This is a big step and daunting for anyone when setting up in business for the first time. It is worthwhile spending time to consider your business strategy before you start and important to determine the correct structure at the outset.
The main choices are sole trader, partnership, limited liability partnership, private limited compnay, public company or company limited by guarantee. Each has its own pros and cons.
We have years of experience working with new start ups.
We start off with a free introductory fact finding exercise to understand your business idea and personal goals.
We will discuss your options and propose the most suitable structure for your purposes.
We can assist you with the formation and registration of your chosen entity and advise you regarding regulatory requirements.
We can further assist you to set up efficient bookkeeping and accounting processes and, if required, we manage these for you in order to free up your time to manage your business.
If appropriate, we will recommend and obtain an online bookkeeping package.
We may be able to help you to obtain additional funding.
Started for the wrong reason
Possibly the number one reason for failure is because the business was started for the wrong reason
Not having an effective plan
If you don't have an effective plan, it is much harder to stick to your vision and to make the right decisions.
It may be a great idea but often people lack the necessary business and management skills and don't seek help !
Be realistic at the beginning, and start with enough money that will last you to the point where you're business is up and running, and cash is actually flowing in.
Failure to understand the market and customers
It’s very important to understand your competitive marketspace and your customers’ buying habits.
Not knowing when to say "No"
Good businesses are based on customer service with a focus on quality, delivery, follow through and follow up. Too much to do and these will suffer.
Expanding too quickly
Growth needs to be managed carefully with the right research and appropriate systems in place first.
Ineffective marketing strategies
Every business needs customers. Do you know what to do to get yours?
Maxing Tax Digital is coming
We have an innovative and cost effective solution to help you manage your property portfolio and deal with your tax and other reporting requirements.
Are you aware of the changes coming on 1 April 2023
Are you a small or medium-sized enterprise (SME) considering R&D tax relief ?
Pre-notification is comng.
Speak to us now.
We will work with you to make your claim and may bring in specialists, depending on the circumstances.
Making tax digital (MTD) is coming for all self employed business and landlords turnover with greater than £10,000
Interested in how we can help you and your business?
Find out now with a no-obligation, exploratory discussion.
Are you involved in construction?
- Do you understand the rules and the different rates of VAT that apply to the construction industry?
- Do you understand the domestic VAT reverse charge?
DO YOU NEED HELP?
FIXED FEE OFFER
We offer a fixed annual fee service for all clients.
Our offering for new or small businesses can include online bookkeeping, typically Xero
Hertfordshire WD6 1QQ
Tel: +44 (0) 7801 954757