Best Startup
Setting up a new business can be a time for anyone where lots of uncertainty, doubt, and trepidation is going round in your mind. You need to be ambitious, whilst at the same time being cautious and ensuring that you have met all of the requirements and jumped through all the necessary hoops to set up your business.
Here we have come up with a guide to how you can set up a finance company and the steps you need to take.
Register Your Business
Whether you’re setting up a business as a sole trader, a limited company, or a partnership with 2 or more people running it, you must first register the business before you start trading and taking in money.
You should also do some research online to see if there is any financial help and advice you may be able to get from government-backed schemes. You can contact the Business Support Helpline in England by telephone on 0800 988 1098.
Complete the FCA Compliance Application and Make Sure the Company Meets All the Requirements
The FCA is the body responsible for regulating the financial service industry in the UK. Any company operating in the financial industry in the UK today must pass FCA compliance unless they have a special exemption from FCA authorisation, whether it be a financial consultancy, a financial advisor firm, or an accountancy firm.
FCA compliance is the industry gold standard for financial regulation. Securing FCA compliance for your new business in the finance sector can greatly increase customer confidence and trust in your business, given that it has managed to meet the FCA compliance requirements.
If you want to see an example of an expert compliance consultancy business, take a look at Scott Robert.
Go Through the Recruitment Process and Employ Members of Staff
Of course, shortly after setting up a new business you will have to consider taking on employees to help run your business.
Being an employer means firstly you have to recruit and seek talent to hire, this could be by strategically head-hunting professionals on employment platforms such as LinkedIn, or by creating public job adverts on popular online job boards. Alternatively, you may attract applicants the old school way by setting up posters and flyers providing them with information about what the role entails and give them your contact details.
After screening applicants and holding interviews with candidates, you will need to make a decision on who you want to employ in your new business. After hiring new employees, you must ask them for their national insurance number and put them on the business’s payroll.
Market Your Business to Find More Customers
Any business wanting to be successful these days must think about how to market themselves properly to customers. The digital age has arrived, and a great way to pull in new customers for a business today is by advertising their services online. So, make the most out of using platforms such as Instagram, Twitter, YouTube and so on to promote your services and gain an increased number of customers by reaching a wider audience.
The UK’s economy is gradually improving after the pandemic and the lockdowns that came along with it. So why not try and set up your business now?
