So, you have an idea, a market to explore, a gap nobody is filling and an opportunity to go it alone. You hand in your notice from your stable, comfortable, salaried job. You think of a business name, branding, setup a Facebook page and tell all of your friends. You registered as self-employed and that’s it; job done and time to go out there and sell, sell, sell. Then April comes around…
“A tax return? What is that? How do I do it? Am I setup? Where are my receipts? How much tax am I going to pay?”
That’s the time you wish you had a look at a few tips for starting a business. Luckily for you, the team here at J Sweeney Accountants have collated our top tips for starting a business and have shared them with you below.
1. Get in touch with an accountant.
If you choose the right one, they will get you setup, give as much advice as you need, help with templates and monitor your deadlines so you don’t have too. If you find the right accountant, they should have connections to all industries; they can help with nearly everything!
2. Plan your first 3, 6 and 12 months and keep it simple.
Who are your customers? What are your targets? How much cash do you need to get started? Do you need support from other business sectors e.g. legal support, funding support, IT assistance?
3. Get a business bank account.
Though at first this piece of small business financial advice may seem simple, you would be surprised how many business are run out of a personal bank account. Even before your business gets going, set up a separate business banking account. Just remember: don’t mix your business and personal accounts.
4. Speak up about your new business.
It can be intimidating to share your business with the world, but the more people you share with the more they can share with. People buy from people, so be the best form of yourself.
As we mentioned above, your accountant should be far more than the person you speak to once a year to file your tax returns. At J Sweeney Accountants, we become an extension of your business. Getting to know you, your ideas, plans and problems means we can help and advise better when it comes to the tax year end or financial year ends; continuously giving you the tips for starting a business that you need. Give us a call on 01604 950034 or email us on [email protected] to find out more.