OxLEP's Start Up Club: How to Set Up a Business - A Start Up Guide
Knowing the best way to turn your business idea into reality is the first step to starting a lucrative side hustle or creating a break-through brand. But in order for a new venture to succeed there are some key decisions prospective business owners must make early on in the process. In this talk, Matt Williams, MD and founder of Cypher outlines how to set off a new start-up businesses on the right track.
The structure you choose will have an impact on your legal liabilities and how you take money out of the new venture, so Matt will discuss the benefits of a limited company, a sole trader or a partnership. What you call this new venture will determine your search rankings but how important really is your trading name. Do you understand the distinction between a director’s loan and share capital how it works and why it’s so important?
Once you are trading, Matt’s tips on managing cash flow will keep you solvent, while the rules around separating your funds from those of the business will keep you out of trouble with HMRC. But how will you pay employees and will you consider registering for VAT- there are many benefits to doing this voluntarily- even if you are under the revenue threshold.
Often, new business owners can find all of these questions very daunting so it’s a good idea to enlist the help of an expert to help you, because then you have the confidence it is done right.
An entrepreneur himself, Matt gets his kicks out of deep-diving businesses and joining them on their journeys. He keeps business owners on-course and motivated, by asking the challenging questions that help them think differently – and more commercially — about their business.
This webinar will be hosted by Cypher on behalf of OxLEP Business.