Company set-up
Sole Trader
As a sole trader, you run your own business as an individual and you are self-employed. This is the simplest way for a business to set up and involves the lowest amount of administration regarding accounting and reporting. However, as a sole trader you will be personally responsible for the business debt/losses and may struggle to gain access to credit/funds.
Find out more about being a sole trader on the Government website
Partnerships
A partnership is exactly like being a sole trader, but allows the involvement of other people in the business. Anyone you are in partnership with will share responsibility for your business and any possible debts. Although you may be in partnership with a family member or friend, we would advise drawing up a ‘Deed of Partnership’ to formalise the partnership because even the strongest relationships will suffer when in business together.
Find out more about setting up a partnership on the Government website
Limited Company
The most common and risk avoiding form of company to set up. The main reason for this are that your personal belongings such as houses etc. are protected if you build debts on the business. Other benefits include more credibility with potential customers and easier access to funding/loans. The negatives are that you are required to do additional administration and accounting for government recording.
Find out more about setting up a Limited Company on the Government website
Franchises
Another way to get into pest control would be to buy into a Franchise from an already established business in the industry.