Setting Up A Company
In this chapter we’ll be discussing the basic principles required for setting up a company in preparation to start trading. If you’ve been working hard in the run up to this point and implemented what you’ve learned from this book so far. . . Congratulations, you’ll be set up to have a successful business.
When the doors open for business you may be starting from a back bedroom of your home or opening the doors on a new shop or factory. Whatever your start is, it’s the first goal of your long-term vision. I want you to remember how you feel when it happens. Because when times get tough, and they will, remember how it felt the day you started, and this will help keep you focused and motivated.
I have a fear. A fear that my competition is working 24 hours a day, 7 days a week, so if I’m not working hard, then the competition is gaining an advantage. This is what motivates me to keep pushing, work hard and set an example to my employees. One of my role models Dwayne Johnson AKA the Rock puts this well by saying:
Always be the hardest worker in the room. I want you to have the same motivation and be the hardest worker, not only in the room but around the world.
This guy came from being broke, to being a multi-millionaire and the highest paid actor in Hollywood last year. Not bad for a WWE wrestler. Modelling successful people is a good way to understand what and how it takes to be that person.
Who is your role model?
What can you learn from them?
They don’t necessarily have to be famous, you can take traits from various role models that’ll help shape the person you want to be. I urge you to try it and see the benefits.
Always be the hardest worker in the room
From here on out you’re going to be a very busy person. Your business becomes your number one priority. No work, no pay. You now have to put everything you’ve learned into place and structure your business exactly the way you want it. This is the start of your journey, there’ll be ups and downs but remember the bad days are the ones that shape us. A smooth sea never made a skilful sailor.
Firstly, you’ll need a business name. What will you call your business? Choosing a business name can be a lengthy process, but it’s well worth the time you put in. Once you’ve chosen your business name, not only have you made a significant step toward officially launching your new company, but you’ve also started branding your business and carving out your own niche in the small business world. A clear, powerful name can be extremely helpful in your marketing and branding efforts. My top 5 tips for finding your perfect business names are:
- Don’t pick a name that could be limiting as your business grows as this could cause you problems as you scale. Imagine if Jeff Bezos had picked the name “OnlineBooks” instead of “Amazon.” A pet hate of mine is when somebody uses their initials in the company name. This can be limiting and look like a one-man band outfit.
- Assess if the name is catchy. Obviously, you don’t want a boring name for your business, but you also don’t want to choose something that’s too “out there.” You want your employees to be able to say where they work without hesitation, and you want your name to resonate with your target audience.
- Test it out on Google AdWords. One of the great features of the “find keywords” tool on AdWords is that I’ll list similar search phrases, along with how many global and local monthly searches each are getting. By doing some searches on AdWords with the name you’re considering will ensure there isn’t a slightly different name out there that might get more attention on the Internet.
- Get feedback. Bouncing ideas off another person is always useful. Feedback from friends, family, and colleagues will decide what you eventually go for. If you’ve got what you think is a great name, prove it by testing it on them. If it’s not having the effect that you hoped for, it might be time to go back to the drawing board. The most important person in this process is you. Have fun coming up with ideas, be creative, and choose one that you’re pleased with.
- Register It: If you’ve opted to be a limited company (which is recommended) you’ll need to register your business with Companies House. This is an easy process you can do yourself or there are companies who’ll do this on your behalf for around £19.99.
Once you’ve chosen your company name the next step will be to secure the domain name for your website and email address. My strong preference is that you secure the .co.uk and .com domain name for your business rather than alternatives such as .net, .org, .biz, or other possible domain extensions.
Customers tend to associate a .com name with a more established business. When you’re exploring your company name and you find a name you like, a quick check to see if the domain name is taken is recommended. Someone may already own your desired .com name, but many domain owners are willing to sell their name for the right price. However, if you can avoid this in the first instance then it’ll save you time and money.
Think of acquiring the .com name you want as a business investment. You can check on the availability of a domain name on sites such as GoDaddy.com or NetworkSolutions.com, and if the domain name is taken, you can often track down the owner of the domain name and see if they are willing to sell it by using the “Whois” tool at GoDaddy or Network Solutions.
If your business is based in the UK, I would also look at purchasing the co.uk as this will stop any competition purchasing just so they can be on the same Google page as you and potentially steel customers. Also make sure to grab your desired business name on popular social media sites such as Facebook, Twitter, Instagram and Pinterest for the same reasons stated above.
Website: Creating a successful website is essential if you want to go from scratch to a million-pound turnover. Your website is as an online catalogue of your product and service offerings for new and potential customers. This is your show piece. Your website needs to be appealing to customers but also needs to be structured to carry out good effective marketing. Here we’ll look at six essential stages to creating a successful website.
Stage 1: The first stage in creating a website is to gather as much information as possible to learn what you want (and don’t want) for your site. You can do this by looking at sites you currently use, along with your competitors, and also getting feedback from others on your ideas.
Like many businesses, you may choose to utilise the services of an experienced web designer to create your site. Be prepared to answer pertinent questions as these answers are necessary to produce a “creative brief.” The creative brief will serve as a guide or reference to creating the site. Regardless of whether you use a design firm or not, you should know the answers to the following questions:
- What is the purpose of my site? Am I providing a service, a product, information, or data?
- What action do I want my visitors to take upon visiting the site?
- Who am I trying to reach? What are the demographics of my audience?
- What kind of information will my target audience be looking for? Are they looking for specific information, a particular product, online ordering?
If you can answer these questions with honesty and clarity then you’ll know the purpose, the goals, target audience and content of your website. These are the basic questions any good web designer will ask you. Be prepared to go in to more detail so the designer has the best understanding of exactly what you want to achieve. Next, we go on to the planning stage.