{"id":2366,"date":"2023-01-25T14:51:53","date_gmt":"2023-01-25T14:51:53","guid":{"rendered":"http:\/\/www.robbtax.co.uk\/blog\/?p=2366"},"modified":"2023-01-25T14:52:36","modified_gmt":"2023-01-25T14:52:36","slug":"what-you-need-to-consider-when-starting-up-a-business","status":"publish","type":"post","link":"https:\/\/www.robbtax.co.uk\/blog\/what-you-need-to-consider-when-starting-up-a-business\/","title":{"rendered":"What you need to consider when starting up a business"},"content":{"rendered":"

With a new year upon us, you may be considering a new start by setting up your own business.<\/p>\n

<\/p>\n

There are many pitfalls on the way to running a successful business, but the rewards should be worth it.<\/p>\n

Advice to help owners make the most of their business includes:<\/p>\n

Be realistic<\/strong>\u00a0\u2013 Come up with a plan of what you hope to achieve and the timeframe in which you hope to reach that target.<\/p>\n

Company structure<\/strong> \u2013 When starting a business, you need to\u00a0decide on the structure. Will you be a sole trader, a limited company or a business partnership? The structure will influence responsibilities such as what paperwork you need to complete and when, the taxes you pay, how you take profit out and what happens if you make a loss.<\/p>\n

Be a web wonder<\/strong> \u2013 A professional-looking vibrant and interactive website is worth the investment in a top-notch web designer. A shabby-looking site will put potential clients off.<\/p>\n

Marketing <\/strong>\u2013 If you have a good product you need to promote it. Create a marketing plan which could include networking\/personal selling, PR, social media and email marketing.<\/p>\n

Accounts and finance<\/strong> \u2013 The simplest way to separate your personal and business finances is by creating a business bank account. You could handle your own finances and accounts, but it would make more sense to use an accountant, who is professionally trained to ensure your accounts are legal and can help you save money by ensuring you\u2019re making the most of tax breaks.<\/p>\n

Funding<\/strong> \u2013 There are many ways of securing funding for a new business and they could include:<\/p>\n