Tips for starting your own business

Starting your own business

Tips for starting your own business

There are too many benefits to having your own business to mention. You can be your own boss, have the freedom to do what you love without overbearing employers breathing down your neck 24/7, and, of course, make money. If you’re looking for tips on starting your own business, you probably already understand the benefits. But, maybe the process of getting the results is a little less straightforward. Well, look no further. Here are a few tips to follow when starting your own business which should make the whole process a lot easier.

Plan

Most people starting their own business want to dive straight in, head first, without looking back. They want the money, and the freedom, and the exciting challenges of running their own business. And they want it now. But don’t let this tempt you. When starting your own business, you need to plan effectively and thoroughly. Make sure every aspect of your business plan has been smoothed out and is going to work. Otherwise, you could find yourself diving into a shallow pool with jagged rocks at the bottom, rather than the tranquil lake you thought your business venture would be.

Riding solo or shotgun?

Another essential thing to consider is how having a business partner will affect you. There are pros and cons to both sides of this story. It’s worth knowing what is at risk.

On the one hand, having a business partner means you do half the amount of work, have twice the brain power and double the skill set. On the other hand, if you partner with someone who is incompetent, any mistakes, debt, or embarrassing situations they get themselves into also fall on your head. Then you have to share your profits with this buffoon. When starting your own business, you need to be sure that you will enter a beneficial business partnership. Otherwise, it might not be in your best interest.

Delegate

We can’t say this enough. When starting a business, you need to know how to delegate. There’s also no need for it to be expensive. You have a few cost-effective options when it comes to delegation: using software and outsourcing. Whatever option you choose, it will make so many processes that much simpler. From invoicing to payroll and everything in between.

Leverage software

Delegation could come in the form of technology. Making as many business processes as automatic as possible will free up so much of your time to focus on the initial stages of setting up and improving your business. You’ll be less stressed, and have the time to do what you do best. For example, there is invaluable bookkeeping software that will take control of your bookkeeping – such as FreeAgent and Quickbooks – updating your records automatically. It’s not only profitable to integrate technology into your new business from the get-go, but it also saves you from working yourself into an early grave.

Outsource to professionals

Time spent doing tedious, time-consuming tasks, that could be done by trained professionals, would be better spent focusing on business growth. For example, a new business is going to need promotion and marketing. This is notoriously time-consuming, and if done by someone untrained will take even longer to become a profitable investment. Instead, by hiring a professional marketing company, you get the skills and expertise you need on hand so you don’t have to worry again. This is far cheaper than hiring an employee to do it for you.

The same goes for your accounting and bookkeeping. Is saving a few hundred pounds worth all the time you will waste scrambling through receipts at the end of the tax year? The answer is no. You should hire experienced accountants like the ones at Big Hand who have spent their lives specifically so they could look after your business accounts. They did it for you. Don’t let that be in vain.

We at Big Hand want the best for British businesses. We are making it our duty to make the process of running a business easier, firstly by taking care of your accounting needs, and by providing you with any advice you need. If you need a helping hand with your business, do not hesitate to get in touch with us today on 0161 327 2911.

If you have any more burning questions about the process of setting up a business, read our guide to registering your business, or whether or not you should become a limited company.

 

About the Author:

Since 2013, Sophie has been an integral part of the Big Hand team. As a social butterfly, Sophie is mostly responsible for introducing new clients to the company. If you’re an avid networking, you’re most likely to meet Sophie at local events. Alongside attracting new business, she also assists with account management, and she manages payroll on behalf of clients. For fun, Sophie loves to keep fit running or playing korfball with her team. She is also in the middle of learning a new language and so her most recent challenge is attempting to read Harry Potter in Dutch.