So you have your Business Idea. You have completed the Market Research to establish if your product or solution is viable. You have engaged with potential Partners and Suppliers and started to build those all important relationships, and now you are starting to formulate your Business Plan. Your Business Goals are proudly sitting centre stage of a large white board (recently purchased) at the ready for those all important champagne moments.
Your dream is about to become a reality…
But starting and running a business, making the right call on all those important decisions in the early days is key to the future success of your business.
- A one-man band through to a large corporate company has a Legal Structure, and this needs to be defined early on. Depending on your choosing (Sole Trader, Limited or Partnership) will then depend on how you report to HRMC, Companies House (if Limited) or Partnership bodies. It also effects how you pay your Tax. Before making a decision of this nature, ensure you understand the Pro’s and Con’s of each, and maybe obtain some advice from a Trained Accountant
- When selecting the accountancy firm for your business, understand that both parties need to work as a team. Your Accountant is essentially your first recruit, and a very important one. Try to engage with a firm that has been recommended to you, check out their online profile before calling or meeting with them, see who else in your geographical area deal with them. Make sure you obtain references and testimonials.
- Working from Home can seem like a dream come true; idealistic views of ‘I can take the dog for a walk in the morning without having to leave at the crack of dawn’ or how about ‘it’ll be more cost effective to work from home where I already have a desk’… Working from home once or twice a week is great if you are used to working in a bustling office environment, however when it is every day the second and third month can become a challenge; the same four walls day in and day out, too many distractions (like the washing pile) but also making that all important divide between work life and home life. Maybe consider budgeting for Co-Working Space. Typically, only a few pounds per hour, and normally in an office space where other like minded business people reside!!! You are not totally on your own, the equipment is normally better, and the Wifi doesn’t wobble like it might do at home once schools are finished for the day. At Ghost, we offer that very solution from our Harlow office. We have found our co-working colleagues achieve more of their ‘to do list’ than they would from their home office.
We are hoping that sharing our learning curves will give you something to think about; BUT whatever you choose to do, enjoy your business venture!!