When you’re starting a business, taking care of the key start-up tasks and things you need to consider is important. Certain things need to be done at certain times and in the right sequence.
By doing the above you can really help boost your chances of success and get your new business off to a great start.
Whats first?
To get started you’ll need a solid plan. This is called a business plan. You’ll need a business name and to register with HMRC, if you are to be a sole trader or Companies House if you intend to be an incorporated company. An accountant can help you decide which one is best for you, based on your business, personal circumstances and industry.
You’ll need to understand your costs and manage your cash flow and tax payments once you’ve started trading. You also need to consider whether you will be required to be VAT registered.
Starting a business can provide you with a more rewarding life, but requires careful planning in order to succeed.
You may want to consider a brand, a mission statement and culture definition as well as market need and competitor knowledge. You’ll need to understand your costs before you get going, manage your finances once you’ve started your business.
Accounting software is highly recommended and here at DLR we can provide you with as much as up to 50% off the RRP of Sage/Xero and Quickbooks due to our partnership agreements in place. The software will help you track costs and manage all the business finances in one place, as well as give you true visibility of the numbers in your business.
When you’re starting a business, taking care of these key start-up tasks properly, and in the right sequence, can help boost your chances of success and get your new venture off to a great start.
In short the first questions you need to ask yourself is? :
- When to launch your new business
- Who you’ll sell to – and how. Do I need to carry out market research with potential customers?
- Who are my competitors? Why would customers choose me not them?
- Have I got any start up costs for machinery/plant/tools and other resources?
- Writing a business plan – how are you going to do it?
- Will this business support my household income?
- What business structure is right for me?
- How to register your new business, with appropriate authorities and banks?
- How are you going to managing your business finances including VAT (if applicable)
Speaking to us can really help your business – its what we do. So give send us an email on communication@dlraccounting.com and lets have a coffee and a chat!
Give us a call to discuss further and see how we can help you cut your tax bill!