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An important thing to consider prior to any company formation is the mix of skills represented by yourself and your business partners. It's important to have a varied palette as possible for many reasons. One of which is that the more knowledge and skills that you have, the more issues you can resolve without seeking outsourced help which is usually very expensive. Even if someone just has a passing knowledge of the subject, knowing a little is usually enough to ensure you don't get ripped off should you need to bring a contractor in just after your company formation.

Prior to company formations it is a good idea to sit down and try and imagine what kind of contingency plans you may have to make in the future. Not just for once in a lifetime disaster recovery events like earthquakes or heavy storms, but the littler things that may effect business continuity such as a change in the law in regards to what services you are selling, or the discontinuation of a popular product. These issues are not massive in themselves, but preparing for minor events such as these in the company formation stage can mean they cause as little disruption as possible when they actually occur.

A good way of expanding your pool of expertise on the cheap after company formation is to bring in a friend or family member with the requisite skills, and compensate them for their time with private shares. This will hopefully ensure the work is done to the highest standard.

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