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Essential Tips for Starting a Business Starting a business is an exciting adventure, but it's important to stay focused and prepared. You will find plenty of information on this page but here are a few tips to help you on your journey Be motivated - There will be ups and downs in business and your motivation will keep you focused on your goals Get the right advisors - With all of the aspects of running a business, you can’t be expected to do it all. Surround yourself with the right people that will support and help you along the way Get your finances in order - Your new business may not make any money in its first few of months, make sure you have savings that can support you, should your new business not be able to. We hope this gave you a quick run down on some of the things that you need to consider when starting a new business. If this is something you wish to discuss in more detail, get in touch

If you're not making money yet, you may still be eligible for working tax credits, child tax credits, and housing benefits, even if you're already receiving them. Speak with your Status Officer at HM Revenue & Customs to discuss when you should register as self-employed and how it will impact your benefits and National Insurance payments. You can also check on the governments website what you may be entitled to. If you need more specific information on which benefits will be affected, please get in touch.

Business registration can be a complex process. We're here to help simplify it for you whether you register as a sole trader, partnership or limited company. If you’re running a home-based, low-risk small business, registering as a sole trader is likely your best option. It’s a simple process that involves telling HMRC you pay tax through a Self Assessment. We include this service as part of our start up package for no extra charge. When you're in a partnership, you'll need to register with HMRC. You'll also need to choose a nominated partner who will be in charge of taking care of the paperwork and taxes. The partners of a business split the profits and are responsible for paying their own tax. The partnership, as well as the individual partners, will need to register with HMRC. We include this service as part of our start up package for no extra charge. Registering your company doesn't have to be complicated. Become a separate legal entity by registering your business as a limited company. You'll need to be registered with Companies House in addition to HMRC, but we can help you. We can set up your limited company for £49.99. For further information on any of these, get in touch, its free to ask.

If you're considering entrepreneurship or starting a business without funds, these tips can help you succeed. Keep your day job, keep calm and get started. It can be tempting to jump ship and go all-in on your new venture, but that can be risky. Instead, consider keeping your day job while working on your business in your free time. This approach can give you the financial stability you need to get your business off the ground. Once you're confident that your business is succeeding, you can always transition to it full time. Choose an idea without the upfront cost. Starting a business doesn't have to be complicated. Consider a service industry business such as writing, virtual assistance, graphic design, tutoring or photography. There are many others to choose from, play to your strengths. Additionally, borrowing from friends and family is also a way some people start up on their own, perhaps giving them a share in the business in return. Lastly, just because you start your business with no money, does not mean you shouldn't follow the advice on this page. Everything described on our start-up page is essential for a thriving successful business. Get in touch, we will happily help you take the step into entrepreneurship and don’t forget, we offer discounted prices for the first 6 months.

In order to get a loan or funding for your new business you will need to be able to produce a clear and concise business plan. There are several options to get funds for your business. Some of these include bank loans, government loans, P2P funding, cash advances, and invoice finance. Each option has its own pros and cons. When applying for a bank loan, be clear about the amount you need and how you plan to repay it. Cashflow forecasts can help provide these details and give the bank a better understanding of the loan's viability. They are also likely to check your credit score before confirming the loan. Government start-up loans can help new businesses get off the ground. If you're over 18 and have been running your business for less than 24 months, you're eligible to apply. You could get anything between £500 to £25,000 with an interest rate of 6%. Pay it back over 1 to 5 years. Click the link for more information. Consider alternative funding options for your business, like peer-to-peer loans. Private investors can lend you money via online platforms. Keep an eye on fees, charges, and interest rates before making any commitment.

The right support can make all the difference. Depending on your age and the type of business, you may qualify for specific grants, low-cost loans, and other financial help. One program that could help is the Prince's Trust, which provides some incentives. The government website Business Link is a great resource to help you with advice on getting grants, loans and other forms of financial assistance, as well as support.

It's crucial for business owners to recognize the differences between company structures and determine which one suits their needs best. A sole trader is a person who owns and runs their own business. As a sole trader, you are self-employed and have full responsibility for all your business decisions. Benefits of being a sole trader: Keep all your earnings after taxes No need to register your business More flexibility in decision making and processes What is a limited company? A limited company is a separate legal entity from its owners. It can have one or more owners, multiple shareholders, or members. The liability of people within the business is limited to the size of their stake in the company. Even if owned by a single proprietor, the owner and business are still seen as separate entities under the law. Benefits of a limited company: Operating as a limited company has many advantages. You, as the owner, are protected from company liabilities. Additionally, you don't have to use personal funds to resolve debt. You can also retain business control. Limited companies have tax benefits and pay only a capped Corporation Tax. Need some advice on which is best for you? Ask us!