" Success in business requires training and discipline and hard work. But if you're not frightened by these things, the opportunities are just as great today as they ever were"
You have your skills and you’re pretty sure you can sell them (otherwise you wouldn’t be reading this), but what about the other aspects of running a business – the boring administrative details that make the difference between a good business and a great one?
Planning is key in any business. If you’re lucky you may be able to just muddle on, but good planning will make sure you get the best possible income from your efforts (which, let’s face it, is what it is normally all about).
Do you need to buy stock, office equipment or tools? What about renting premises? If your customers will be paying after you’ve done the work, how will you be paying your suppliers and what will you live on in the meantime?
Savings? Overdraft? Bank loan? What is the most cost effective way of funding your business? If borrowing, over what period? What information will the lender need?
Should you set out as a sole trader or a limited company? What about partnerships, or limited liability partnerships? What are the differences? The pros & cons?
As your business develops new questions will arise; Should you expand? Take on staff? What will it cost? Is it worth it? Is there a “best time”? What about VAT?
And then there's "Compliance" - Right from the start you will need to know and follow rules. You need to tell the relevant authorities what you are doing when you start and keep them up to date as you go on. If you don’t you are likely to face fines and a lot of aggravation.
At the start you will need to register with the tax authorities (HM Revenue & Customs), maybe form a company or register for VAT.
Then there are the ongoing commitments. You need to keep detailed records of your business activities, prepare accounts and make annual tax returns. What records do you need to keep? What can you claim as expenses? What are the reporting time limits? What goes on which form? All these are questions you will face on a regular basis.
If you employ staff or are registered for VAT there is even more paperwork to deal with.
Jack of all trades?
Some people are able to deal with all the bureaucracy quite happily, but most are not experts and are much better at dealing with their chosen career than the sort of questions and issues raised above. Unless you fancy a crash course in accountancy or business administration, what you need is some help.
Even if you could deal with some or all of the issues, is it worth your while doing it? Could you earn more doing what you do best than it would cost for someone else to deal with all the boring bits?
Help is available…
At Arkadia we specialise in dealing with all these issues.
We can set you up, get you going and give you advice along the way to help make those key decisions.
As specialist advisors to owner managed businesses we can deal with all the registrations, form your company, talk to your bankers, set up your bookkeeping systems and generally help get your business off to a flying start.
It goes without saying that we can deal with all the accounts and other compliance stuff which would otherwise get in the way of you running your business, but we are also there to answer questions along the way.
Need advice for a decision or just a bit of reassurance – help is just a phone call away…
For more information on how we can help you get started and a free, no obligation initial meeting please contact us (follow the contact link to find out how). We look forward to hearing from you soon.
Arkadia Chartered Accountants is the trading name of Arkadia Limited, Registered In England & Wales Number 5200604