Starting in business is exciting but there is so much to do.  Some people choose to do it, others get find themselves having to do it in order to earn a living.  Here is a list of things you need to consider.

Could you do it?

It’s not for everyone here are some things you will need to manage on a personal level.

Maintaining enthusiasm and positivity (I can guarantee it will waver)

• Getting things sorted – there won’t be anyone to sort IT issues or find ink suppliers – you will have to do it yourself. Joining local business groups can help you build a network to do this or help find solutions.
• You are going to need a fair bit of determination to keep at it.
• Hard work – some businesses can be managed within working hours you set yourself but you may find work encroaching more, especially to start with if you don’t have staff.
• When you have your own staff to manage you will have to lead and discipline them, maybe even dismiss them. 
• Can you see and respond to market opportunities? This means you may need to be flexible and change what you offer quickly.
• Can you be positively self-critical so you can improve your performance without getting down?

Some other things to consider

You won’t have a regular salary so you need to be able to cope as your cash flow will vary each month.  At times you may have to do without.  I could be worth saving up an emergency fund before you start.

• Involve your family – it helps if they are on your side and understand that you are going to have to put a lot of effort in to get things off the ground.
• Identify what you are good and the things you need help with. It is worth looking around for grants and free courses for new start ups in order to fill in skill gaps.
• Research your market so you know who you are aiming at, the size of your market and your competitors. These days you could start in your spare time and you can make sales of up to £1,000 in a year without needing to report it to HMRC so you could run a small scale test of your ideas.

Some businesses simply evolve almost unintentionally, you do a bake a cake for a friend, then someone you don’t know asks you to do the same for them and you charge them, before you know it you have cake business.  Other businesses are more planned from the outset. 

Things you need to plan for

Drawing up a business plan, especially if you need to borrow money, but this will also help you think about all aspects of your business, predict problems with cash flow and act as a set of goals to aim for.  There is a separate factsheet on this.

• Decide on a business structure, whether you set up as a sole trader, partnership or company. There is a separate factsheet on this.
• You will need to get business stationery that meets minimum legal requirements.
• You will need a system to keep your books and records.
• You will also need to prepare annual accounts and decide on your year end. There are also requirement to register with HMRC for tax, and where relevant, national insurance, payroll and VAT.
• If you work in the construction industry you will need to consider whether or not you need to register for the Construction Industry Scheme (CIS).
• If you are going to employ others you will not only need to register for and run a payroll but you will also need to comply with other legislation including the national minimum wage, the working time directive, auto-enrolment pension rules, employment law, health and safety and employers insurance requirements.
• You will need to make sure you comply with the General Data Protection Regulation or GDPR.
• Insurance is also recommended and will be required by some trades and professions.
• Fill in your skill gaps so you are prepared to deal with all the things that someone else has always done Cool Ventures may have courses to help https://coolventures.co.uk/starting-a-business/ .

How I can Help

There is so much to think about when setting up in business that it is easy to forget something and while business success cannot be guaranteed professional help from the outset can help avoid some of the problems that new businesses encounter. 

I can assist you in forming your plans and provide any accounting, bookkeeping and tax services that you need.  I am always happy to tailor my services to the needs of a growing business, and if you are not currently able to be able to afford a full service I can help with bookkeeping and payroll training.  

My network of contacts can also provide help with setting up auto-enrolment pensions and drafting all forms of contract, whether they be sales contracts or employment contracts etc.