FREEDOM BOOKS - The Midas Method

Starting A Company

Whether you are after a million, or just a few hundred thousand, the best vehicle for achieving this is via a limited company.

Contrary to popular belief, it is about the easiest thing in the world to become the director of your very own limited company. You don't need qualifications, references or experience to control a company, in fact all you need is about a hundred pounds.

If you look at the "Business Opportunities" section of a paper like 'Exchange and Mart', you will see dozens of adverts offering to sell you "off the shelf" or "made to measure" companies. All you have to do is to choose one of the adverts and send off for details.

In due course you will be sent a list of names of "off the shelf" companies from which to choose. These companies have never traded, and are formed solely with the intention of selling them on to people like yourself.

They will have truly awful names like "Conegate", "Spinbrand", "Sandbook" and other unevocative epithets. The names are awful because they are usually computer-generated by randomly pairing four or five letter words together, however, you might find something you like from the list. If you do, then just send off your cheque, fill in the forms, and within a week you will be the director of your very own company - it's that simple.

If you don't like the names on the list, then you can make up your own name. You don't usually pay any extra for this, but it takes about six weeks to get your new name registered. If you buy an "off the shelf" company, you can always change the name later upon payment of a small fee.

Be warned: Almost ANY name you think up will have been used before, so you won't be able to use it! It is quite staggering how many companies there are. I had to try about twenty names before I found one that hadn't been used. The more obvious your name is, the less likely it is to be 'going spare'. For example, if you want to be in publishing, don't even bother with obvious names like "Bookworm", "Muse", "Newscript", or "Page publishing".

You will have to choose something very unusual like "Countdown Publishing" or "Nevermore Publishing".

The more words you have in the title, the less likely it is to be have been used already. For example, the prior existence of "Countdown Ltd" should not affect your chances of getting the name "Countdown Bible Publishing Ltd".

There are certain restrictions on names, though. For example, you should not imply that you are larger than you really are, or international (if you're not). An example of this is attempting to call your one man saw-sharpening business, "Global Metal Polishing Services International Ltd."

Also to be avoided are titles implying Royal patronage, e.g. "Her Majesty's Saw Sharpening Company Ltd." and titles which will provoke immediate law suites like "Harrods Mail Order Ltd" if your name happens to be Mrs. Harrod.

Apart from these, and one or two other, minor restrictions, the whole field of names is open to you. However, here's a small tip: If you are not exactly sure what you are going to use your company for, or you want to try a few ideas (in different fields) before finally settling on one business plan, then keep the name of your company suitably general. Even though it's awful, at least a name like "Vinewell Ltd" doesn't particularly suggest any field of activity, (unless perhaps underground wine-making?).

Don't saddle yourself with a name like "Processor Data Systems Ltd" if there is a possibility that you might end up wholesaling kippers!