THE 8 STEPS TO SETTING UP A PROPERTY BUSINESS

Updated: Nov 19, 2020



hey guys I hope you are all well

for all of you that are thinking of setting up a property business

or who are in the process then this is for you

I have the 8 steps you need to take to successfully set up your property business

sounds good let's continue


NUMBER 1


REGISTER YOUR COMPANY


the first thing to do is register the company you need to choose a name always a fun part it doesn't need to be anything amazing just keep it simply try not to overthink it then decide if you're going to operate in a Ltd company a partnership or a sole trader each have their own benefits dependent on your current situation so speak to a property tax advisor to help you decide if your just purchasing your first buy to let investment it will be fine in your own name

but if your doing rent to rent HMO or SA you will want to be using a limited company


NUMBER 2


Business bank account


Now you're now going to need a company bank account

we tend to use online bank accounts as they are quick and easy to set up and don't attract the costly monthly coasts that the high street bank accounts attract

some however like Lloyds do offer the first 12 months free

always do your own research to find out what suits you best

we currently use starling bank


3


INSURANCE


Next, you will need insurance to protect yourself and your clients/ tenants

there are two types public liability

and professional indemnity insurance

we use a company called Hiscox tried and tested by us and many landlords

more will be explained in any of our mentorship packages


4


ANTI MONEY LAUNDERING


If you're going to be involved with handling deposits, purchasing or selling property

you must be registered for anti-money laundering

to make sure all the money you are dealing with is legal

there are certain checks you must oblige by and failure to do so could result in a nasty fine


5


THE PROPERTY OMBUDSMAN


It is now a legal obligation for you to register with a government-backed scheme

there are 2 to choose from either the

the property ombudsman TPO

or the property redress scheme

Again we will go into more details regarding these during your coaching


6


DATA PROTECTION


So your likely to be handling a lot of data on a daily basis from investors to clients

the law states that you must comply with the data protection act

so you're going to need to register with the ICO its a simple registration service with a small charge that will see you handling data correctly


7

BUSINESS EMAIL


Your going to need to create a good impression and your old emails are not going to cut it especially if its anything like

my old ones

so get yourself over to G suite on google and register a professional email there is a small yearly charge but it is well worthwhile

and remember to keep emails short and catchy as your going to be reading them out a lot to people especially over the phone


8


FINALLY, A FEW OTHER THINGS TO CONSIDER


Business cards with all your new company details on

website domain if you're intending to have a website we use Wix WordPress is also a good platform

business logo quick and easy to do on any smartphone using an app like Canva

now get yourself out there get networking join groups and start gathering and growing your network

get some books like at least 10 and read a lot use your spare time reading

next, you need to update all your social media let people know what you do

last but definitely not least find yourself a suitable mentor and get coached properly in your target area don't be shy and don't be embarrassed every successful person on the planet had some sort of mentor


I hope you find this useful and if you follow these steps this will kick start your property journey to the next level

hope you all have a great day and happy investing

if you require any more assistance book a free strategy call today


thanks for reading guys