How to Successfully Start a Business, Even in Challenging Times

As we're constantly being told at the moment, these are difficult times. And this extends to the world of business.

But struggle in business is normal regardless of when a business is founded.

Starting a business is as tough as maintaining it. You have to write a business plan, conduct market research, find your unique selling point and in many cases, get funding. It requires analytical thinking, financial management, and of course, leadership.

There's a lot of work to do and things to consider when building a business. Mistakes and failures are inevitable.

In order to avoid or lessen those, you should give your business the best possible start by taking your initial steps with a reliable company formation agent, who can help determine your company name and business structure, and ultimately register your company with Companies House - the UK's registrar of companies.

There are many options available; however, 1st Formations stand out. Since 2014 they have formed over 1 million companies and currently have over 16,000 'excellent' customer reviews.

They offer a number of company formation packages and cover the major company structures available in the UK, including private companies limited by shares (the most popular company structure), private companies limited by guarantee, limited liability partnerships, and public limited companies.

Let's take a look at a couple of their company formations packages.

1st Formations' Prestige Package - £69.99+VAT

This package is ideal for most entrepreneurs as it offers a limited by shares company plus offers huge savings on associated products and services (that can be purchased separately), including three central London address services (registered office, service address, and business address), digital and printed company documents, VAT registration, and the filing of the first confirmation statement (an annual filing obligation for all limited companies).

A Word About VAT Registration

If your company's turnover is expected to exceed £85,000 within the next 12 months, it is a legal requirement to register your company for VAT. However, if your annual revenue is estimated to be less than £85,000, you can register for VAT voluntarily. There are a number of benefits to registering voluntarily, such as being able to reclaim VAT on goods purchased from other businesses, the professional image a VAT registered business projects, and more.

Here's what else the Prestige Package includes:

• Ready to Trade Company (Limited by Shares)
• 3 to 6 Hour Online Formation (Subject to Companies House workload)
• Companies House £12.00 Filing Fee Included
• Email Copy of Certificate of Incorporation
• Email Copy of Memorandum & Articles of Association
• Email Copy of Share Certificate(s)
• Email Copy of Company Register with First Entries
• Printed Certificate of Incorporation
• Printed & Bound Memorandum & Articles of Association
• Printed Share Certificate(s)
• Call Answering + Business Telephone Number - Free for 1 Month
• Free Online Company Manager to Maintain your Companies
• Free Online & Telephone Support for the Life of your Company

1st Formations' Professional Package - £44.99+VAT

Meanwhile, the Professional Package is a great choice for those who want to protect the privacy of their home address (see 'About the Address Services' below for more information) while enjoying a wide range of extra services. It includes a comprehensive set of digital and hardcopy company documents and a registered office and service address for one year.

Again, you can purchase each item included in this package separately. It has the same features as the Prestige Package except for the following:

• VAT Registration
• Business Address Service, Covent Garden, London WC2
• Registered Office Service

There are no hidden costs with 1st Formations. The price quoted is the exact price you will pay. If you're planning to renew the registered office and the service address after the initial 12-month period, you will be charged the same price as you would today. There will also be no increase in prices for a future renewal of services.

About the Address Services

When you form a limited company certain information is placed on the public register, including the company's registered office (the official address for the company) and the service address (the official address for the company director and shareholder).

With the registered office and service address services you can use 1st Formations' Covent Garden address as your registered office and service address - and so protect your own address from the public register (and in turn protect you from unwanted visitors at your home address).

The business address service allows you to use 1st Formations' Covent Garden address as your mailing address, meaning you can pass it on to your business contacts, and add it to your website, business cards, marketing materials, and other places where your address is displayed. Then, when mail arrives at 1st Formations, they mail it on to you - wherever you are based.

How Does Company Formation Work?

The process of forming a limited company is relatively simple. You only need one director and one shareholder (this can be the same person), a registered office (the official address for the company), and at least one issued share per shareholder. There are no documents or signatures needed. Simply fill out the online form in a matter of minutes.

1st Formations will then perform a digital check of your ID and address using the information you provided in your company order form. This is to comply with 'Anti-Money Laundering' regulations and 'Know Your Customer' rules.

Your company should then be ready in 3 to 6 working hours (1st Formations will email you to notify you of this).

It's worth pointing out that 1st Formations also offer 12-month Cancellation Protection in case you change your mind and decide you no longer need your company. In this instance, they will close it for you.

What Makes 1st Formations Different?

Aside from the outstanding packages and services they offer, 1st Formations also provide excellent customer service. Their highly professional team is dedicated to assisting the customers throughout the company formation process. You can easily check anything that you're not familiar with and ask for help immediately with their 24/7 customer support.

1st Formations value their customers and thoroughly understand their needs and how they can help them achieve their goals. Throughout their site you will find informative guides, articles, and videos all designed to make starting and running your business that much easier.

Start your own business successfully with 1st Formations!