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5 Things to Do When Setting Up Your Company

5 Things to Do When Setting Up Your Company

When starting a company, there are many essential things to consider. For example, you need to ensure that you have all of your legal ducks in a row, set up the right accounting and bookkeeping systems, and create a marketing strategy to help you reach your target audience. This blog post will discuss five of the most important things you need to do when setting up your company.

Frazer Pugh
Finance
Jun 15, 2022

Table of Contents

When starting a company, there are many essential things to consider. For example, you need to ensure that you have all of your legal ducks in a row, set up the right accounting and bookkeeping systems, and create a marketing strategy to help you reach your target audience. This blog post will discuss five of the most important things you need to do when setting up your company.

1) Get the proper legal paperwork in order

One of the first things you need to do when setting up your company is to make sure that all of your legal paperwork is in order. This includes incorporating your business, getting any necessary permits and licences, and registering your trademarks and copyrights. You must also apply for LEI (Legal Entity Identifier) if your company will be doing business internationally. If you are unfamiliar with the LEI process, it is best to visit LEI Kart for more information.

2) Set up the proper accounting and bookkeeping systems

Another essential thing to do when setting up your company is to set up the right accounting and bookkeeping systems. This will help you track your finances and ensure that your books are in order. You should also consider hiring an accountant or financial advisor to help you with this process.

There are many different software programs that you can use for accounting and bookkeeping, so be sure to do some research to find the one that best suits your needs. Of course, QuickBooks is a popular option for small businesses, but other options such as FreshBooks, Xero, and Wave Accounting are also available.

3) Create a marketing strategy

Once you have your legal paperwork and accounting systems in order, it’s time to start thinking about your marketing strategy. You need to figure out how you will reach your target audience and what kind of messaging you want to use. There are many different marketing channels available, so be sure to research the ones that will work best for your business.

Some popular marketing channels include social media, email marketing, content marketing, and paid advertising.

4) Build a strong team

Another important thing to do when setting up your company is to build a strong team. This includes hiring employees, contractors, and freelancers who are experts in their field. You should also create an employee handbook that outlines your company’s policies and procedures.

A proper system is also essential for onboarding new employees and training them on your company’s culture and values.

5) Get insurance

Last but not least, you must ensure that your company is properly insured. This includes liability insurance, property insurance, and workers’ compensation insurance. You should also consider getting business interruption insurance and cyber security insurance if they are relevant to your business.

These are just a few of the most important things you need to do when setting up your company. So be sure to take care of these items to get off to a strong start!

Frazer Pugh | I work in the investment management sector as a professional. Previously, I advised top financial services companies on balance sheet management, portfolio planning, and valuations as a consultant. I am currently pursuing a part-time MBA at Melbourne University, where I am a lecturer in accounting and hedge fund strategies, as well as a mentor/coach in a part-time equity analysis initiative. I have a bachelor's degree in economics, a master's degree in finance, and am a Chartered Accountant. I enjoy instructing and assisting others in achieving their objectives.

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