insideKENT Magazine Issue 63 - June 2017 - Page 186

BUSINESS HOW TO START A BUSINESS cont. 186 Choose the right structure Make your logo stand out Sole trader, limited company, LLP or partnership? Gulp. There’s a fair few ways to structure your new business depending on how the decisions you make down the line will affect its growth. If you’re not planning on employing anyone except you then you’re likely best off as a sole trader, but that does mean that any business debt will be met from your personal wealth if the business fails. A partnership is great if you’re going into business with someone you know well and is common when sole traders wish to expand, but liability will affect all partners and can lead to messy ‘break ups’. Registering a limited company at Companies House gives your business instant credibility and makes it easier to separate your money from the company’s money, but you’ll need to be really on top of your admin. And, limited liability partnership (LLP) models are effectively a hybrid between limited companies and partnerships, which allows for flexibility, but does not give the same tax advantages. Research every option extensively and seek advice about which is best for you. There are five key points that your logo should clearly communicate to your customers. It needs to tell your customers what you do – think of a product or service then Google it and scan through the images; you’ll probably find lots that convey exactly the message they should and many more that don’t. Your logo needs to express the personality of your business – are you friendly and fun, or formal and professional; this should be represented in your logo stylistically and graphically. Make sure your logo refers to your business name and don’t lose your identity in the colour scheme – sounds simple, but is easy to get wrong. Pair your logo’s aesthetic with the expectations of your target audience – survey what colours, fonts and styles your demographic responds positively to and incorporate them. Think about the level of quality your logo promises – this isn’t to say that it will be less appealing if your product isn’t high end, but is more to do with differentiating how you illustrate a cost-effective, basic product from a premium one. What to expect when applying for a start-up loan Raising capital to start a business is no mean feat, but it isn’t impossible either and there’s a lot more guidance and support out there than you probably realise. Start Up Loans is a government-backed scheme in place to help people start or grow a business in the UK, and they’ve identified 10 key questions you need to consider before you apply for funding that include reference to everything from your business plan (which will be the culmin FbbFW6RG0B&R2vV2FR7@'FB7FWFRVF&R&6W72F66frf&V67G2BWB7G&FVvW2VBFwwr7F'GW26Vf"FRgVƗ7B`VW7F2BG2bVgVG2BF3R66fB7Bb7FW'7FWwVFW2Fw&FrW"'W6W72ƖPB6FW27V62wwrVG&W&VWW"6ЦBwwrvbVw&FR'W6W72