Top Tips for Starting Your Own Business

Business starting-up in UK for foreign customers

You are not alone if the thought of running your own business has crossed your mind. Even if your vision of a small business differs from your neighbours', you probably dream have being your own boss and of providing a needed service or creating a cool new product.

However, your very first small-business decision may be to admit that you are not ready for this career - at least not yet. If you are straddling the fence, Coddan will uncover whether this career works for you. You will also gain insight into getting your personal finances in order before exposing yourself to the risk of a new business, and discover how to draw a roadmap to reach your career destination.

Our experience with thousands of companies has shown us that many new business owners want the fastest and easiest route to their new limited company with no loose ends. This is exactly what you will get if you choose to incorporate a company with Coddan.

We are the professional company, which has been servicing the international community with a diverse range of top quality UK, EU, USA and offshore companies formations services for many years. We incorporate in the United Kingdom, USA, and various other offshore locations. We provide business support service (e.g. private foundations, corporate bank accounts, mail forwarding, and tax planning) for companies based in various locations worldwide.

We do not hide any fees from our customers because price transparency is essential to us. Our service fees and business filings fees are provided to our customers upfront. Our online filing makes the ordering and companies incorporation process easy and convenient, allowing you can concentrate on other areas of your business start-up procedure.

Our phones are answered during business hours by specialists, not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.

Coddan is an industry leader in online business incorporation, document processing and small business start-up services. Our passion for client service is matched only by our desire to take on new work. If you feel we can be of assistance to you, we would be pleased to examine your needs and find the best solution for you. We offer a free initial consultation to enable you to explain your needs and to give us an opportunity to show you how we can be of assistance.

If an applicant subsequently joins the tailor-made premier service, the cost of the consultation is included in the price of the package. If you prefer not to complete our online questionnaire, you can submit your inquiry by e-mail to consultations@coddan.co.uk, with the subject: "Online Inquiry" or by post: Attn: Coddan, Corporate Division, 120 Baker Street, London, W1U 6TU, or by fax: + 44 (0) 207.681.3318.

Upon receiving the information, you will be contacted by one of the business consultant to discuss your situation. The rewards of starting up your own corporation can be great, but think carefully if you have the attributes and right sort of personality to cope with going it alone. Your LTD’ appropriate a Formal Business Address is must to be filled in and a duly-registered on the Registrar of Companies records and with the HMRC report as well․

Setting up a small company involves a number of important steps if you want to get things right first time. There will always be an element of trial and error in starting up a firm; however, we hope this overview will guide you through the initial steps, based on the experiences of the Coddan team and our contributors.

There were 2.08 million enterprises registered for VAT and/or PAYE in March 2011, compared with 2.10 million in March 2010, a fall of nearly 20,000 (0.9 per cent). Between March 2010 and March 2011 there was a reduction in the number of sole proprietors and partnerships, while corporate businesses increased by 0.6 per cent:

a) Corporate businesses (companies and public corporations) represented 59.8 per cent of total enterprises, up 0.9 percentage points from the 58.9 per cent seen in 2010;
b) Sole proprietors represented 23.3 per cent of total enterprises, down 0.5 percentage points from 23.8 per cent in 2010;
c) Partnerships represented 12.7 per cent of total enterprises, also down 0.5 percentage points from 13.2 per cent in 2010;
d) General government and non-profit making bodies represented 4.2 per cent of total enterprises, compared with 4.1 per cent in 2010.

The professional, scientific and technical sector accounted for the largest number of businesses with 15.9 per cent of all enterprises registered. This was followed by construction with 12.6 per cent of all enterprises registered, and retail with 9.0 per cent.

The distribution of enterprises by employment size band shows that 88.8 per cent had an employment of less than 10, and 98.0 per cent had less than 50 employments. Large enterprises, those with 250 or greater employment, accounted for only 0.4 per cent of all enterprises. Analysis by age of business shows that 14.7 per cent of businesses were under two years old, and 27.7 per cent were under four years old. A further 44.5 per cent of businesses were 10 or more years old.