Over 672,890 start-up businesses were launched in the UK in the tax year 2018/19 – that’s equivalent to 1,844 new businesses per day. However it is a sad, but the inevitable, fact that not all of these will succeed in the long term. So what can you do to try and tip the scales in your favour? One of the most important things is making sure that you get off to a good start, so here are some tips for starting a small business, given by Jeff Barber, Partner at Selling My Business.
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business finances
Many business owners, including contractors, may have found it difficult to secure a competitive mortgage in the past. However, more enlightened lenders and mortgage brokers are happy to provide a mortgage for limited company directors, who may find it hard to prove income on a ‘traditional’ basis.
[continue reading…]There are many reasons why people want to get into the street food industry. For most people, it’s the fact that they can cook their own delicious food, be their own boss, change location whenever they want, and it’s not too expensive to start up. You can work cooking your own food, watch peoples’ faces when they take a bite out of your culinary speciality and make a living from your own talent.
Money fuels the business world, so regardless of whether you personally view it as a worthwhile goal or merely a necessary evil, you need to keep it at the forefront of your thoughts. Consider that entrepreneurs who just expect their finances to work out aren’t entrepreneurs for very long. You might not be able to control exactly how many clients you win or how much money you make, but you can ensure that all your sums add up and you know precisely where you stand.
There are basically two ’schools of thought’ when it comes to analysing financial data and making assessments about the general performances of a business or a company. The first is the one which tells you that analysing financial data is not as big of a deal and that you can easily judge a financial situation by doing some basic calculations and looking at the certain numbers. The second is the one which advocates that a more thorough and meticulous approach needs to be conducted in order for these numbers to actually mean something.
Look, we’ve been there. You’re focused on delivering a project. Then another. Then something enormous comes along and takes up your time. Before you know it, the year’s up. And then it suddenly hits you that you’ve got a self-assessment return to file, and you’ve got absolutely no idea where to start.
A recent Government report shows that £44.6 billion is owed to small-to-medium sized businesses in late invoice payments. While it’s hard to fathom how much impact this amount of money will have on the economy in general, it’s important to understand the impact it can cause business owners.
In a recent study carried out by Paymentsense, it was found that female entrepreneurs were better at handling stress than their males counterparts. The research which looked at over 1,000 small business in the UK showed that women are good at handling business stress as well as men and sometimes even better. This should be encouraging to any aspiring female entrepreneurs, who want to take on the rewarding challenge of starting their own business.
Are you aware there isn’t long left until Making Tax Digital for VAT comes into force? From April 2019 VAT registered businesses with a turnover over £85,000 will need to ensure that all VAT returns are submitted digitally using the HMRC new platform known as Making Tax Digital (MTD). Around 40% of businesses that will be affected by MTD when it comes into effect are still unaware. Therefore, HMRC has recently started an awareness campaign to get businesses prepared before the date.
Cash flow is the term for the money that flows in and out of your business. From petty cash to business capital, cash is what keeps small businesses alive. While it is usually measured monthly, quarterly or annually, your cash flow should always be at the forefront of your mind.
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If you have a passion for making music, starting a recording studio business may seem like a dream enterprise, especially if you already have experience of recording in your own home studio. Helping unknown artists on the path to success is an exciting prospect. However, starting up a professional recording studio is not easy. You need to be aware of what is involved and make sure that you are fully invested.
Keeping on top of your finances is one of the biggest causes of stress for small business owners, as the financial position of a business can really be the make or break point for the future of it. There are many challenges that small business owners face, from building a customer base to being a supervisor or creating and delivering good quality products. As a business owner, you will need to wear multiple hats in order to keep the business running. However, managing your finances may be of particular importance to the livelihood of your small business.
If you’re raising money for your business, don’t ignore the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS). These offer new and growing young businesses in the UK attractive vehicles for securing inward investment. They benefit both the investor and recipient – and they are backed by the Government.
Business bankruptcy is the legal position of a business that is unable to pay its debts to creditors. The status is ascribed by the court, usually at the initiative of the debtor, at the point when they realise they cannot meet their financial liabilities. In this article Bankruptcy Canada give an overview of different types of bankruptcies and their effect on business’ income.
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Whether you work for yourself or run a small business, the most difficult thing to manage is cash flow. So, what can you do if you are owed money and the person is ignoring all your phone calls and letters? Firstly, don’t panic! Late payments has become part of the small business culture, but there may be some who try to evade making payments. This is when you will need to look at the debt collection, and really take what is yours.
As a business owner you should have an exit strategy in place for your small business. It can vary from selling, to retiring, to moving onto another business idea, to even passing your business down to your children. You can keep your options open when it comes to deciding what you want to do with your business in the long term, however it is highly advisable to have an exit strategy in place. This can help you prepare for the future of your business ensuring that you choose the most beneficial and profitable option for you.
Since the referendum, Brexit has impacted small businesses in more negative ways than positive, it has left millions of small businesses with lack of confidence and uncertainty about the future. In a survey conducted by Insolvency Practitioners MGJL to check up on the health of businesses, the results were far from positive, especially regarding the Tech industry.
Choosing the right accountant for you and your small business is imperative. An accountant can be like a partner, a trusted colleague who will provide guidance, especially regarding taxes as they can be quite complicated. In order for your business to grow, you are going to need a good accountant to offer advice and give you facts about your finances.
With the lead up to Christmas and the New Year, business owners are likely to be busy dealing with getting the customers in and operating the business. However, small business owners need to ensure that they plan ahead when it comes to making payments and payment processing. Making payments on time is vital to ensure that everyone has a Merry Christmas and are able to enjoy the festive period.
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With a new Budget around the corner and just a few months since the last one, 2017 has been a bumper year for Budgets. Following on from the Spring Budget in March, Wednesday the 22nd of November will see the first ever Autumn Budget; but why has the date of the Budget changed and how will it impact your business?
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