The 10 key steps to creating your business - part I

You have decided to start up a new business. It's a lot easier to do in the UK than in some other Europeans countries. Yes I am thinking of France and its famous red tape. However, while it's easy to start a new business it's also easy to make the common mistakes that cause 1 in 3 start-up businesses to fail in the UK.

So if you don't want to be in that 30% bucket, what are the top 10 things you should do as soon as possible when you create your own business?

1. Choose a name for your business and protect it. If you intend to build your brand you need to trademark it. The name does not have to be the same as the one of your company. As a matter of fact, if you are a sole trader, your legal name would be "John Doe trading as Amazing Widgets" for example. 
2. Decide on the legal structure. Sole Trader, Partnerships or Limited Companies all have benefits and drawbacks. Make sure you understand all the implications (and costs) before you decide on a given structure. Most accountants will be happy to provide a free consultation to help you out. We at TaxAssist Accountants certainly do.