| Get down to business |
| Thursday, 15 July 2010 04:32 |
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Top tips on going it alone and starting your new business.
Top tips on going it alone and starting your new business. The last eighteen months have been quite a rollercoaster ride for all of us, and many budding entrepreneurs have put off the decision to ‘go it alone’ due to fears around the economy. With the new coalition government in parliament and George Osborne pledging to support a private sector recovery by reducing tax and red tape, many prospective small business owners are starting to revive their entrepreneurial aspirations.The decision to set up your own business can be very daunting. However, with small business coloration tax rates cut in the Emergency Budget, now could be a great opportunity to turn a passion or hobby into a small business. Intuit, the makers of QuickBooks, shares some top tips for prospective entrepreneurs on setting up a business and making it successful. 1. By failing to prepare, you’re preparing to fail – This quote from Benjamin Franklin is extremely applicable to running a small business, as a solid plan is essential to setting up a successful business. Ensure your plan is comprehensive and covers off areas such as the business idea, how you expect to attract customers, and a back-up plan just in case something goes wrong. There are plenty of online sites where you can access advice on creating business plans. 2. Leverage the experience of others – A great business owner knows they can’t be the best at everything, but there is a wealth of advice and experience available from people who have already set up small businesses. Seek out experienced business leaders, entrepreneurs and even friends and family, to build a trusted network of advisors. Online communities and forums are an ideal way to do this, and can cover everything from marketing to tax returns or IT issues. 3. Keep an eagle eye on your cash flow – This is absolutely essential for any business, as even successful businesses can fall due to the lack of available cash. Simply put, you need to know how much money is coming in and how much is going out of a business at any time so you can be sure you have enough in reserve to pay for the next round of expenses. Many small business owners rely on spreadsheets or post-it notes to keep track of their finances, which is often inefficient and error-prone. Automated financial management software is a great way to save time and provide a fuller view and understanding of the company finances. More importantly, it greatly reduces the likelihood of costly mistakes or inaccuracies. 4. Embrace the web – Nowadays, an online presence is essential for small businesses to find and attract customers. Whether it’s getting a website, investing in online ads or getting involved with social networks such as Facebook and Twitter, the internet has become an important forum for businesses to reach and interact with their customers. 5. Be prepared for the future – We wish we had a crystal ball to see exactly what is coming on the 22nd June, but what is clear is there are likely to be big changes to the UK tax system. Many economists are predicting that the government will increase VAT in order to try and curb the deficit, which could cause some administration and accounting upheaval for small businesses. Make sure you’re prepared for the change by keeping up to date with HMRC, and using automated accounting tools that can help streamline the process. There are few career moves more satisfying than setting up your own business, especially if you are lucky enough to turn a passion into a career. Running your own business could be the move that sets you on your way – as Confucius said, “if you love what you do, you’ll never work a day in your life”. Intuit have just launched their latest version of QuickBooks which is aimed at making bookkeeping quick and easy.
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