LaunchListStep 1 of 12
Choose your structure and business name
Decide how the business is set up and what it is called.
- Time
- 1–2 hours
- Cost
- Free
Structure
Start as a sole proprietorship. It is the cheapest and simplest option, and you can incorporate later if the business grows.
The trade-off is that you are personally liable for the business. Creditors can take your personal assets to pay business debts. Insurance (step 6) is how you manage that risk.
Name
- You can trade without registering only under your own name.
- Adding anything to it, a prefix or a suffix, means you must register the name in the next step.
Keep it practical
Choose a name you are comfortable seeing on a bank statement, a licence and a shipping label.