- June 12, 2015
- Posted by: STERLING FINANCE
- Category: Start Up Business
Starting in business can be very dounting experience, as for many new entrepreneurs it is in many ways a new life, new world and new surroundings, even if it is something that we are passionate about, we tent to ommit the important aspects of setting up the business. In this blog we like to provide our readers with the gift of advice for start up business.
So what should be taken in to consideration in setting of the business?
1 . The first thing to do is to take advice from one or three different accountants, and see what services do they offer, what services they charge for and how the charges are comparing. For this purpose, we suggest to set up meetings with up to three different Accounting practices and in some way “interview” them asking relevant questions. Their answers will provide the grounds for making your final decision on who will you be working with and how the structure of your business will set. The priority question that need to be asked is about the status of your business. It is highly important to know what status each of them will propose and what benefits each of the satuses will provide to your business. In addition you will be able to find out if the practice provide you with free advice, if yes, is there a time limit set for this, and if they charge, what charges would that be? Equally aske them about their telephone support and visits to your premises if required. Raise the questions regarding VAT return, ask how soon intheir opinion should you register for VAT? Ask if they provide Tax advice if so, is it free?
2. Having the status of your business decided, armed with the knowledge of the charges and help provided by the Accountant, you are ready to choose which Accountant will be supporting your business.Then with the assistance of your Accountant, you can proceed with setting and implementing the systems that will help your business to grow.
– Fiannce and Administration . Now that you have chosen the Accountant, you can set up your bookkeeping procedures and assign this task to someone else or you can do this by your self. Bookkeeping is vital in order for you to know what is happening in your business.This task can be done by yourself, your accountant or and outside bookkkeeper. Administration tasks, again, you can do this by your self or have someone employed to handle all your appointments, client enquiries and emails. Subject to what is your business about, you may not always be able to handle everything your self. Thus you need someone to help.
– Marketing . For any business it is vital to be known to the locality and beyond. Therefore you need to set up a marketing system which will be putting your business to the wide audience. For this, you must have a website which is mobile frinedly and one that will generate you leads. Therefore you need to seek a web designer who will provide you with this service. In addition, you will have to look in to Social media advertising, as this is now one of the most popular way to get leads for any business. You will need to set a budget for this activity and work with Social Media Manager on this. Sometimes you may be able to do this your self, but once your business take off, you may have to subcontract this to outside body. Consider other ways of marketing such as networking, and compare with leafleting and newspaper advertising. Your trusted advisor should be able to assist you in this.
– Product or Service. All business is based on a product or service, have you decided which it will be? What prices will you be charging?How is the price structured? Have taken everything in to consideration when setting your prices? Have your made a research in to what is your clients looking for? Are you able to deliver this to your client? Look in to the quality of the product and service, is the price going with the quality?
3. Be prepared to invest in yourself. Today more than ever, Entrepreneurs must invest in their personal development. Therefore you must be able to educate your self by networking with other successful people, attend training, workshops and seminars. Read books, articles, or listen to audio. Successful people know that money hardly ever overtake the personal development. This is pricess. You need to constantly learn about products and services as to not be left behind. Surround your self with people who can mentor you, coach you and advice you. Be sure that you can trust them. Build relationships that last.
4. To be successful, you also ned to be aware of the fact that succeful people know exactly what is happening around them. Especially in their business. They know about the pricing structure, know exactly what was their turnover last month. If things don`t go to their liking, they will have no hecitation to walk away from things. Each day, they look in to their bank accounts, so they are aware of everything that is taking place in their business.They are not affraid to confront things id something goes wrong. They have trusted advisors and mentors as well as coaches. And most of all, they learn all the time.