Business Ideas, General Business

Entrepreneurship leading the way for small businesses in the UK

Multi-ethnic business portraitThe Guardian Small Business Network  is currently operating a joint venture with Lloyds TSB. This is based on providing a platform for which SME’s can share best practices and techniques that business owners have used to help drive their business forward. The scheme worked by small business owners being able to submit a case study forward where prises were awarded for business innovation. The competition ended with a networking event with James Cann of Dragons Den fame holding a Q&A session as a keynote speaker. Cann said that small business owners should stay positive and continue to a have a clear focus and push forward with their plans. He believes that entrepreneurship is alive and kicking with the UK currently being a great place for business. This is no doubt good news for anyone considering a new company formation. He said that there had been too much doom and gloom in the press.  His motto had always been that not worry about what banks can do for you but be much more concerned with what you can do for yourself. He also called on entrepreneurs to be concerned with actual facts and make business decisions based on this.

The audience brought up many concerns including the Eurozone. Cann stated that there was so much potential within the UK and that business owners should stay focussed which was no doubt good news for those looking to register a company this year. He added that taking into account the current plight of countries such as Ireland, Spain and of course Greece, there was much to be positive about in the UK. Despite the current economic uncertainties, there still is positive option for those looking to raise finance for their business. Cann also stated that businesses that survive and succeed are based on having good people and that failure was management losing focus on what was important. Attracting the right people and retaining them was key to any business succeeding. Cann also made a useful comparison to the recent decline of HMV being more about the company not listening to the market rather than the product losing its appeal. The business model had failed to capitalise on the online market.

The government are currently backing up an initiative with start up loans helping 18 to 30 year old entrepreneurs with starting and registering a business. Cann is actively backing up this initiative and believes strongly in the talent we have here in the UK. This scheme is already being hailed a success and is projected to produce 100,000 jobs through new company formations. According to current data, there had already been 460 new companies registered between September and December due to the scheme.

Cann was very upbeat at the presentation and his inspiring comments are no set to encourage more entrepreneurs to follow their ambitions and start a new company formation. It is true to say that people will always be at the heart of any successful business.

How to register your new business

Staring a new business involves having a business plan in place and the capital to get your business up and running. Apart from this, there is also the legal process of registering your business officially which involves the following;

The main stages of the company registration include

  1. Visit the HMRC online services homepage – click the ‘Register’ button
  2. Click on ‘Organisation’ and select ‘PAYE for Employers’ on following page
  3. Read and accept the terms and conditions of HMRC’s Online Services
  4. Enter your name and email address
  5. Create a password which will you will need to use the service
  6. You will be allocated a User ID. Either write it down or screen  print it
  7. Enter your Employer PAYE reference and Accounts Office reference.

Registering a new company really is that easy. This can be done by yourself or through a company formation agent. There are also many useful resources such as that offer plenty of advice on starting a new business. So if you have a new business idea and the capital to get it going, your new business could be registered and ready to go in no time at all.

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