Essential Guide To Writing A Business Plan

Tools like FreshBooks are created to help businesses spend less time filing receipts and formatting invoices. The purpose of these tools is to simplify and organise tasks that traditionally may have taken hours of work just to understand. Business loans – business loans are similar to startup loans, except that they are not just for new businesses and don’t have the same caps. Select this option to compare business loans with KnowYourMoney. Business loans can be a smart way for startups to get up and running. They allow you to retain business ownership, protect your credit score and personal wealth, and – most importantly – get your business off the ground.

If you are running a business part time, for example, you may need to consider employing staff to help you when you’re busy or to take on the less demanding jobs. Marketing and Sales Even the best business idea calls for some sales and marketing savvy. Learn about marketing, sales, importing, exporting, and using the web well. But the most important part of setting up a successful company is to get stuck in as soon as you’re ready. You will likely make mistakes as a new business owner and that’s okay – there is only so long you can prepare until you need to take that first step into the business landscape. Payrolls, CVs, leave requests, even birthdays – all of this important information is stored in secure digital files at your fingertips.

An overdraft allows you to borrow a set amount of money on an ongoing basis or until the bank withdraws the facility. You pay an agreed monthly rate of interest on top of anything you borrow. A business credit card is one of the worse forms of finance to use for The interest rates, penalties, and complexity of this kind of short-term finance only make it useful to trading businesses which are profitable and need a flexible credit facility. Business competitions offer the chance to win free funding for your business, typically between £500 and £50,000. Large corporates, universities, or local councils usually run them to gain exposure, support the local economy or as a PR and marketing stunt.

With that in mind, this section gives a quick overview of the major types of insurance you might consider for a new business. You will be assessed for corporation tax through your annual accounts and will need to pay a flat rate tax based on the profits generated by your business. You can find more details on paying corporation tax here and further details on registering for CT here. Sole traders can also use any business-related costs to reduce their income and overall tax bill. One final exception is that if your limited company is not-for-profit, then you do not need to file self-assessment. Limited companies and limited liability partnerships need to submit an annual confirmation statement.

If you’re not sure, this guide explains the difference between a sole trader and a limited company. Download your free in-depth guide on starting a business in the UK, from writing a business plan to understanding the tax requirements. Opening a business bank account is advisable, as it allows you to separate your business and personal finances. More financially complex organisations should also consider hiring an accountant. Professional indemnity insurance- Helps to protect you from claims made by dissatisfied clients if your product or service has cost them money.

You’ll also hear how you can protect your physical and mental health when starting and running your own business. Some of these activities, for example, choosing the legal structure of your business, will have a major impact on your tax obligations. Licensed Accountant and past AAT president Henry Cooper FMAAT speaks of business owners making naive decisions as a major reason for startup failure. “I’ve seen many businesses who are working through aninappropriate structure,” he says.

You might not need much initial investment if you’re starting small. Read our nine-step guide on how to start a small business in the UK. The University of Chester provides fully-funded support to businesses, through theCheshire & Warrington Business Growth Programme.

You also don’t need to worry about being logged into your company network, making HR software ideal if you work from multiple locations or have a remote team. Anneka Wallington told us that businesses should approach recruitment slowly, and take the time to find the best candidate for the role. “The best advice we’ve been given in this area is ‘be slow to hire, be quick to fire’. In the early stage of start-ups, finding people who fit in with your team culture and values is crucial and more valuable than the most talented person on paper.