As someone who has recently embarked on setting up their own business and Ltd Company, I felt it a prudent time to write a review of some things to look out for when going about this task.
It’s something that I’d wanted to do for a while and whilst it’s been great fun there are always a few things that get forgotten about when budgeting for a Ltd Company set up.
Here are my top 5 things to make sure you look out for:
1. Website Costs – Now if you’re lucky enough to be in the trade you probably know someone who can help with this (or even better do it yourself). Most businesses will need a website to showcase what they do. This doesn’t need to be an all singing and dancing affair, but it does need to work and be relevant. For example, if your company consists of you alone and you want to showcase some work then perhaps a portfolio site will be all you need. Just watch out for extra costs of plugins etc if you do decide to go the extra mile.
2. Computer Equipment and Software -Just like having your website at an optimum level, if you’re in the tech industry you don’t want to arm yourself with sticks against those with swords. Even as a contractor you’ll want your own equipment to use on client site and you’ll often need to provide your own software licences too.
3. Accountants Costs – In my opinion, it’s crucial to ensure you have a good… no, wait… a great account to help ensure you aren’t going to be left with bills you can’t pay at the end of a tax year. You just want to get on with your work not worrying about the numbers all the time (although it’s always good to know where you are). Perhaps look at getting some expenses software like Xero or Expensify. It’s easy to keep track of everything as you go rather than doing it all last minute.
4. Insurance – like with all insurance it’s often something you think you’ll never need until you need it that is… Depending on what your business is doing you should at very least look a Professional Indemnity and Public Liability Insurance. Check out Simply Business or Money Supermarket to compare costs on levels of cover you might need.
5. Office Space – Now I know that not all start-ups will take office space straight away, however, it’s certainly something to factor in depending on the type of business you’re running. Sure, if you are a Ltd company contractor spending most of your time on client site it’s probably not worth it. However, if you are working remotely or looking to build and employ people you’ll need somewhere to work. Perhaps start off looking at flexible office space like Wework. They have lots of options to suit your style and needs.
All in all, it’s not that hard to do and if you’ve thought about it long and hard enough then it’s worth giving it a go.
Have I missed anything off? I’d love to know if there are other important things to look out for!