I want to know how to start a company (Laptop manufacturing), as I have no experience whatsoever in doing so. Really appreciate anyone who doesn't say "It will be hard" I know it is, but that is why I am asking, as I want to do it properly.
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Discussion How do you start a business?
- Thread starter Bean Nuts
- Start date
First things first, research.
Do a "SWOT" analysis, what are the strengths/weaknesses/opportunities/threats currently in the industry and what competitors would you be up against?
How will you differentiate your product?
How will you sell your product?
What vendors/suppliers/partners are you able to engage to assist?
How will you ensure you provide sufficient ftersales support?
What legal/regulatory/contractual requirements will you need to adhere to?
Do you have a tonne of capital that you can afford to lose that you're able to sink into developing your business?
Do you know anyone that can provide some guidance and mentorship in the industry?
You'll want to make sure you have someone with experience who can guide you to avoid common pitfalls / mistakes.
Do a "SWOT" analysis, what are the strengths/weaknesses/opportunities/threats currently in the industry and what competitors would you be up against?
How will you differentiate your product?
How will you sell your product?
What vendors/suppliers/partners are you able to engage to assist?
How will you ensure you provide sufficient ftersales support?
What legal/regulatory/contractual requirements will you need to adhere to?
Do you have a tonne of capital that you can afford to lose that you're able to sink into developing your business?
Do you know anyone that can provide some guidance and mentorship in the industry?
You'll want to make sure you have someone with experience who can guide you to avoid common pitfalls / mistakes.
I can speak to this from the company law side of things. If you want to incorporate in the UK it's very easy and takes about 10 mins. You'll need to decide whether you want the company to be limited by share capital or guarantee. Consider shareholdings and whether you wish to use different classes of share. If there are complex arrangements between shareholders this can be dealt with by a shareholders agreement. You can adopt Model or bespoke Articles of Association. If you choose Model Articles I'd very much advise familiarising yourself with these. You'll need to decide who the Director(s) will be, and a Secretary if applicable.
There are of course tax and reporting requirements. These are more onerous for body corporates than they are for sole traders. In addition to company tax returns to HMRC, there are also filings required to Companies House. Penalties are issued for non-compliance so bear this in mind and keep on top of your paperwork.
As an aside you might want to look into director's and officers liability insurance as well. The cost of defending claims can be exorbitant.
Of course these are just the very broad brush strokes and incorporation is quite an undertaking so I'd suggest taking specialist legal and tax advice at an early stage.
Good luck!
There are of course tax and reporting requirements. These are more onerous for body corporates than they are for sole traders. In addition to company tax returns to HMRC, there are also filings required to Companies House. Penalties are issued for non-compliance so bear this in mind and keep on top of your paperwork.
As an aside you might want to look into director's and officers liability insurance as well. The cost of defending claims can be exorbitant.
Of course these are just the very broad brush strokes and incorporation is quite an undertaking so I'd suggest taking specialist legal and tax advice at an early stage.
Good luck!
