Are Thinking of starting out on your own in 2019?
So Christmas is now behind us and 2019 is underway. Do you have plans to start your own business?
Will you be one of the thousands of entrepreneurs branching out in 2019?
It seems that January, April and May are the most popular months to get started with a new business based on domain registration and new business registration data.
So what qualities do you need?
Are you positive, hardworking, determined and flexible? These are all qualities you will most definitely need when setting out on your own.
Starting up business on your own is a big step and not one to take lightly. What qualities will you need for success? Can you identify you skills? Can you financially afford to start now? It may mean erratic spending and the loss of regular income. How will you research your market?
Does your product have a tried and tested market that doesn’t conflict with patent or the rights of an existing business?
How do you find out all this information?
Preparation is the key and a proper business plan is one of the first things you should do. If you need finance, you will need a business plan in order for you bank manager to lend you money.
You will have to choose a business structure such as Sole Trader, Partnership, Limited Company or Limited Liability Partnerships (LLPs).
Other considerations will be:
- Accounting date
- Business Stationery
- Books & records
- Tax Planning
- Employing others
The choice of accounting date on a business start can affect:
- How profits are taxed
- When tax is payable
- When losses are relieved
Planning in the beginning can make your business life easier in the long run and ensure you take advantage of every opportunity that is available to you.
If you have an idea about starting your own business, the best thing to do is talk it over with a friend or colleague who already runs their own business and then when you have something solid to work on, give us a call.
We will be able to offer help and advice on starting up your business, producing a business plan, helping you to secure the finance you need and how to manage your business going forward.
With the governments Making Tax Digital beginning in April 2019 you should get started with digital software at the outset, saving you valuable time transferring data at a later date.
We have a range of Haines Watts factsheets available or to organise your free initial meeting with one of our senior advisors please contact us now on 01379 640555. To find out more about Haines Watts visit our website here.
Want to know more? Call us on 01379 640555 or email email@example.com