Managing business finance is sometimes that mountain too far for some sole traders or small businessmen. They can get themselves into a proper stew and very often hide their head in the sand. The only really secure way to keep on the straight and narrow is to have a proper and realistic business plan; know where the funds are coming from to start that business and before taking any action, set up a business bank account so that you separate your personal and business finances properly. How are you funding this operation, have you secured business loans, investor or peer to peer. Using a spreadsheet or accounting software, definitely monitor your finances, in and out, with pinpoint accuracy. Get business advice such as an accountant to ensure you cover at least the legal side of running your accounts. Register your business with Companies House if you choose to be a limited company. Also register for VAT if after trading a while you meet the criteria set for companies to have to register. Absolutely check whether your business will need licenses or permits. File tax returns at the right time. Don’t hide your head in the sand if things have got a bit slow, sit back, take stock and see if you can find an alternative strategy for the time being. Develop a strong marketing plan and get advice from a business agency. Do not panic. Just keep going if possible and keep outgoings to an absolute minimum until trade picks up.
Starting That Business Idea Takes Skill & Courage But It will Work!
