It all started with an idea or a dream, which is great.
You can use this guide to make help turn that idea and business dream into a reality.
It’s a fascinating time but can be a bit daunting so remember we are always on hand to help you in any area of setting up a business.
Create a business plan
This is where your passions really come to life, and you start to plan your business out and map your vision for how it will be in the future. Our super handy guide to creating a business plan can help you.
Set up your business structure
Choose a legal structure that works best for you. Your business structure can affect how much tax you pay and how the law treats you. So it’s worth reading our guide to business structures to see which is your best option.
The management of cash flow can be a problem for many small and growing businesses.
According to research in August 2017 by Business Insider UK, 82% of businesses fail due to cash flow problems. Cash flow can be the difference between survival and failure; we need to embrace process refinements that can help you manage your cash flow.
We have a team who can help review your cash flow and help get you through the next 6 – 12 months. Get in touch here.
Bookkeeping refers to the recording and tracking of the day-to-day financial transactions of a business, such as sales, supplies and wages.
It’s vital to keep your records up to date, and you can engage a bookkeeper to help with data entry to ensure your balance sheet and profit and loss reflect the position of your business. By using tools such as Xero, you have the ability to keep track of your financial reports using live up-to-date data from sources such as bank feeds.
You can use Dext tools to store your records digitally for you or your accountant and bookkeeper to refer back to at a later date. If you choose to keep manual or paper records, these should be retained for a minimum of 6 years, should HMRC investigate.
Registering your business for tax
Organising tax IDs and registering with HMRC, all of which can seem a little daunting when all you want to do is make your dreams a reality, so we’ve got a guide to help you.
You may decide you need to hire employees or commission agencies, or freelancers.
You will need to understand your employer responsibilities, for example, their health and safety and worker’s rights. It would be best to get Employers’ Liability (EL) insurance as soon as you become an employer. We have a dedicated payroll team that can help you with payroll, National Insurance and pensions for eligible staff.
Check out our guide to Becoming an employer.
Before you launch your business, you will need to consider the types of insurance to protect you against unforeseen events and financial losses.
We can help you work out what you can claim for any business expenses against tax. You may be able to claim back against any new equipment or supplies.
Build your business brand
This is where the fun starts as you need to stand out in your customer’s mind. You may decide to commission a graphic designer to create a logo and then build the other attributes yourself, super cheap and easy to do. Alternatively, you can work with a branding agency that will work closely with you to establish all the aspects of your brand in addition to your logo.
Create a website
We all need to have a presence online these days, and now you have your brand, it’s time to build your website. You will need to pick your domain name and the right service to host your website. You can always refresh and improve your site by SEO and updating content regularly. See our guide on launching a website.
Think about how you’ll use technology and business applications
Nearly all companies use technology these days, but sometimes it can all be overwhelming, which is where we come to the rescue. As one of the leading cloud-based accountants, we are well-versed in which software you’ll need and can even link it all together. Get in touch
Stay proactive and be prepared to change and develop as your business grows. You can always talk to us as we have a dedicated team to help you to move forward. Get in touch