| Starting a new business can seem like a daunting | | | | employed and the associated paperwork and |
| prospect; with so much to think about, it can be difficult | | | | accounting are more straight forward than those |
| to know where to begin. It's fair to say that with any | | | | required for a limited company. Operating as a limited |
| new business venture, success can never be | | | | company means that your business and personal |
| guaranteed. However by planning carefully at the | | | | finances are completely separate. The benefit of this |
| outset, you can minimise your risks and potentially save | | | | set-up is that if the business fails, your personal assets |
| yourself a great deal of time and money in the long | | | | will be safe although you will lose any money you |
| run. If you're considering embarking on a new business | | | | have invested. As a sole trader, however, any people |
| venture, here are a few simple tips to help get you | | | | you owe money to can claim against your personal |
| started: | | | | assets. |
| Know what you're letting yourself in for! | | | | Business Planning |
| The motivation to start up in business is likely to have | | | | Establishing a sound business plan before you begin |
| arisen from a number of factors. Perhaps you dream | | | | can make the difference between the success and |
| of being your own boss, of building something of your | | | | failure of your business. Furthermore, if you're |
| own that you can be proud of, or of becoming more | | | | considering applying for a business loan or approaching |
| financially secure. Whatever your reason for starting | | | | a private investor, it's absolutely essential. There's |
| your own business, it's important to put those | | | | plenty of support available to potential new business |
| rose-tinted spectacles aside and be realistic! It's likely | | | | when it comes to drawing up a business plan; don't be |
| that a number of areas of your life will be affected as | | | | afraid to ask for help. A quick internet search will show |
| you begin your new business: | | | | you what support and advice is available in your local |
| If you've been accustomed to working 9 to 5, be | | | | area and the good news is that very often it's |
| prepared to put in longer hours, especially for the first 6 | | | | completely free of charge. |
| months | | | | Business Marketing |
| It's likely that your social life may have to be put | | | | The success of your business will depend largely on |
| onto the back burner, at least for the first few months | | | | your ability to market it effectively and in the 21st |
| Starting up a new business inevitably means | | | | century, there's no better vehicle than the internet. |
| associated financial outlay; be prepared to forgo | | | | Giving your business a presence on the internet will |
| holidays and other luxuries, unless you're lucky enough | | | | give you maximum exposure and allow you to |
| to have a substantial amount of financial backing. | | | | showcase your products and services to a worldwide |
| Think about your trading structure | | | | audience. For new businesses, the cost of setting up a |
| The 2 main structures for small businesses are sole | | | | website can be prohibitive, however you're likely to find |
| trader and limited company. If you want to keep thing | | | | that if you shop around you'll be able to find what you |
| simple initially, operating as a sole trader is the best | | | | want at a price that you can afford. |
| option. Essentially, this means that you are self | | | | |