It is always a great accomplishment to register a limited company especially after going through the process yourself.
Well, it is always a moment of victory for every entrepreneur when they receive their Certificate of Incorporation with your Memorandum & Article of Association for newly register Limited company.
After accomplishing that victory, entrepreneurs need to take note that the journey has just begun. So I have compiled a To-Do list to be followed once you have registered your limited company.
The Entrepreneurs Journey has just begun;
- Registering for KRA PIN/VAT – You will need this important document in order to make VAT Returns, apply for Tax Compliance Certificate
- Company Seal – Some banks require that you must have a company seal in order to open a business bank account
- Opening a business bank account – make sure it covers your needs such as option to borrow loans easily for expansion
- Managing your accounts – You will need to put structures so you will be able to monitor your business cashflow. This is where most start-up fail.
- Managing your limited company – Start implementing your business plan
- Creating a website – Secure your domain name & set-up your email address then plan for a website for your business
- Marketing your website online – Social media is the best place to start since it is free, utilize WORD of Mouth, it’s powerful and FREE!
- Knowing your customers (KYC) – You need to know what your customer NEEDS and not WANTS!
- Taking on employees – Never make the mistake of employing people if your cash-flow of your business is not stable enough, rather it would be preferable to take interns then offer them a job after a certain period (3 months probation)
- Paying yourself a salary – This is very important motivator to all entrepreneurs. Reward yourself even though it might be little salary, it is crucial in feeling the accomplishments you are making in your business. You won’t regret it!