To start a business whilst studying may seem incredibly daunting, you may feel like it’s not the right time or that you’re not ready. However, having access to your student resources could be hugely beneficial for starting up your business and to the success of it. So if you have a dream of starting your own business, then why wait around? Get started on building your future today.
The current VAT threshold in the UK stands at £85,000. Any business that has an annual turnover of that value must register for VAT with HMRC, and when they do this they will receive a VAT number. Before you work with another business, you normally want to find out all you can about them and you can easily do this through a Google search. However, something you might not consider looking at is their VAT number, and this is actually something that you should definitely be verifying.
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.
If you are thinking of starting a business and don’t have huge investment funds then there are still plenty of startup business ideas for you to consider. There are certain elements that come into play when starting a small business that could reduce the costs of starting up significantly. From working at home to needing minimal equipment, it doesn’t have to cost large sums of money to get started.
SMEs generally need the capability to juggle many different tasks at any given moment. If you’re a new SME business your focus might be on finding suitable premises, financing your operation, strengthening your team or simply staying afloat. With a plethora of moving parts to consider, digital risk management can get left by the wayside. The risks, however, can be severe and are more prevalent in smaller businesses than they are in larger ones.
So, you’ve done it. You’ve had an idea, you’ve launched a business, it’s even started to grow. Congratulations; you’ve cleared your first set of hurdles. But what do you do next? You have information coming at you from every angle. Demands on your time are growing and your available time is dwindling. How do you know which information matters? And how do you keep the momentum going, or even build to the next level? Every business is different, but some requirements are universal, and some data should never be overlooked.
Useful and actionable advice is priceless, especially when it comes to your small business. If you feel like you bit off a little more than you could chew, consider finding a mentor to help you overcome obstacles.
The hard truth? Most mobile apps get deleted just six days after they’re last used. With so many applications on the market, you need a way to capture users’ interest. You need to keep them coming back. If they encounter app issues or find your user interface (UI) frustrating, they won’t wait for a fix.
The last Budget before the UK leaves the EU was revealed by Chancellor Philip Hammond at the Houses of Parliament today. With the country edging close to Brexit, and no deal in place, the small business community is facing an uncertain time. The chancellor has tried to immunise the community from the uncertainty surrounding Brexit and give a well-needed boost to high street businesses.
The social and political landscape is changing. Driven by the digital revolution and gathering pace as the number of so-called ‘digital natives’ reach adulthood, this paradigm shift is a result of society shunning traditional leadership models and preferring direct connection instead of intermediation. It’s because of this shift that crowdfunding was born, and the effects it’s having on society are far more profound than many realise.
In the most recent study carried out by the Federation of Small Business (FSB), it was found that constantly rising operating costs are stalling business growth. The survey, which has over a thousand recipients, highlights the struggles of small businesses, as the number of small businesses reporting a rise in operating costs is nearly at a record high.
GDPR has stirred a frenzy of preparation in the business community on a scale unseen since the millennium bug. With the spotlight thrust so firmly on GDPR, another cyber security legislation from the EU has slipped quietly under the radar. It’s called the NIS Directive, and it came into effect on May 9, 2018.
One of the main benefits of cloud accounting software is that your business accounts can be accessed from anywhere and at any time. The capability to update data in real time for extra speed, accuracy and efficiency in accounting will enhance the company’s performance as a result.
As a business owner, you will inevitably need to speak and present to sell yourself and your business. If like me you are an introvert this may not fill you with joy! However, understanding more about what this introvert trait means can help us move forward.
Small business owners often make the mistake of believing HMRC only investigate the tax records of big players. Wrong. Last year HMRC were seen to be cracking down on tax avoidance and increased its investigations into smaller firms.
Fraud is a real problem for businesses of all capacities and SMEs can suffer greatly if they’re struck with fraudulent activity, which is why spotting the signs early can save a catastrophic effect on the organisation.
Where do you find your motivation, is it by following in the footsteps of your idols, or reading motivational quotes? Words have the power to achieve great things and coming from the right person, have the power to reignite fire in you, and give you the motivation you need.
If you are the owner of a business, you, of course, want it to have a welcoming reputation when it comes to customers. A business can offer the most fanciful product on the market, but unless it is marketed correctly, no one is going to buy it.
If you’ve already followed the standard procedures for recovering an unpaid invoice, you may be considering more drastic actions. Unpaid invoices are a common problem for SMEs and can cause significant financial burdens. Once 38 days have passed since the invoice due date, you have four options for debt recovery given by Sage.