Starting a new business can be an exciting time, but there are many things that you need to think about before you go rushing headfirst into it. A well thought out business is much more likely to survive.
Before you do anything, you will need a business plan – this helps both you and lenders and investors to see how well you have planned your business and the future for it. A good business plan is a must before you start your business.
Are you going to be a limited company or a sole trader? It depends on the nature of your business but there are pros and cons to both, so this is something that is worth thinking about. With a limited company, the comp[any is separate to you and your personal assets, whereas being a sole trader can mean that if anything should go wrong financially with your business your personal assets are also part of the business.
It is worth speaking with a professional accountant – as well as being able to advise you more on being a limited company or a sole trader, someone like Chippendale and Clark accountants Chippenham will be able to help with things like tax, which are a lot for a new small business owner to take on alone, and to get right.
Unless you have a strong background in accounting, it is worth having a professional help with your taxes and your bookkeeping also. They will also be able to advise you where you can make savings and ensure that you don’t do anything wrong regarding taxes which can result in hefty fines.