Starting a new UK business in 2017
So I have had the opportunity to start a new business in 2017 for a friend, and it's been eye-opening how easy it is these days to get a proper limited company up and running quickly, and with minimal outlay.
1) Domain - Every company should have a domain name. A .co.uk costs £7.99 from 123-reg
2) Email & Cloud storage - G-Suite enabled us to have a single email address with cloud storage for the company files for £33 per year. The cloud storage gives us a common area for notes (Keep) , live spreadsheets (Google Sheets)
4) Facebook group was formed to enable customers to converse directly with us (free)
5) Website - Just a little one, so we have something to link to from our Facebook group. £2.99 per month from Krystal
6) Bank account - We went with Lloyds due to familiarity and knowing they integrate with Xero with little issue, but of course there are plenty to chose from with different offers. (Cost £5 per month after 18 months)
7) Paypal for online payments - I am not a fan of Paypal due to the fees and there seems to be a lot of hoops to jump through for a business account. However customers like it as it provides guarantees. (Free to sign up, fee based on usage)
8) Stripe for online payments - To be able to take credit card payments via our book-keeping software. (Free to setup, fees based on usage)
9) Xero - Possibly the biggest monthly cost here - however also the one that can save a lot of time and money. For £22 per month we can do our bookkeeping mostly by ourselves.
11) Product liability and professional indemnity insurance!