It is exciting news that 608,000 businesses were set-up during 2015, and 54,000 this March alone, (©Start-up Britain) whether due to turning a hobby into a business, having an incredible idea or finally following their dream after maybe years of procrastination.
If this is you then welcome to a new and exciting adventure.
To ensure you have the best start it would be a good idea to write a business plan outlining what you want to do and how you’re going to achieve it. NO mountain or hurdle is too high to overcome with robust planning. It may be prudent to also undertake an entrepreneur assessment to gain insight into your own areas for personal development going forward.
Once you have launched your business step one is to choose a business structure for your venture. The main types of structure are: sole trader, limited company and business partnerships, but you can use other structures for businesses that help people or communities, e.g ‘social enterprises’.
You can change your business structure after you’ve started up if you find a new structure suits you better, however its best practice to research what structure suits you before registering. Note: Business structure affects the paperwork you must fill in to get started, the taxes you’ll have to manage and pay, how you can personally take the profit your business makes and your personal responsibilities if your business makes a loss.
Don’t worry though, the most popular start-up model for most people is as sole trader, just check out your other options before you start. You do need to make this decision as you are legally obliged to register with HM Revenue & Customs (HMRC) within three months of becoming self-employed.
It would also be prudent as part of your business plan to work out how you will finance everything until you secure your first client or contract, and ensure you know what kind of outlay you will need to set off successfully. Try to keep spending to a minimum and be conservative about your potential earnings in order that you know your survival budget.
Then start planning your business launch and enjoy your moment and don’t be PRESS shy, the bigger the splash the greater the impact on your potential earnings.
There are tried and tested methods of sustaining business so do contact me for further information and to arrange support. Needless to say the most important thing is to remain profitable, focus on margins and stay true to your business objectives.
Regardless of whether you are a start-up business or an established business never be afraid to ask for help and take advantage of the expertise which compliments your own.
The businesses I see find a review invaluable.
If you take just 2hrs out of your year you could find out what initiatives are available to help you make your business grow.
Finally – Good luck and enjoy the journey