Tag Archives: business

Home Services Registration Survey FAQ Contact Important Facts to Know About a Registered Business Address in the UK

If your company has a physical presence in the UK, you need to have a registered business address. A registered address is where a company receives its official correspondence. It could be the place of business, a shop, or accountant’s office. However, all official correspondence must not only be received, but should be responded to at this address. At times, documents may need to be inspected, delivered, or picked up personally. The address will be part of the Public Registry of the Companies House.This is something to keep in mind if using a personal residence as a service address. Additionally, UK rules stipulate that this address must be displayed as the address on the company letterhead. This letterhead is required for all official correspondence.Some businesses prefer to get a registered address through private businesses which provide this service. If, for example, a company receives its correspondence through a P.O. Box, this is not a legal business address. Additionally, packages cannot be received or sent from a P.O. Box. For this reason, many companies prefer to get an address through a business address provider. You can use a PO Box, if it is used in conjunction with the physical address, including the postcode.This address must be validated by the Royal Mail.Registered companies (commonly referred to as subscribers) do not have to be residents of the UK. Furthermore, your registered address does not have to be the same address where you conduct day to day business. It will serve as the address to receive and send official correspondence. If you use your personal residence for this purpose, your lease may not allow business to be conducted on the premises.

In addition to Companies House, HM Revenue & Customs(HMRC) requires many forms for businesses to fill out, most of which require a registered business address. If you are doing business in the UK or intend to start, you also need to register for VAT (Value Added Tax). Different rules apply for different types of companies. Be sure to read all applicable rules.References:

http://www.companieshouse.gov.uk/index.shtml
http://en.wikipedia.org/wiki/Companies_House
http://www.hmrc.gov.uk/vat/start/register/when-to-register.htm#2
http://en.wikipedia.org/wiki/Value_added_tax 

Top tips on how to start a successful business

1)      Research: Research your product and target market completely when setting up a business so that you can assess, develop and validate your business ideas to get a deeper understanding of its commercial potential.  Place yourself in the shoes of your customers to identify their needs and wants. This helps to make sure you are offering what people want to buy not just what you want to sell.

2)      Educate yourself: Business start-up success does not usually happen without massive, inspired action. Learn the language of marketing and how to boldly ask for what you want often. Be committed to learning as much as you can about sales, marketing for a successful business. Too many entrepreneurs focus on getting their brand right before they start to generate leads. That is exactly the wrong way to go about business. Leads are always more important than your brand therefore don’t waste money perfecting your brand and spend that same money to buy new customers.

3)      Learn from your mistakes: Make bold choices and learn from your mistakes as this is a normal part of the process. You will not succeed without missing the mark more often than not.

4)      Always find new ways to keep cost low: Make sure your plan is thorough and be prepared if things do not go to plan. In your plan it is also wise to always overestimate expenses and underestimate revenues in the first couple of years.

5)      Get cash flowing: Find ways to get money up front and your cash gap will never be an issue. One way is to get customers to pay an up-front monthly fee to guarantee their delivery or availability of items they will buy continuously.

6)      Find creative ways to increase profit: There are many ways to increase profit: Developing effective ways to convert more leads into customers, increasing the number of times those customers buy from you; increasing the average price point of your sales and increasing your profit margins.

7)      Continuously test, measure and track your results: Through testing and measurement you can develop, improve or change your strategy or program.

8)      Prioritise adding value instead of offering discount:  Whenever you discount, you are taking money directly out of your pocket and directly from your bottom-line profit. Offer your customers added value all the way up and down your product or service line. One way could be to increase your margins with the low-cost or no-cost extras and any kind of, “freemium” offerings. This will encourage customer loyalty and word of mouth will spread across your customer base.

9)      Seek help:  Find someone who is successful in business, outside of your business, that you can rely on for objective business advice and to hold you responsible for getting results. You can even employ a business coach to give you a helping hand.

10)   Take positive action: Believe in yourself and your abilities then take action! Always find ways of solving problems through planning.

