We are in the early part of a new year and for many, it is a time when you may be considering a change of direction by setting up your own business.<\/p>\n\n\n\n\n\n\n\n
There are many pitfalls on the way to running a successful business, but the rewards should be worth it.<\/p>\n\n\n\n
Advice to help owners make the most of their business includes:<\/p>\n\n\n\n
Be realistic \u2013 Come up with a plan of what you hope to achieve and the timeframe in which you hope to reach that target.<\/p>\n\n\n\n
Company structure \u2013 When starting a business, you need to decide on the structure. Will you be a sole trader, a limited company or a business partnership? The structure will influence responsibilities such as what paperwork you need to complete and when, the taxes you pay, how you take profit out and what happens if you make a loss.<\/p>\n\n\n\n
Be a web wonder \u2013 A professional-looking vibrant and interactive website is worth the investment in a top-notch web designer. A shabby-looking site will put potential clients off.<\/p>\n\n\n\n
Marketing \u2013 If you have a good product you need to promote it. Create a marketing plan which could include networking\/personal selling, PR, social media and email marketing.<\/p>\n\n\n\n
Accounts and finance \u2013 The simplest way to separate your personal and business finances is by creating a business bank account. You could handle your own finances and accounts, but it would make more sense to use an accountant, who is professionally trained to ensure your accounts are legal and can help you save money by ensuring you\u2019re making the most of tax breaks.<\/p>\n\n\n\n
Funding \u2013 There are many ways of securing funding for a new business and they could include:<\/p>\n\n\n\n
\u00b7 Friends and family<\/p>\n\n\n\n
\u00b7 Angel investors<\/p>\n\n\n\n
\u00b7 Venture capitalists<\/p>\n\n\n\n
\u00b7 Bank loans<\/p>\n\n\n\n
Staff and payroll \u2013 There are things you\u2019ll need to do if you take on your own employees. You\u2019ll have more responsibilities, including:<\/p>\n\n\n\n
\u00b7 Running payroll<\/p>\n\n\n\n
\u00b7 Deducting income tax and paying for their National Insurance<\/p>\n\n\n\n
\u00b7 Providing workplace pensions to eligible staff<\/p>\n\n\n\n
If you have found this article useful, it is the latest in a series of blogs on business advice.\u202f<\/p>\n\n\n\n
Need advice on starting up and running a business? Contact us today.<\/p>\n","protected":false},"excerpt":{"rendered":"
We are in the early part of a new year and for many, it is a time when you may be considering a change of direction by setting up your…