Essential small business support from Rosemary Bookkeeping.
At Rosemary Bookkeeping, we work with our clients and help them make the best of their business.
If you want to start your own small business, we’ve put together some top tips for small businesses you might not have thought about to help you succeed.
1. Address your excuses
The Nike slogan: ‘Just Do It’ is a good mantra when starting a business.
The first step to starting a business is often to overcome your self-imposed blockages.
Address the excuses as to why you have not started.
Being personally responsible for your employment successes and failures is scary.
We understand that, and in most circumstances, business owners initially have doubts.
Worrying about your business is natural, and failing is natural, but if you have a great idea that you believe in, chances are that you are on the precipice of something great.
Find a solution to your excuses instead of letting them get the better of you.
2. Absorb knowledge
Listening is learning when running a 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 of 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.
These people have been through it, 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, consider what problems you can solve with your business.
Find a niche in a 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?
An early hurdle to jump when starting a business is having a plan.
This is often difficult to compile by yourself, which is why our experts have made a guide to writing a great business plan.
4. Count your costs
Once you have your idea and are ready to develop it, it is time to calculate the cost.
Factor in every business expense needed to launch and run your business.
You are bound to experience unexpected costs while running a business.
That is just the nature of it, unfortunately.
Therefore, come up with the most educated number you can for your expenses and double it, as it is 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 will not get confused (and budgeting will be much easier!)
5. Know all legal requirements for starting a small business
We can understand the excitement of starting a business, and then you look at the legal side of it and become worried.
Read all about the laws of starting a business.
Failure to follow government regulations could mean you face penalties.
Register your business with the UK Government and organise all business-specific tax liabilities.
As you hire, you will need to follow the employment laws.
Speak again to experts, accountants and bookkeepers who understand these laws.
Remember, you are 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.
For all your bookkeeping needs, locate your nearest Rosemary bookkeeper today to see how we can help you.