Personality Traits of Successful Entrepreneurs

by

Mary Geisenhoff

Staff Writer

One of the definitions of an entrepreneur is “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”

Maybe you are wondering whether you have what it takes to be an entrepreneur, or wonder how to develop those traits.  Perhaps you have an idea which you feel is very innovative and will be a great success.  How do you start? What are some characteristics that successful entrepreneurs have?

Much has been said about the personality traits that an entrepreneur should possess.  According to the definition of an entrepreneur, given above, there is “considerable initiative and risk” involved.  With that in mind, you could say that an entrepreneur should be self-driven, and not afraid of pursuing his or her dream.  However, let’s look at some traits and see what successful entrepreneurs have to say.

SUCCESSFUL ENTREPENEURS KNOW THEIR PRODUCT OR SERVICE

Outspoken entrepreneur Lord Alan Sugar said in one of the Series 4 Apprentice (UK) episodes: “Simon, if I asked you to build me a wall, you’d build me a wall, I’m pretty sure of that. If I asked you to dig me a trench, you’d dig me a trench. But I’m not sure that if I asked you to run my investment portfolio, you’d be able to do that very well. I’m sorry my friend, I think you’re a little bit out of your depth here. And with regret, you’re fired.”

What Mr. Sugar means is that if you are proposing to work in the financial field, for example, you should know how that business works.  Don’t get into something that you are not good at or know nothing about.  If you want to get into a new product or service, make sure you know everything about it.

SUCCESSFUL ENTREPREURS LIKE TO SELL

Julie Meyer is founder and ChiefExecutive of Ariadne Capital inLondon, an investment and advisory company. She has also appeared on the Dragon’s Den, offering advice to would-be entrepreneurs.  Ms. Meyer advises “…, sell, sell, sell. I’ve known a lot of very clever people in my life who don’t like to sell, who think it’s beneath them. If you don’t like to sell, then don’t run your own business”

Whatever product or service you have, you will need to let the public know about it.   It’s not going anywhere if no one knows what it is.   Your enthusiasm about the product will go a long way to help sell and promote your business idea.  You should casually incorporate your product into your conversations.  Remember, an entrepreneur is always selling themselves, their image, and their product.

SUCCESSFUL ENTREPENEURS ARE PRACTICAL, YET IMPATIENT

John Baldoni, an internationally recognized leadership development consultant, executive coach, author, and speaker has the following advice. “…successful entrepreneurs know how to keep their feet on the ground. First, they get inspired through personal observation, developing ideas from needs they see in the world around them. Second, they develop a concrete plan. They may work the plan, changing it as they go, but always with an eye towards getting a good return.”

Mr. Baldoni further advises that impatience may be a desirable quality:  “Sure, patience is a virtue in some cases. But for an entrepreneur, so is impatience”

An aspiring entrepreneur will always research their product and audience, and develop a plan.  He or she will find out about different business strategies and approaches.  With a plan in mind, successful entrepreneurs are impatient for success and use this drive to forge ahead with new ideas.

SUCCESSFUL ENTREPENEURS LIKE THEIR WORK

Successful entrepreneur and host of the The Apprentice (US), Donald Trump advises “If you’re interested in ‘balancing work and pleasure, stop trying to balance them. Instead make your work more pleasurable. “

Sometimes an aspiring business owner will have to dedicate himself to the new venture more hours than he or she realized.  Make sure you enjoy what you are doing and it will make the process much more successful and enjoyable.

In summary, successful qualities include knowing your product, enjoying your work, being practical, and having the drive to sell your product.  All this should be mixed in with a little bit of impatience to get the job done.  Remember, you want your business to succeed and taking some time to think and plan will yield great results for your business in years to come.  You are the entrepreneur.  You are going on a voyage that involves initiative and risks.

http://www.brainyquote.com/quotes/authors/d/donald_trump_2.html#ixzz1PSWJMzQf

http://www.bbc.co.uk/dragonsden/dragons/juliemeyer.shtml

http://en.wikiquote.org/wiki/The_Apprentice_(UK)

http://blogs.hbr.org/cs/2011/05/three_traits_of_successful_ent.html

http://www.brainyquote.com/quotes/authors/d/donald_trump_2.html