The Process of Setting Up a Company in the Tech Age: Explained

 

In the modern age, practically every business is a tech business. Almost every type of business has something to gain from using computers and technology. Even brick-and-mortar stores can benefit a lot from what technology is bringing to the table, from the convenience of having a website, and the exposure that social media brings, to the increase in productivity from automating certain processes.

You almost can’t survive nowadays if you don’t incorporate some of the latest techs into your business. As you can see, the process of setting up a company has become a bit more complicated than it used to be. Here are some of the most basic steps you’ll need to go through.

1. Register Your Company

Before you start your business operations, you need to register your company with the government. This will ensure you’re not breaking any laws. Your business needs to comply with certain rules and regulations. This is why it’s important to go through the proper channels, which vary depending on your country and region. This can be a fairly long and expensive process, but it’s very necessary.

If you have no idea where to start, it’s not a bad idea to consult with a local business lawyer. They will explain to you what laws your business is subject to, how to get to the proper channels, and the kind of business license and permits you’ll need based on your country.

2. Set up a Registered Office Address

If you’re looking to thoroughly utilize the benefits of technology and depending on your type of company, you might think that you have no use for a registered office address. However, in most places, like the USA and the UK, you’re required by law to have one. This is mostly for mailing purposes, but there are other reasons. As explained by Registered Office Address Services in London – Uniwide Formations, your home address will do, or you can purchase a registered office address. Even though you can use your home address if you’re trying to cut costs, the point of purchasing a registered office address is so that you can retain your privacy as an individual.

3. Open a Business Bank Account

Once you’re going through the process of starting your business, you’ll definitely want to keep your personal and business finances separate. This is because you’ll have a much easier time doing taxes. You can also automate some banking processes later on.

4. Get Funding

Funding is one aspect that has evolved with technology. It’s one of the most important factors in many other decisions to come for your business, and there are several ways to go about securing it.

You might be eligible for a business loan or a business grant, which will help kick things off. You can also secure funding from angel investors, like family, friends, charitable people, or simply banks. In both cases, you’ll get your money from one source.

However, you also have the option of crowdfunding, which is a way to source funds from a group of people online. Instead of asking one individual for a large sum of money, crowdfunding gets many people to chip in a little bit of money. These are usually people who want to see your idea come to fruition and benefit from it, which can translate into future clients. Crowdfunding is not a new, novel concept, but it has evolved with technology and the internet. There are many crowdfunding websites now, such as Kickstarter, Indiegogo, and GoFundMe.

5. Get Your Taxes Straight

Understanding tax requirements can be a very tiresome and confusing process, but it’s essential if you don’t want to get in trouble with the law. Depending on where you live and the type of company you own, your tax obligations can vary drastically. It’s a good idea to consult with an accountant to make sure that you’re not breaking any tax laws.

6. Set Up Social Media Profiles

Nowadays, it’s more important than it’s ever been to be present on social media. Whether it be Twitter, Facebook, Instagram, or LinkedIn, it’s very important to have an online presence on most of the main social media platforms. It’s a whole new way of reaching your target audience and customers that you otherwise wouldn’t have reached.

There are countless types of content ideas you can utilize to advertise your product or service, regardless of the type of business you own. Be active and engage with your followers. This is where having marketing knowledge will make all the difference, so take the time to learn about utilizing SEO, content marketing, social media, as well as your own company’s website.

7. Get a Website

In today’s tech age, it’s essential that you have a website, as it has a massive impact on your company’s success. You might be concerned about the costs of keeping it up or not being tech-savvy enough to maintain a website, but you have much more to lose by not having one at all.

A website is a whole new way of generating leads, by making it much more convenient and straightforward for clients to find and contact you. You’ll also solidify your brand image, and gain credibility over competitors that offer similar services but have no website.

Another considerable advantage you gain is automation. Customers don’t have to call your business with questions that can be answered by looking at the FAQ. Even the thought of having to call someone to get information is enough for a lot of people to decide they’d rather take their business elsewhere.

Alternatively, they can simply text an AI on the website, which will answer basic questions, and redirect them to a real employee if asked. This saves you a ton of time and improves customer service, which will allow you and any employees you may have to focus on the most important parts of running a business.

Setting up a company nowadays can seem daunting, but it’s not like it was ever a particularly easy task. You just have to go through a couple more steps and be good at adapting to change quickly. These are just a few practical steps you need to go through if you want to give your business a fair shot at success in the tech age.