What’s the difference between a sole trader/Limited Company?
Sole trader – Sole traders must register with HM Revenue and Customs (HMRC) and follow certain rules on running their business (We can help you set up and start also explain the rules you need to obey).
If you’re a sole trader, you run your own business as an individual and are self-employed. You can take on staff – being a sole trader means you’re responsible for the business, not that you have to work alone.
Limited Company – To set up a private limited company you need to register with Companies House. You need a company name – there are rules on what it can and can’t include, an address for the company, at least one director, at least one shareholder, the agreement of all initial shareholders (‘subscribers’) to create the company – known as a ‘memorandum of association’.
Details of the company’s shares and the rights attached to them – known as a ‘statement of capital’, written rules about how the company is run – known as ‘articles of association’. Once the company is registered you’ll get a ‘Certificate of Incorporation’. This confirms the company legally exists and shows the company number and date of formation.
Can I start a business and be employed in another business?
Yes. Put simply, it is tempting to set up as a sole trader while remaining in full-time employment, but it is wise to find out where you stand legally first. You will need to refer to your contract of employment with your current employer. You may find you are subject to a Restrictive Covenant which would prevent you from setting up your business while continuing to work for your current employer.
Can I have more than one business?
Yes. but there various rules that must be followed; click the link for more detailed information on owning more than one business.
What if I know nothing about business?
That’s ok, you can request a free consultation with Enterprise Made Simple to see how self-employment can benefit you, what needs to be considered to run a business and how you can grow your business.
What is the best way to get started in business?
Through Enterprise Revolution! They have set up countless amounts of businesses since 2008. Why don’t you look at how they can help you!
Start Your Business
Do I need a business plan?
Yes, a business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan helps you to clarify your business idea, spot potential problems, set out your goals, measure your progress. You’ll need a business plan if you want to secure investment or a loan from a bank. If you don’t have one we can help you write your business plan, just get in touch on 01642 061 069.
What do I need to do when I start a business?
Run your business! You need to start marketing your business, follow potential leads and start financial planning for your business in the future.
What support can you offer me?
We can support your business no matter what stage you are at. Whether you are pre-start/post start we can offer you various workshops and can provide one to one mentoring.
What business support is available?
There are various schemes set up that we provide that can support you and your business with funded mentoring and workshops (You must fit all criteria to receive this support). If you don’t qualify for funded support, one to one mentoring (£40 per hour) and workshops (£79+VAT) are still available for you.
How can I make an appointment to see an advisor?
I live outside the North East; can I receive support?
In certain circumstances, but otherwise we will provide and suggest another enterprise agency within your area to contact.
How much do you charge?
We charge £40 per hour for one to one mentoring and non accredited commercial workshops from £79 + VAT per day.
If you don’t start your business (which you should) you are free to get a job and go back doing what you were doing previous to working with Enterprise Made Simple.
Who is eligible for training?
You must be a sole trader/partnership/limited company of an existing business or an employee of an existing company. We offer non accredited commercial workshops or accredited training (providing you have paid or have received funding).
How much does it cost?
For non accredited commercial workshops it is £79 + VAT per day. For accredited training, the cost varies but the cost can be subsided or funding will be available. Always inquire about funding for accredited training.
How do I book on to event/training?
You can book on to a training course by online at Upcoming Events.
Are refunds available?
If we change you over to another workshop and if it’s viable; we will do that. Otherwise no refunds.
Do I need to commit to a certain amount of time?
You only need to commit to the length of the programme you are attending.
What if I don’t complete the programme?
If it is an accredited course – you won’t achieve the full certificate/qualification and will only be qualified in some units.