doing for years. You feel like now is the best time to bring your ideas to fruition. But where do you start?
Indeed, there are a lot of things you have to do before you can start offering products or services to the public.
You Need a Registered Office Address
One of the first things you need to realise is that it is essential to register your business. Every business, no matter what you are selling or offering, needs to have a registered office address. This is where all of the communication you receive for your brand will be sent. It is part of the law that you have an address and this must be in the same country as your company. For example, if you have a business in England, then your registered office address has to be in England too.
A lot of people get confused about where their registered office address can be. For example, can it be your home address if you work from home? The answer is yes. It does not have to be an office space as you would traditionally have thought. There are a lot of business owners that want privacy when they work remotely and this is the reason that they choose a virtual office instead. This means you can get an enrolled office address in London without having to work at this location. All of their correspondence is sent to this office space and customers know this London address as where the company is. But, the owner gets to enjoy privacy at home.
Register With HMRC for Paying Taxes
Someone you are going to be well-acquainted with soon is HM Revenue and Customers or HMRC. In particular, you are going to have to start paying taxes when you start selling your products or services. So, the rule is that all businesses have to register. This means creating an account before you start trading.
Thankfully, this is a process that can be done online. You will need some details to get started, so it is best to have your business information ready. Then, every year, you will have to fill out your taxes and pay the bill. This needs to be done correctly. During the year, it is going to help if you keep detailed accounts. This will make your life a lot easier when it comes to paying taxes. What’s more, it can make sure that they are accurate and you do not get into trouble later on and have to pay fines.
Choose Insurance for Protection
Are you going to have employees working for your brand? Then, you need to ensure that you have insurance in place. This is a necessity for a lot of businesses and this is a legal requirement if you are going to have employees. So, it is going to be best to do your research and find an insurance policy that is going to be affordable and suit your needs.
Note that there can be a variety of different insurance policies you need depending on what your business is. For instance, indemnity insurance might be necessary, as well as commercial motor insurance. The most important thing is that you try to find out all of the policies you will need before opening your business.
Create Terms and Conditions of Employment
If you are starting a brand, it is likely that you are going to have other employees. This could be straight away or later down the line. Either way, you need to make sure that you recognise the importance of having an employment contract in place. In particular, you will want to create terms and conditions of employment. This should be issued to new employees in a written statement for them to view. In particular, it is necessary to provide this within two months.
So, what should be included in the terms and conditions of employment? Well, there is going to be a range of information you want to provide. In particular, this should set out things you want this employee to know about their role. This should include their start date, job title and even the hours of work. In addition, you should state how much they will get paid and any conditions regarding sickness pay, notice period and holiday entitlement.