//Top tips
There’s so much to do when you start your own business. Whether you’re creating a new product or offering a new service, you want your focus to be solely on making your idea succeed.
There are, however, a number of decisions and responsibilities that need to be addressed when creating your company. So, to avoid these issues getting in the way of your creative dream, we’ve put together some tips on how to tick the necessary boxes and prevent any problems arising while you’re focusing on your new strategy.
1.
Choose your set-up
How to set up your company is often the first important decision tomake. There are different tax structures to consider and your adviser can help you decide which route to take when you discuss your business plan with them. If you intend to start working on your own, and you value the speed and ease of your business reporting, then becoming a sole trader could be your best option. However, if you want to employ others, copyright your products, or take advantage of a greater range of financial aids, then a limited company might give you the flexibility you need to grow. If you feel you fall somewhere in between, there are other structures which may suit you even more.
2.
Protect your business
Whether it’s professional indemnity and public liability, or life insurance and key person cover, there is a range of protections available for companies, their owners and staff. Make sure you understand which are compulsory for your type of business and which you may need for extra security and peace of mind if the worst should happen to yourself or your team.
3.
Get your advisers in place
We know you’re keen to get started! You want to get straight out to meet new clients and win that first piece of business. It’s important, however, to make sure you have your business advisers on hand from the word go, so they can ensure you start heading in the right direction, provide the support you need and help you avoid the tricky job of playing ‘catch up’ with paperwork and finances later on.
4.
Understand your finances
Before you start to spend, or bring in, money, make sure you understand exactly where you stand. Firstly, decide where you want to bank. Themost common options are either the convenience of high street chains or the potential lower fees of online challenger banks, although this is not always the case. Separate your personal and business finances from the start too, to avoid confusion and difficulty identifying funds later on. You should also look into, or get some advice with, what kind of expenses you can and can’t claim for before you start spending your money on building your new empire.
P6
Made with FlippingBook - professional solution for displaying marketing and sales documents online