Starting your own business
Taking A step into business?
There are many different reasons for starting your own business. It is a big decision to make, but once you have made it how do you set it all up? Turning your idea into a real business is the first step.
For most new business-owners the world of legal responsibility and accounting is a totally foreign concept, so it is vital to get the right help from the right people.
I have helped many new start-ups over my many years as a qualified accountant, and then I went and did it myself.
So I understand what it takes to get a business started, whether that is a full-time business or a side-hustle to begin with.
As an accountant that you can talk to, and who understands what it takes, the highs and the lows of business ownership, I will help you get things right from the start.
Your Business Structure
As your business is being set up you have a few options for the legal structure that you use. Sole Trader, Partnership, Limited Company?
Which you choose is an important decision and there are a number of considerations – and not just tax.
I will discuss your business with you, as it is now and how you intend it to progress so that I can advise you on which set up is best for you. Of course what is right now may change in the future as your business grows and changes – but we’ll keep that in mind at all times.
Setting your business up
Once a structure has been agreed you need to set it in motion. There are a number of tasks to undertake and I will help you with all of these:
- Register the business with HMRC and Companies House (if applicable)
- Prepare a business plan (you should always have a plan), cashflow projections, budgets and forecasts
- Consider what financing will be required and what will be the best source
- Set up banking arrangements
- Set up a bookkeeping system, either internal or external
- Deal with Company Secretarial issues if applicable
- HMRC provide some guidance on business start-ups which you can access by clicking here
A helping hand
New business owners need support. No matter if that is help in making a business decision, big or small, or just a friendly chat, I will be on hand. Having support makes a big difference and providing that support is all part of my service.
Of course, you may need help or advice on other areas, so I have established a network of professionals that I know provide the level of service and advice that I would expect.
Resources to help you and your business
Resources to help get your business idea off the ground and through that testing first year.