Being self-employed is a goal that many individuals in the UK aspire to achieve. The idea of being able to determine one’s own schedule, select clients, and operate according to personal preferences is appealing. In the field of HGV driving, there are ample opportunities to break free from conventional employment and establish an independent venture. However, regardless of the industry, certain steps must be followed to ensure the long-term success and sustainability of your business. To assist you in commencing this journey, we have compiled a list of essential tasks that must be undertaken in order to legally establish your own HGV driving enterprise.
Discover Your Knowledge Gaps (And Reach Out for Assistance)
It is virtually impossible for a single individual to possess a comprehensive understanding of everything. However, this is not a cause for concern, as there are individuals who possess the knowledge and expertise that you may lack. Therefore, it is advisable to pause and evaluate any potential gaps in your knowledge before embarking on an entrepreneurial journey. Are you uncomfortable with numbers? Is communication not your strong suit? Or perhaps you are unfamiliar with marketing strategies. Once you have identified your weaknesses, you can seek assistance from professionals who can complement your strengths, thereby maximizing the benefits for your business.
Hire An Accountant
If you have a strong affinity for numbers, it is still advisable to enlist the services of an accountant. Ensuring that your financial records are timely and accurate is no small feat, particularly when you consider the requirement to complete additional forms and provide accurate information. Employing an accountant is a fundamental necessity for all business owners, as it can alleviate a significant burden and enable you to concentrate on the operations of your business.
Register Your Business
Before commencing business operations in the UK, it is necessary to complete the registration process with HMRC. This entails determining the desired business structure, such as whether to operate as a sole trader or establish a limited company. Each option possesses its own advantages, so the decision should align with your preferred operational approach. To ensure clarity:
- Sole Trader: A sole trader is a self-employed person who is the only owner of their business. As the simplest type of business structure, it’s often how small businesses start out. It’s really easy to set up, but you will still need to register as a sole trader for tax purposes.
- Limited Company: A limited company can be similar to a sole trader, except the business has its own legal identity. This type of business structure separates the liability of the business from that of the business owner, shareholders, and managing directors. You can run a limited company even if you are a one-man band; it’s just a matter of structure.
When considering different business structures, it is crucial to analyse the advantages and disadvantages before making a decision. Like many aspects of life, each business structure has its own positives and negatives. If you find it challenging to determine which structure is best suited for your needs, seeking assistance from your accountant is always a viable option.
Expert HGV training courses are specially designed to equip you with the skills to become an expert HGV driver. Some institutions offer packages for all HGV licences, from Cat C to Cat C+E. To be sure you are getting the best quality and value from a leading training provider of LGV and HGV training, we encourage you to do your research.
Start Your Own Bank Account
If you intend to receive payments, it is essential to have a bank account. Take some time to explore the different business offerings provided by major banks and select the option that aligns best with your needs. Before proceeding, ensure that you have properly registered your business. Note that it may take approximately one to two weeks to establish and activate your business account, so prompt action is advisable.
Attain Your Desires (While Enhancing Organizational Skills)
Now that all of the major preparations are complete, it is time to focus on the smaller details. Throughout your training as an HGV driver, you will have realized the significant amount of paperwork involved in this profession, which becomes even more overwhelming when you are a business owner. Therefore, it is essential to obtain some basic office supplies, such as a reliable printer, a filing cabinet, and a few in-trays, to ensure proper organization. It is crucial to establish a systematic approach to your work from the beginning, as it will greatly facilitate management in the future. Additionally, this is an opportune moment to acquire some technological gadgets that can enhance driving safety and improve client interactions, allowing you to seamlessly embark on your business journey.
Now that your business is established, it is crucial to promote and market your services effectively. Building relationships with transportation companies and employers is essential for attracting clients. Take advantage of every opportunity to showcase your business and consider seeking assistance from marketing professionals if needed.
There are a number of HGV training schools that pride themselves on supporting new drivers in achieving their ambitions, whatever they may be. You will find that those companies will include employment vs. self-employment in their standard training. They’ll cover the benefits of each and how to get yourself set up for both.