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  • 28 posts
  • # 74326

Hi,
I have just received an application form from the ICB for a practice licence and feel a bit lost about which way to go next. Do I need to actually register a business first and sort out the insurance before applying for the licence.

Can anybody give me any advice??

  • Joanne Harrison AICB CB.Cert

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Kate_Brown
  • Fellow PM.Dip
  • Practice Licence
  • 86 posts
  • # 74332

JoanneH said:

“Hi,
I have just received an application form from the ICB for a practice licence and feel a bit lost about which way to go next. Do I need to actually register a business first and sort out the insurance before applying for the licence.

Can anybody give me any advice??

”

Hi Joanne

Have you decided whether you're going to be a sole trader or set up a limited company? It sounds like you're considering a limited company, in which case I would perhaps recommend getting that sorted out first (I'm a sole trader though, so I'm no expert!). This is something you should probably get advice on if you're not sure. If you're going to be a sole trader, you'll need to decide if you're going to trade under your own name, or have a business name.

Once you've decided all that, you can sort out your Professional Indemnity insurance - I used the ICB one which is done through Trafalgar. You then just indicate on your Practice Licence application that you've got your insurance in place. Then fill in the rest of the form and send it off with your proof of ID etc.

I've just been through the same process so just shout if you need any help!

Kate
  • 28 posts
  • # 74333

Smile

Edited at 12 Nov 2012 02:21 PM GMT

  • Joanne Harrison AICB CB.Cert

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Kate_Brown
  • Fellow PM.Dip
  • Practice Licence
  • 86 posts
  • # 74344

I know what you mean! There seem to be so many things to think about, and worrying about actually getting some clients - when my phone rings for the first time I think it's going to scare the life out of me!

When I was thinking about my business name, I considered just using my own name, but came to the conclusion that it was just too dull. So I took the name of the village I live in instead - it's just a name, really (Stenson), but not one that's already associated with a business to my knowledge. I did think about something more literal, so the name would describe the business, but decided that once the name was out there, hopefully people would associate it with me anyway.

Not sure if that's actually any help to you, but hopefully it might give you a few ideas!

Kate
Macksie
  • Member
  • Practice Licence
  • 31 posts
  • # 74612

Hey there

I am a little late replying to this but I can relate to what you say I've just quit my full time job mainly because I got a job teaching accountancy part time but this also meant I was able to locate a client to do bookkeeping for it just kind of fell into place so I am lucky.  But from there it meant I had to quickly get my practice licence and get myself up and running as a sole trader.  It meant I was working full time for a while, while doing the bookkeeping which can be tough when you're tired in the evenings but its worth it in the long run.

As for the names bookkeeping isn't exactly the most exciting thing is it all I can say is think about what you'd like your business to portray or stand for and it'll come.

Good luck with it all hope you get a client soon.
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