Chantal Baker, from Champ Consultants in Caterham, answers your business questions.
This month:
I am looking at starting up my own business, what do I need to consider?
Chantal says:
There are a few things that you need to consider.
1. Make an appointment to see an accountant. Most accountants are happy to offer an initial free meeting.
2. Decide whether you are going to be trading as a sole trader, a partnership (there needs to be at least two people in a partnership) or a limited company.
3. Set up a separate bank account depending on the way you are structuring your business.
4. If you are a sole trader, you need to register with HMRC as a sole trader and have until the October in the following tax year from when you started your business, to register with HMRC.
5. Set up a business plan as a structure and a way to guide you through the initial stages. A business plan will help you with your cash flow.
6. Establish how you will be funding the business. This can be from your own funds, external loans or investors.
7. Start doing networking to promote your business. You can never tell enough people about your business.
8. Start up a website and an email address linked to your business. Try not to use a Gmail, Hotmail, Yahoo etc. email address.
9. Promote your business on social media channels. You can use various channels depending on your business.
10. Do not start your business in a hurry. Make sure the timing is right for your business. The right timing will mean the difference between a failure and a success.
Good luck!
For more details about starting up your own business and more tips and ideas, please listen to the Business Show on Ridge Radio. Our show on Friday 20 December can be heard on https://www.mixcloud.com/chantalbaker/ where we discussed starting your own business.
Please email your business questions to: info@champconsultants.co.uk
