As with owning a car, you are legally required to have certain insurances to run your business (third party fire and theft), and it’s advisable to have others in place (fully comprehensive) to cushion you from nasty shocks.
There are dozens of different types of insurances available for business. Here we look at the main insurances that businesses ‘must have’, some insurance cover you ‘should have’, and several ‘could have’ policies that will add protection to your business. Continue…
Cash is the lifeblood of any business. And in the first few years of your start-up, the ability to get cash into your bank account faster than it goes out again will be one of the main measures of whether it is a viable business.
Every year, many small businesses fail, simply because they run out of cash. Even profitable businesses can be brought down by cash flow problems caused by slow-paying customers.
Without clear credit control procedures to ensure your customers pay you promptly, your business won’t be able to grow and could jeopardise your ability to pay your own bills in a timely manner. That’s the start of a slippery slope that can end in the destruction of years of hard work.
Don’t let your business die this way. Here’s how to build good credit control procedures into your operations from day one, with ByteStart’s seven ways to make sure your customers pay you on time, every time. Continue…
While “entrepreneur” may occasionally be a euphemism for “out of work”, there are more and more individuals working in earnest to start a business of their own. Indeed, statistics show no fewer than 400 million such individuals globally, with over 2 million in the UK and 20 million in the US.
Sadly, many of these ventures will never get off the ground at all. Of those that do, the majority will fail. Of those who submit business plans to venture capital investors, less than one percent will get the funding they seek.
Those elite few who do raise finance have to give away large portions of their company and control in return. Worse still, many business founders who do receive venture capital money get fired within a year of the investment.
Despite the challenge of raising money, and the serious potential downsides, there is a widespread notion that if you are an entrepreneur looking to build a successful, growing business, you need to write a business plan and raise a few million pounds. But this vision is essentially wrong.
Despite the challenge of raising money, and the serious potential downsides, there is a widespread notion that if you are an entrepreneur looking to build a high potential business, you need to write a business plan and raise a few million pounds. But this vision is essentially wrong. Because, if you are smart you can get your customers to fund your business.
One of the most useful bits of advice that established entrepreneurs give to people starting their own business is this: ‘cash is king’.
It doesn’t matter what business you’re in and how profitable it is, if you run out of cash, your business will struggle to continue. If you can’t pay suppliers you’ll have nothing to sell, and it’s a quick, vicious circle from there to insolvency.
Popular media would have us believe that the legendary entrepreneurs are born that way, concocting profitable deals with their schoolmates from a young age, and that you either have those elusive qualities or you don’t. I disagree.
From what I have experienced over the years, you can acquire the qualities of those successful business owners, if you want to. Continue…
Setting up a new business is an exciting, thrilling and all encompassing challenge! Personally, I think it is the best and most stretching form of personal and professional development that a person can do.
Creating and selling your own products and services, building a network of happy customers and managing your own time are just three of the perks that come with starting and running your own business.
But all too often, I meet entrepreneurs who are burnt out, stressed and lacking in sufficient income. This is often because they did not trial their business ideas before they got stuck in. So today, I want to convince you that you should ‘pilot’ your business idea before you launch your new venture for real.
HMRC are running a series of live webinars throughout October to help those that are new to, or considering; going self employed, starting a business, employing staff or becoming a limited company director.
Each hour-long webinar covers a distinct topic and will help you to understand the legal implications and the responsibilities involved with the steps you are considering. You will also be able to submit questions to the presenter during each webinar
The webinars that will be of interest to new business start-ups, both sole traders and limited company directors, those thinking of employing staff for the first time are detailed below. Continue…
With late payment problems a constant burden for small business owners, we look at the most common delaying tactics used by customers, and how you can overcome these late payment excuses.
In this concise guide, we look at the taxes you will encounter if you start your own business as a sole trader, and other things you should bear in mind before taking the plunge and becoming self employed.
When it comes to selling a business, the most important question you need to ask is – how much is it worth?
There is no single formula that can be used to precisely value every private business. The seller will want to drive the price up, and potential buyers will want the opposite.
Although there are relatively easy ways to value certain parts of the business – such as stock, fixed assets (land, machinery, equipment etc.), there will very probably be a sizeable intangible element to the value of a business.
A dormant company is one that doesn’t trade and has no accounting transactions.
There are two main situations where owning a dormant limited company can be useful for start-ups and small business owners;
It’s all too easy to get to the end of a project and feel completely exhausted. Sapped of all energy and enthusiasm we can miss what’s really important.
To overcome this, change leader, Ian Coyne reveals a new approach to project management which will help you to manage projects and hit deadlines without grinding yourself into the ground.
Take a close look at any business that has been thriving over the last few years, and there’s a very strong chance you’ll see it has a clear USP, or Unique Selling Point.
It’s something you need to develop as you start your own business. A USP is much more than just a way of positioning your business in marketing materials. It’s something that needs to be at the very core of what you are doing – part of your business’s DNA, if you like.
With the enduring popularity of entrepreneurial TV shows, a lot of attention is paid to finding a great business idea by the media.
To work out if your idea is brilliant or will bankrupt you, there are four key questions to ask before you get started.
One of the main benefits of becoming self employed is the ease with which you can start up and run your new business.
You can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see if you’re suited to working for yourself.
Here are 5 things you need to do when you decide to go self employed: Continue…
One of the first tasks you will have when starting up your business will be to decide whether to set up a new limited company, or become self-employed. If you choose to go self employed, this could be either as a sole trader, or as a partner in a partnership.
The different business structures each have their own advantages and disadvantages, so it’s vital you understand what each offers you. Working out which option best suits you, and your new business, can take a little time but it is an important decision, and one that can have major ramifications over the years ahead, so you do want to choose the business structure that best suits your circumstances.
Here we look at some of the differences between working as self employed and setting up a limited company;
Whether it’s in a business situation or home environment, procrastination is a true monster that takes away confidence and ultimately undermines self-worth. It also saps vital energy, stifling you and your business.
Every time you delay something, you add imaginary weight onto your shoulders while the item joins the long queue of “to do” items: a burden of a promise you need to fulfil.
Over time this burden grows and grows and your self-worth shrinks in its shadow. You drag along a big suitcase of things you can’t seem to get around to doing, but which you want to, or think you need to, get done soon.
The simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.
There is minimal paperwork to take care of, and you don’t have to pay any company formation costs. However, you do need to formally register as self employed with HMRC, and assume responsibility to pay your own income tax and National Insurance liabilities.
Here are the steps you must take to if you want to become self employed: Continue…
If you’re starting-up or running a small business the ability to put together a persuasive business proposal will really help you to succeed.
If you have impressed a prospective client or partner after an initial meeting, phone call or email, you will frequently be asked to submit a business proposal.
This is not the time to become complacent. There will be others on the short list too, so a well-written and attractively presented business proposal is a crucial sales tool. It is often the difference between getting the go-ahead with your idea or missing out on a lucrative new opportunity.
Fortunately, if you follow these 10 golden rules, it’s not too difficult to put together a winning business proposal Continue…