Make the most of your new venture
At Biking Bookkeeper we welcome start-up businesses to come and talk to us. We can help you from day one to find the best methods of bookkeeping, choice of being or not VAT registered. Cashflow is one of the most important factors for any start up business.
Prepare a written description of your business or service. Analyse background of proprietors/partners. Write down a short personal and business background, showing areas that are relevant to the proposed business, including skills and experience that will be used in the business. SWOT analysis is always helpful before you start your business. This looks at strength, weakness, opportunity and threat to your business and yourself. You may relate to your CV showing any experience and education. Set up aims and objectives, why you starting you business and what you hope to achieve.
There are plenty of questions which may raise from starting a business:
Can the business develop and grow and do you intend to employ additional staff?
Where do you see yourself in 12/18 months time, and have you got the skills and a finance to achieve this? Who are your target customers. How many are there?
Why should anyone want to buy from you?
What is your evidence for this and what market research has been carried out?
Finally look at your competition. Who are your competitors and how many are there?
Why should anyone want to buy from you and not from your competition?
Once you are satisfied with all the above information, then look into advertising and promotion.
How are you going to tell potential customers that you have a product/service for them to buy, and what will this advertising cost during the first year?
Why did you select these methods and how will you measure the success or failure of your advertising.
Last but not least your fees. How much are you going to charge your clients for your products/ services?
You’re required by law to keep records of all relevant information. Doing this also makes filling in your tax return a lot easier, biking bookkeeper can make your life even easier, please click here for further information about bookkeeping.
Based on what products/services and who your customers are you may consider whether it is in your and your clients best interests to register for VAT. However depending on your turnover you may have to register. Turn to us for further information. The decision you make on this point will affect both profitability and cash flow of your fledgling business. Please look at our VAT section for more information, how to get registered and what to consider.
PAYE and Automatic Enrolment
As an employer you have a legal obligation to operate PAYE on the payments you make to your employees if their earnings reach the National Insurance Lower Earnings Limit (LEL). For further information about PAYE and Automatic Enrolment please click here.
Once you decide to go ahead and set up your business, register with HMRC as soon as possible. You may need to face a fine if you delay your registration.
Please contact us for further information or organise free initial consultation. We cover areas such as Newton-le-Willows, Lowton, St. Helens, Warrington, Haydock, Golborne, Birchwood, Wigan, Ashton in Makerfiels, Hindley, Tyldesley, Atherton, Worsley, Leigh, Culcheth, Croft, Glazebury, and also Liverpool and Manchester.