Starting small isn't what kills start-ups
...starting wrong is the real danger
Starting a Business: What it Takes
Monday December 1, 2014
Despite the impression your TV is trying very hard to give you, there's a great deal more to building a successful business than having an improbably perfect haircut or winning a "reality" show. There are literally millions of small businesses in the UK alone, and very few of them can trace their continuing success back to a celebrity millionaire swooping in to take care of those silly little money worries for them. Building a real business takes a dream, a plan and a lot of hard work.
It's not necessarily your job to change the world, either - although we're totally up for that if you are. A lot of new entrepreneurs are starting businesses simply to suit the way they want to live, creating jobs that fit them instead of spending decades trying desperately to bash their lives into square holes. Well over half of new businesses in the UK are being set up by first-timers, working with under £1000 and an inexpensive laptop. Starting small isn't what kills start-ups; starting wrong is the real danger.
So let's talk about the right way.
- The main thing you're going to need is good, practical advice. A lot of people have tried their hands at starting up businesses. Some have made it, some haven't - but they've all learned something from the experience. Sometimes getting hold of the expertise you need means finding a partner, sometimes it means talking to professionals.
- With a solid goal and a plan to get there, it's all about the money now, right? Well, not really - but it's not a bad place to start. You might have trouble building credit and credibility, so you'll need to know where to look and what to look out for.
- You're going to be putting a lot of yourself into your start-up, so be prepared to develop some new skills. As always, professional advice and practical help will carry you a lot further than best guesses and panic-fire decision making.
- Learn to see the road ahead. It's not just the bumps and potholes you need to spot coming. You can just as easily miss an opportunity if you don't keep your wits about you. Running a business means always watching where you're going and remembering where you've been.
It's a lot to hold in your mind at once, but it's the best way to turn your start-up idea into a lasting business. The good news is that RIFT Accounting can take all the heavy lifting out of the process. We're the small business guardian angel - constantly watching over you from our cloud-based sky fortress, Clear Books.
Get in touch to see how deep the RIFT really is.
Call us on 01233 653006 and see how we can help you today.
Guide To Your First Steps In Setting Up Your Business
The first steps you take in a new business are the most important. You’re plotting a course, setting a speed and fixing your eyes on a bright horizon.
There’s more to the journey than stomping one foot in front of the other, and a lack of preparation will see you wandering off the map before sundown.
To make sure you’re heading in the right direction, here are a few footprints left by successful explorers of the past.
What Is Cloud Accounting
Cloud accounting offers a better overview of your finances and helps you work with your team, suppliers or customers, allowing you to work smarter and faster.
Your data is always securely backed up and you can log in and work with us from anywhere – seeing exactly the same screen as us.
Find out more about Cloud Accounting and how it can work for your business.
Business Insurance Guide
Unsure where you stand if someone injures themselves while using your product or service?
Want to be sure you're covered if an employee is hurt at work?
Whether you're self-employed or running a Limited Company, take a look at our simple guide to business insurance.
Auto Enrolment Pensions
The compulsory workplace pension, as it's called, means that every employer will have to provide a pension for employees who qualify.
All businesses will be enrolled in the scheme by 2017.
It’s a legal obligation with fines and potential prison terms for failure so it’s not something you can afford to take lightly.
Responsibilities Of A Limited Company
You're your own boss and wouldn't want it any other way - but you've still got taxes to pay and expenses to budget for.
In fact, in some ways you've got even more responsibilities than if you were running a whole company.
From weighing up your personal liabilities to keeping the taxman happy, read our guide to your responsibilities as a Limited Company.
