At Rosemary Bookkeeping, our goal is to work with our clients and help them make the very best of their business. If you are looking to start your own small business, we’ve put together some top tips for small businesses that you might not have thought about that will help you make your business a success.
1. Address your excuses
The first step in starting your own business is as Nike’s slogan says ‘Just Do It’ and address the excuses as to why you’re not starting it.
Being your own boss is scary, we understand that, and in most circumstances, business owners don’t have belief in their own success. Worrying about your business is normal and failing is nature, just pick yourself up and try again.
Find a solution to your excuses instead of letting them get the better of you.
2. Absorb knowledge
Listening is learning when it comes to running your own business, be it from friends, family, experts and even yourself.
Be like a sponge and absorb everything regarding your business and industry, get yourself a few notepads and write down all of this vital information.
Encourage those you tell about your business idea to give honest feedback and again write down everything they say and implement changes to improve your business. The opinion from your peers is most likely the reflection of how your consumers will react to your business.
Watch YouTube videos, read blogs and ask experts for advice, they’ve been through it, they’ve made mistakes and come out of it better for it.
3. Ensure your business is a solution
Instead of starting with an idea of what to sell, be it a service or product, make sure you think about what you can solve with your business.
Find a niche in a certain market, grab the opportunity and find a solution to that specific gap in the market.
Ask yourself a few questions and do market research via this method:
- Why are you starting your business?
- What are your motives?
- What problems do your target customers face and how can you solve them?
4. Count your costs
Once you’ve got your idea down and you’re ready to develop it add up how much it will cost. You’ll need to factor in every business expense needed to launch and run your business.
You’re bound to experience unexpected costs while running a business, it’s just the nature of it, unfortunately. Therefore, come up with the most educated number you can for your expenses and double it, as it’s always better to be over-prepared than be short on cash when the bills come.
Separate your business and personal expenses from the start, this way you won’t get confused and it will make budgeting a lot easier.
5. Know all legal requirements for starting a small business
We can understand the excitement in starting a business and then you look at the legal side of it become worried.
You need to read all about the laws of starting a business because if you fail to follow government regulations you could face penalties.
You’ll need to register your business on gov.uk, take care of all business-specific tax liabilities and as you start to hire employees you’ll need to follow the employment laws.
Speak again to experts, accountants and bookkeepers that understand these laws, remember you’re never alone.
6. Outsource your bookkeeping
Outsourcing your bookkeeping from the beginning can help put you on the right track to success, and give you more time to concentrate on growing and improving your business.
Rosemary Bookkeeping can help with your bookkeeping, find your nearest bookkeeper and talk to them today.