Business Start-Up

Tips for Start-ups

Do what you are good at – get others to do the rest.
Talk to experts – Accountant, Marketeer, Bank Manager, Business Link.
Plan, Plan and plan some more – constantly review where you are compared to where you want to be.
Expect to keep learning – Don’t be good – be great.
Spend some time every week on your business – not just in it.
Find out what other businesses in your field do well and what they do badly – do better in all these and you can take their customers.
Find out about up-selling and life time’s worth and act on it (effective marketing).
Find out about guerrilla marketing and act on that too.
Plan not to run out of money – save for tax (25% of all you earn from day 1). Have a back up plan if you suffer a bad debt or the economy slows.
Keep your books up to date – find a way to tell you how you are doing.

Software for Start-ups

Sage start-up go to http://shop.sage.co.uk/startup.aspx Or:
Go to PC World or Staples for start-up software and books – Sage Instant etc
– Barclays and NatWest provide a software scheme for start-ups
Diamond Discovery Prelude – available from Amazon or Omega – also hosted.
If involved with projects look at Officenet – hosted version – click here for more info.

To make life easier for your accountant, and therefore cheaper for you, do the following:
Keep a separate bank account for your business and use it only for business expenses – (it doesn’t have to be a business account unless you’re a limited company); likewise keep any credit or debit cards separate.
Keep all your invoices, receipts and bank statements in date order, invest in lever arch files and a punch.
Keep all your cheque stubs and fill them in legibly.
If you have the confidence to get into spreadsheets, click here to order our free – easy to use – Excel Accounts System and reduce your Accountant’s bill by as much as 70%.
Keep details of everything you pay for in cash or pay for through your personal bank account or cards – get invoices or receipts.
If there is anything you need to know – ask, click here and send an email with your question – we’ll reply with an answer as soon as we can.

Join A Network
Business Link can provide a list of networking clubs in your area.
Don’t commit yourself until you’ve tried them.
Look at www.businessandnetworking.co.uk for tips on how to network effectively.

Tax Tips:
1. Make a valid will and examine how you can save on inheritance tax beforehand.
2. Maximise your shares, property and investments by finding out how to save on Income and Capital Gains Tax.
3. Invest in Cash ISA’s.
4. Consult a good independent pension advisor – not your bank.
5. Give some of your savings to your children to invest in tax free accounts.
6. Opt in to VAT Registration if largely B2B.
7. If you pay a lot of tax, consult a tax advisor – you’re probably paying too much.

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