Mind Your Own Business: Thoughts on Getting Started

Monday November 17, 2014

Why do you do it? Why do you pour so much of yourself into building a business of your own? In many ways, this "why" is as big a question as "how" - and answering it will go a long way toward cementing the future of your business.

Clear Books really likes talking to people about what inspires them. From the surveys they've run, a few things leap off the page at you. Firstly, you guys are serious about this! 74% of you have funded your businesses out of your own pocket, and the main things that drive you are personal passion and the desire to control your own destiny.

Why Small Business Owners Chose to Go it Alone:

  • 53% Desire to be own boss and control own destiny.
  • 20% Passion/Interest.
  • 11% Work/Life balance.
  • 9% Noticed a gap in the market.
  • 3% A second career.
  • 3% Risk/Reward.
  • 1% Follow on from subject studied.

Knowing why you're here is a big chunk of the battle won already, and we whole-heartedly salute you for it - but you're going to need more than drive to be successful. The Financial Times Guide to Business Start-Up found that 20% of failed businesses would still be trading if they'd just sought better financial advice and support at the outset. It wasn't bad luck that killed those businesses; they died from:

  • Lack of information on their overall financial performance.
  • Focusing on sales volume instead of controlling costs and increasing profits.
  • Get into hot water with Companies House or HMRC.
  • Failing to keep cash flowing through the business.

We know you've got a great idea and the passion to see it through. You're all set to take the next step and RIFT Accounting is here to guide you, strengthen you and catch you if you fall. We offer specialist advice and support during the set-up process, so get in touch and remember: the only stupid question is the one you never asked.

Call us on 01233 653006 and see how we can help you today.

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