Starting a business is exciting, but it can also feel a little daunting. From registration and compliance to branding and website creation, there are lots of boxes for new entrepreneurs to tick.
That’s why certain services may be useful. Professional support will reduce errors, help free you up, and make starting a business considerably easier.
Below, the UK’s favourite company formation agent, 1st Formations, highlights the four essential services for new business owners.
Finance and Accounting Services
Whether you’re thinking of starting a business as a sole trader or want to incorporate straight away, finance and accounting services can provide a breadth of valuable guidance. They can help with essential tasks like filing registration forms, bookkeeping, completing tax returns, and seeking growth funding.
However, finding the right person for the job can be laborious. Researching suitable services in detail is crucial to ensure they are trustworthy and meet your needs.
They are generally costly, too. A generic accountant could cost you around £60 per hour and more if you need more specialist services like tax advice.
A company formation agent like 1st Formations may be more suitable. With various company formation packages, you can choose the level of service you need to start a business—at a fraction of the price.
Alternatively, you can choose individual services over packages, such as a registered office address service. That way, you only pay for what you need whilst saving money on an accountant.
Legal and Compliance Services
Running a business involves numerous legal and compliance aspects. If you’re inexperienced in these areas, this is another essential service you might need when getting started.
To name a few, limited companies must:
- Submit statutory filings, such as annual confirmation statements and accounts
- Maintain company records
- Report changes within the company
- Register for and pay certain taxes like Corporation Tax and VAT
- Register as an employer if you plan to hire staff
Self-employed individuals also have certain legal duties, primarily completing an annual Self-Assessment tax return. Failure to comply with your lawful obligations could result in serious consequences, such as financial penalties, disqualification, and even the dissolution of your company.
Company secretaries normally help with most of these duties. This role is mandatory in a public company but not in a private one. However, considering their usefulness, it could be worth appointing one.
Company formation agents also offer company secretary services if you don’t know any suitable candidates to fill this role. Outsourcing these duties is also considerably cheaper than paying for a permanent employee.
Creative Services
Branding might not be one of the first tasks you consider when preparing to start a business. However, getting your brand identity and marketing strategies right is essential.
One of the biggest challenges new businesses face is getting noticed and standing out from the competition. After all, no one knows who you are yet.
A powerful business name, logo, and marketing strategy are key elements to develop, but this can be challenging if you’re not particularly creative or experienced in these areas. This is where creative services can help.
You could opt for a professional agency, which normally provides a range of services or a freelancer who focuses on a specific niche, such as logo or website design. Agencies tend to be more expensive, so a talented freelancer may be more suitable when you’re just getting started.
Recruitment Services
If you hire people for your new business, you could benefit from professional recruitment services. This will save you plenty of time writing job listings, scanning CVs, and arranging interviews. It can also speed up the whole recruitment process, allowing you to find the right people for your business quickly.
While managing your recruitment is cheaper, it’s incredibly time-consuming. As a new business owner, time will be scarce, so it could be worth outsourcing these tasks to maximise efficiency.
Recruitment services can offer other benefits, too. For example, they’ll likely have an existing pool of reliable talent for you to access, and they vet candidates before putting them in touch with you (therefore connecting you with only high-quality applicants).
They can also ease salary discussions. Money talk can be uncomfortable if it’s something you’re not used to. A recruiter normally handles this in the vetting stage, leaving you to focus on more important matters, like discussing the role and the interviewees’ experience.
Conclusion
There’s certainly a lot for aspiring entrepreneurs to consider. That’s why seeking professional services could be worthwhile. They will take these tasks off your hands, leaving you to focus on running your business.
Ready to get started? The experts at 1st Formations, the UK’s leading company formation agents, have got you covered.
Simply choose your ideal formation package, complete a quick online registration form, and your company could come to life in a matter of hours. For more information, call the team on 020 3897 2233.
