Ready, set, go! You’ve had an amazing idea for a new business. You’re so excited and can’t wait to begin. How do you start?
“Forming your idea and setting your sights on a new business is a real adrenalin rush,” says Emily Bridges of re:accounts in Stevenage. “However it’s important to take a breath and decide on some key actions. Preparation is key and can save you time and money as your business launches.”
7 Key Decisions for New Business Owners
1. Choose your legal structure
Would you prefer a legal distinction between you and your business?
Are you starting this business with anyone else?
Is anyone investing in your business other than you?
How you answer these questions influences the type of business structure that’s right for you. Should you be a sole trader or a director of a limited company, for example?
2. Write your business plan
Every business should start with a business plan, especially if funding is needed. As well as giving your business shape and direction, the process involved is a great way of clarifying your thinking and setting goals. You’ll spot any gaps! There are loads of free templates available online to help you.
3. Set up your tax and insurance
Depending on your business structure, you will need to register with HMRC (sole traders, partners) and/or Companies House (limited companies, limited liability partnerships). You’ll need to submit a tax return too (self-assessment or corporation tax – or both). It’s never too early to format your bookkeeping and deductible expenses in the right way, saving time and stress when the submission deadline looms.
Insurance requirements are dictated by what your bu
siness does – not least whether it’s product or service-based.
Will you be employing others? There is a whole raft of tax and insurance requirements to be aware of. Help is at hand.
4. Helping Hands
As businesses grow, it’s hard for one person to tackle all the roles involved. Most people start a business based on their passion or eye for opportunity, not because they like admin, or bookkeeping and accounts, for example. (Unless you’re us. We love working with numbers!)
Think about the options available to bring in specialist support, freeing you to do the jobs you love. Consider outsourcing to seasoned experts or employing someone to help you long term. Remember that part-time employees are an option, offering a flexible, cost-effective solution.
5. Make sure that you minimise your tax
No-one wants to pay more tax than they should. That’s where expert accounting advice can help. From income tax to corporation tax, and our international tax specialism … re-accounts will minimise your tax liability and keep your business compliant.
6. Invest in some brilliant branding
From a logo to set colours and a font you love … getting your image right (and memorable) will give you an edge when you market your business. Almost every busines sector is busy and competitive. Fabulous branding can help you stand out from the crowd; to be noticed by your potential customers. It influences absolutely everything from your website to email signatures, packaging to promotional gifts.
7. Do it!
After all that thinking and planning, it’s time for action! Bringing your ideas to life is incredibly exciting. Enjoy the journey!
Remember – if you’d like some friendly, expert advice as well as accountancy reassurance, the re-accounts team is here to help you. Contact us for a free initial discussion … with optional caffeine!
