switchgear

• What is your 'unique selling proposition'?
• Where are your customers?
• How much working capital do you need?

In the UK, a company is treated as a 'virtual person'.

A ready-formed Limited Liability Company can be bought off-the-shelf for around £100GBP. There must be registered a single Company Secretary, who forms the point-of-contact between Companies House and the Company, and at least one Director, the names of whom will be held in a register at Companies House. UK Companies legislation stipulates that someone who is a registered bankrupt cannot act as a Director of a Company. A Company can neither be formed nor operated with less than two persons registered. The Company Secretary can also be a Director.

The Company Secretary is responsible for filing Annual Returns with Companies House and for keeping, correctly, minutes of Directors' meetings and Annual General Meetings. The Company Secretary is also responsible for keeping the Company Seal, which is used to emboss certain documents, share certificates for example.

A UK Company must have a Memorandum of Association, and Articles of Association, which together define the nature of the Company and its shareholders' rights. They also record the initial procedures to be followed by the Company at its Annual General Meetings; any changes subsequently will be recorded in the Minutes books held by the Company Secretary. They may contain procedures for the winding-up of the Company and provisions for operating an Annual General Meeting should none of the Directors be present at it.

Further guidance may be found at the Companies House website.

Further, the Company Secretary and the Directors of a Company, can also be Companies, as these are 'virtual people'! This provision only really applies when a Company has subsidiaries that are kept separate for liability and tax reasons.

The procedure for starting a manufacturing unit depend on the country you want to start the unit. Every country has their own rules and regulations. So if you provide that details the members from that country can provide correct guidance. If your requirement is technical guidance then you have to specify the type of switch gear you want to manufacture with voltage and power rating.

I think Answer #1 above is the best place to start ANY business.

Just because you can does not mean you should!

Too many times I have seen very competent people with great technical or engineering skills decide to start a business, but don't have a really good plan. They don't know where they want to go and how to get there. The worst part is that they usually think that just because they are who they are and are available to do business on their own now, people will flock to them. They fail to think through why their potential customers would want to switch business they are already doing elsewhere over to them instead of accepting "the Devil they know"; a well proven and powerful decision influence. Think about how many times elected officials remain in power despite major screwups; the number is something staggering like 95%! A wise man must understand; people resist change, even in the face of very logical arguments. Those who don't almost ALL fail within 3 years, usually taking a life's savings (or 2 or 3) with them.

Write up a good business plan and take it to a professional business developer or consultant who understands the electrical business for evaluation.

After that, the rest is just details and paperwork.

My professor gave me his first 3 tips before you will even think about other aspects of a business:

1. LOCATION
2. LOCATION
3. LOCATION

Where do think is best putting up your business? Is it near prospective supplier/s of materials? Is it near prospective buyer/s? Don't you environmental concerns in this area? Do you get incentives from agencies or the like? etc. etc.

All answering the question of "where".

My 2 cents.

Steps are

1. Prepare a project report.

2. Do market study on product requirement and probable customer.

3. Tie with a financial organisation.

4. Launch the product through seminar inviting major consultancy organisation) probable ulk purchaser etc.