Starting your own small or home based business is a daunting prospect but can afford you considerable satisfaction, not to mention personal and financial reward. The Tax Consultants Guide’s tips will set you on the right track to small business start-up success. The tips are of course not exhaustive, and not all may apply to your own personal circumstance…
Firstly, the benefits of preparing a realistic (even modest) business plan cannot be emphasised enough! Think of this as your small business map, you have to know where you want to get to and how you are actually going to get there.
Your business plan will of course encompass the financial considerations of starting a small or home based business. Do you have the capital required; do you need to raise funds? Who are you going to approach for finance or advice? And don’t forget to open a business bank account!
Next, have you considered the legal implications of becoming a business owner and proprietor? Are you better off as a sole trader, a limited company or are you considering a partnership? Make sure you consider all the angles and protect yourself personally from the outset. Anything you bring to the business has to be itemised, valued…even if you’re a sole trader. And make sure you are professionally covered with the appropriate business indemnity insurances.
Are your family and friends fully understanding and supportive of your ideas to venture into small business start-up? Do they understand the level of commitment you will have to show for on-going and long term success? Their belief in you and continued support of you will work wonders towards your on-going success, so don’t forget to look out for them too. If, God forbid, something were to happen to your health, how would your small business survive, how would your family cope? Again, consider insurances, pensions etc.
And last but by no means least, your small or home based business has to consider its tax and VAT situation. Do you need to register for VAT, have you informed the tax office of your business’s inauguration? And make sure the National Insurance Contributions Office is notified of your intention to commence self-employment or you could face a fine. From the outset make sure your papers and books are in order, this will save you time, money and heart ache in the long run.
Carefully consider all of the above points before starting your small or home based business and get specialist professional advice along the way. We wish you luck, success and satisfaction with your small or home based business start-up.