Youโve done it. Youโve started on your journey as a businesswoman (or man, full props to both). Maybe you decided not to return to work after maternity leave. Maybe you want flexibility around childcare. Maybe you need to bring in an extra income. Maybe itโs all three!
Whatever has brought you to the start of your empire, it can be a daunting task. Where do you even begin?! If youโre in a tailspin with getting up and running, then relax.
๐๐๐ซ๐ ๐๐ซ๐ ๐ฌ๐จ๐ฆ๐ ๐จ๐ ๐ญ๐ก๐ ๐๐ข๐ซ๐ฌ๐ญ ๐ฌ๐ญ๐๐ฉ๐ฌ ๐ญ๐จ ๐ซ๐๐๐ฅ๐ข๐ฌ๐ข๐ง๐ ๐ฒ๐จ๐ฎ๐ซ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ ๐จ๐๐ฅ๐ฌ.
Pick a Name - and Make it Memorable
Lots of people choose to use their name as a business name, but if you want a separate identity or your name is tricky to spell, then coming up with something to call your new enterprise takes some thinking. Itโs like naming your child, except you have to check that NO ONE else has the same name.
The best tools for checking name availability are;
Companies House - this is a list of all currently trading and dissolved companies. You canโt use the same name as a trading business.
URL - this is the domain. Use a provider such as 123reg to check if your business name is available as a domain. Be wary of adding hyphens since most people will forget to include them - you may end up sending your business to a competitor!
Facebook/Insta/Twitter/TikTok - Basically, all the socials need a handle thatโs relevant too. @83media was taken on Twitter, but since I donโt use it much I was ok with going for @83mediadorset. This wasnโt make or break for me.
International Options - check out the .com version of your domain too. If thereโs a website on it, you might want to rethink the name. Not only will you likely lose people who are looking for you, but you may also end up competing for keywords too (no idea what a keyword is? Check out my post on an intro to keywords here.)
Make it POP
I may be biased, but a great logo is the best way to begin your journey. Not only does it look like you mean business, it gives you the confidence to believe in yourself too. But branding isnโt just about looking pretty - itโs a clear communication of who you are talking to (your ideal customer) and what you are about (your ethics, lifestyle, and aims).
I work with many wedding industry businesses. Their โideal clientโ is usually (but not always) a woman. Armed with this information, as well as more specific details, the design process begins. One of the key aspects that drives the design is examining who you want to respond so understanding your target market is super helpful.
Logos donโt have to be super expensive (although investing in professional design is a very good thing). Iโve created a logo shop for those that just want an instant design that gets them started on the journey. These pre-designed logos cost just ยฃ15 and will be tailored to you to give you everything you need to launch a confident brand.
Sole-Trader or Limited Company?
How you plan to run your business is biggie, and understanding the differences between a sole trader, partnership and Limited company is essential.
Iโm no accountant (as my accountant will attest), but I have been all three of the above, so I can whistle-stop tour you around what each means. But please speak to a professional to get more detailed advice, Iโm just the designer!
Limited Company
The business is an entirely separate entity to you. It has its own name, bank account, and has to be registered with Companies House. You become a Director of the company, and if you carry out work within the company, youโll be paid via Payroll as an employee. You are an employee of the company.
As such, youโll need to make pension contributions, but youโre entitled to benefits such as sick pay, holiday pay, and maternity and paternity pay (provided you meet the minimum required income). You can also draw dividends from the company profits, and those are taxed at just 7%.
The downside of it is the cost. You have to file company accounts as well as a self-assessment, so you will need to pay an accountant for this, as well as Payroll each month. You arenโt personally liable for any debts though, so if youโre a homeowner, this route might be a good idea.
Sole Trader
For me, the option of sole trader is more appropriate. I donโt have end of year accounts, just my self-assessment. I do run my business as I would a limited company; I have business bank accounts (yes, plural, I follow the Profit First method, thereโs more on that in this blog). I use accounting software to raise invoices and do my bank reconciliation and have insurance (ALWAYS get insurance). If you take out loans or lines of credit, you are personally liable, so if you stop trading for any reason, the debt would still need to be paid.
Partnership
This is basically Sole-Trader status, but thereโs more than one company owner. Youโll need to have a partnership return done as well as your self-assessment, but other than that, the above applies.
Thatโs all we have time for today, but Iโd say that quite a lot to get started with. From naming to branding, to official status - you have an exciting time ahead of you. The world needs more strong, female business leaders, so go forth and be confident!
Iโd love to hear about your idea and if you need a logo, you know where to find me.
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