Title: Selling on Amazon, Introduction for beginners.
Subtitle: First step to setting up a company with an introduction of different types of company.
All these ‘gurus’ claiming to make millions selling online? We know what the outcome is but do we know how to get there. Follow my journey to find out! Amazon is the biggest online retailer in the world making annual revenue of over $100 BILLION.
Im going to be talking you through my entire amazon journey from a completely clueless 22 year old to a proud business owner selling products on Amazon FBA.
My goal is to provide you with as much information through all means of social media throughout my journey to enable you to feel comfortable enough to start up your own amazon business and be successful!
This is something that has never been done before – no-one has ever documented the journey from start to finish they just document it after they have their products on the shelves. So if you’re thinking of starting up an Amazon FBA then it will be a great way to learn from someone who is going through it right now! Everything I write or vlog is in real time meaning that it is happening right now!
I’ll start off with the very first step:
- Your company needs to be set up through Companies House before you can do anything else. If youre reading from outside the UK then your process will be different. There are a few ways in which you can set up your company through Companies House. The legal name for company set-up is incorporation.
You can employ someone to do it or you can do it online. Now, originally I wanted someone to do it for me because I have no clue what on earth I would be doing, advising or looking for. I had a firm recommended to me that would do it for me for fee of around £144. I proceeded to get in touch with them. I made the phone call on Thursday July 7th. They informed me that the employee who dealt with company set up was away and could call me back tomorrow (Friday July 8th). Guess what? No phonecall came so waited until the weekend was over and called on Monday 11th July, no-one had recollection of my phonecall so I waited on hold until they passed me through to someone who could help me. Just to make you aware that these were the only people that I KNEW could help me so it turned out that they couldnt help I had no-one lined up and didnt know anyone else I could use within my price range to assist me.
When I finally got through to someone on the phone they were SO rude to me that I was literally shaking on the phone. So cut a long story short I wouldn’t be using these people to assist me with my first step of Company Set-up (I’m in the process of writing a complaint to the director it was that bad). At this point I just broke down. I literally felt like I had wasted 4 days and I had got nowhere( you will learn in business that you have to rely on other people sometimes and sometimes it doesn’t go they way you want) I cried for a bit and spent the whole day being frustrated. It came to the evening, I took a walk and made a plan.
I made an MIT list (most important tasks) and my number 1 was to actively research what i needed to do to get the ball rolling.
2) The other way you can register your company is online at Companies House.
Now I didn’t WANT to do this because, for obvious reasons, I have not got a clue what I’m doing. ( as you can see I’m writing this in present tense because it still stands – I am clueless) I spent a few mins perusing through the website and finally came to a phone number. I called up Companies House and asked them to assist me on setting up – they were helpful and just told me to read a GP1 document that could be found on their website. As I was first reading through i realised that there were 4 different types of company that I could set up!!!
it is vital to get your company set up under the right entity. Again, at another loose end I begged my partner to call around and ask his friends in the business industry if they knew what would be the best options for me as I’m a single person so will be the director and the ceo and own all the shares( I’m putting this in very basic terms). He said a Private Limited Company(PLC) Limited by Shares would be best because if anything ever goes wrong with the company then the liability lays with the company and not with yourself(company owner) personally. I have included a list of types of company below with their descriptions.
So at this point I was one step ahead – set up my company under a Private Limited Company – Limited by Shares. I needed to proceed to complete the online web form filling in the name of my company, my address, my business address and all the admin side of things that will be different for everybody. Before I reached the point of addresses etc I needed to choose the description of my company. As I am predominately selling online( I say predominately because I would like to go local with my products in market stalls and summer events etc) needed to select retail via online sales. Sounds simple right – NO. There are hundreds of options with slight variations that could mean your company is restricted from doing certain things etc. YUCK. When i was at this point it was 11pm at night on Thursday July 15th – a week from my original phonecall with the horrible accountant. I was still not where I want to be.
I manage to read through and select my classification of company which is retail via online sales. I then get to the CAPITAL page on the webs form which talks about shares, numbers of share and aggregate nominal vales. OMG. I have no idea what anything means so I stop with the form and wait until the morning when I can call someone to help.
So Friday July 15th which was yesterday, I call Companies House to ask them. They briefly explain to me what they mean and how to proceed so that brings me to today as I’m writing this its 11:46 on Saturday 16th July. I’m about to take the next step and continue filling in the forms including the CAPITAL section.
Guys – Thank you for keeping up with my journey its going to be a process but its all worth it in the end.
Types of Companies:
- Private company limited by shares: This company has a share capital and the liability of each member is limited to the amount, if any, unpaid on their shares. A private company cannot offer its shares for sale to the general public.
- Private company limited by guarantee: This company does not have a share capital and its members are guarantors rather than shareholders. The members’ liability is limited to the amount they agree to contribute to the company’s assets if it is wound up.
- Private unlimited company: An unlimited company may or may not have a share capital but there is no limit to the members’ liability.
- Public limited company: A public company has a share capital and limits the liability of each member to the amount unpaid on their shares. It may offer its shares for sale to the general public and may be quoted on the stock exchange.
Hope this has helped!
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