Enhance Your Startup Business Plan in United Kingdom with Electronic Signature Licitness

How to eSign a document: electronic signature licitness for Startup Business Plan in United Kingdom

thinking of starting a business in the UK but not quite sure where to get started or how to actually get started in this video I'm going to be sharing with you a quick checklist of things you should be thinking about when you're looking to start a business in the UK hello if this is your first time here my name is test and I'm a UK qualified accountant and on this channel I talk about all things accountancy business and finance so if you want to learn any more about any one of those topics then do make sure you give this video like make sure to hit that subscribe button and turn on your notifications and one of the very first things you're going to want to think about on your checklist is to decide on the business structure okay what business structure are you going to actually use and adopt to actually run that business are you going to be running that business as a soul Trader or are you going to run that business through a limited company structure there different pros and cons depending on what particular business structure it is you decide to go with so it is worth while thinking about what business structure would be best for your particular business here in the UK now the next thing you want to think about is a business registration once you've actually decided that you want to run your business as a soul Trader perhaps or maybe through a limited company structure there are some steps that you then need to take to actually register in that business now if you want to run your business or start your business as a soul Trader then in most most cases you have to solely register that business and register as a self-employed person with hmrc I do have a video on this which you can check in the link below however if you decided that you wanted to run your business and register it as a UK limited company structure then you would have to not only register with company's house but you would also have to register it with hmrc for the purposes of corporation tax again if you're interested in registering your business as a UK limited company then do make sure you check out all my videos around this where I have spoken in depth about how to actually go about setting up your business as a limited company here in the UK the next thing that needs to be on your checklist is business regulations now the UK is a heavily regulated market okay and honestly when it comes to starting a business here in the UK it's more than likely that you are going to have to register with some sort of agency or obtain some sort of business license for you to actually be able to start that business in the UK now as an example if you were looking to actually start a business that is predominantly within the financial services industry then you might have to register with the financial conduct Authority as an example or if you're looking to actually start a business that is within the food industry then you might find that you have to register with the food standards agency so it is definitely worthwhile to think about what agency are out there or what regulatory bodies are out there that you might potentially have to register with ahead of actually starting that business here in the UK next thing you want to be thinking about is actually creating a comprehensive and detailed business plan okay A business plan is there to actually help guide and steare you in the right direction to help you actually grow your business okay and it's important to understand that with a business plan you don't actually create this wants okay a lot of people make the mistake of assuming that when you create a business plan at the start of your business that's it that's completely wrong you want to make sure that you keep revisiting your business plan and you're making changes as your business grows okay and it's very important that when you are developing your business plan you include the right things in your business plan to help you actually get your business to where it is you're trying to get it to be now I do have a business plan template that gives you some hints and tips on what you need to be thinking about when you're trying to create a business plan you can find the link on how to download this in the description box below now the next important thing on your checklist needs to be business funding okay how are you actually going to fund that business are you intending to fund that business through taking out a business loan for instance or do you have some money that's been saved up by yourself or that's going to be given to you by your friends and family it's really important to think about the pros and cons of where and how you're going to obtain the business funding to actually start your business here okay one thing you want to think about though when you're thinking of taking out a business loan is going to be the interest charges on that loan the next thing you want to think about is a business bank account now whether you like it or not running your business either as a soul Trader or even through a limited company structure you are going to need a business bank account at some stage of running your business I also think that a major benefit of having a business bank account very early on starting your business is that it helps you accurately keep records of how much income the business hased but also how much expenditure the business has spent and this can be very useful when it comes to you creating reports around how profitable that business actually is and also analyzing what the cash flow of that business actually looks like not to mention that when you're actually trying to create your tax return or your annual account at the end of your accounting period it's going to be very useful for you to be able to just simply print out your bank statements and look at all those records there and know that everything that is on that particular bank statement that you've printed out or relate to the business rather than mixing your business forms and your personal funds in the same bank account now next on your checklist needs to be how you're actually going to account for your finances we've already discussed having a business bank account but on this part you really want to be thinking about record keeping you also want to be thinking about how you're actually going to budget for the expenses that you are going to be running through your business okay so business budgeting really needs to be something that you have identified as part of your checklist for starting your business okay because when you actually start that business it's going to be crucial for you to be able to run cash flow forecast to determine just how profitable that business is another thing you might want to think about doing is actually thinking about what sort of accounting software that you might want to actually utilize to help you along the process of ensuring that adquate and accurate records are kept for your business an alternative to this might be that you decide to actually hire an accountant that will help you with you know maintaining the record keeping and bookkeeping for your business and also producing the relevant annual accounts for your business now there are lots of things you want to think about when starting a business here in the UK I've created a full smart startup checklist to help you and guide you on this process and you can find the link to download this absolutely free by clicking the link in the description box below thank you so much for watching and don't forget to like this video make sure to subscribe and turn on your notifications I we'll see you in the next video