What you wish you knew before starting a business
Nobody ever said starting a business would be easy. Still, it would have been nice to know exactly what to expect. It would have helped avoid any unexpected obstacles! Take business banking fees. Or PAYE. Or dealing with HMRC. It’s these details you might not consider, but they have the potential to ruin your day, especially when they come from left field. So, to make life that much easier, we’re covering two areas you need to know about when starting a business to help things run just that little bit smoother.
You might want to set up a business to make your passion profitable. Perhaps you have an invaluable idea that could change lives. Maybe you’re sick and tired of working for other people and want to focus on being your own boss. Well, unfortunately, you can’t do any of that because you’re too busy doing paperwork.
It doesn’t matter where you live or what your business is, there will be heaps of paperwork for insurance companies, registration purposes, banking, and, most of all, taxes. In fact, you’ll spend around three working weeks on tax compliance. Fortunately, technology can alleviate some of the stress with a huge array of free accounting software that can automate many of your accounting processes and free-up your time.
You can also reduce the time you spend doing paperwork by hiring a reliable accountant to do all the heavy lifting for you. This means you can spend more time focussing on whatever made you become a business owner in the first place – probably something other than bountiful paperwork.
You don’t know how important the internet is until it’s gone
It’s 2019 and we’re not afraid to say it: if your business isn’t online, it’s not going anywhere. The internet opens doors for small businesses that weren’t there before, allowing you to compete on a global scale and market yourself to an endless sea of potential customers. That is until it goes down.
Even if there’s no problem with your provider, your website and social media can experience downtime because of cyberattacks or poor design. UK SMEs are the target of 65,000 attempted cyberattacks every day, and those that are successful may lead to outages of your site, breaches in GDPR, and loss of data. If this happens, you might find yourself with lawsuits on your hands and even more paperwork than you had previously. All the while, your site is down and you’re losing money on labour, sales, and the cost of recovery. Having the best cybersecurity is essential. Make sure you back-up your data securely and you have a disaster recovery plan in place so you can be back up and running in no time.
There are many small gripes when you first starting out as a business owner. Most of the time, they’re a part of the journey and serve as excellent learning experiences. But there’s no denying they can get in the way of your passion. Thankfully, there are more ways than ever to deal with these issues head-on.
Big Hand focuses on providing essential business advice to SMEs to ensure their first years foster continuing success. Our advisors can ensure you have all the resources you need to make running a business a walk in the park while our accountants take control of your finances, leaving you paperwork-free and able to focus. For more information, get in touch with us on 0161 327 2911.