We’ve helped dozens of start-ups and early stage businesses over the years. It’s never easy, often something of a roller coaster ride, but it can be so, so worthwhile.
No one can do everything on their own, so don’t be shy about asking for help along the way. There’s loads of help and guidance out there.
Including – some of the things we and our clients have learnt along the way.
Accounting and finance
At the very beginning you need to do these three things:
- Set up a separate bank account for your business and make sure you have a debit card
- Put some money into the business bank account straight away and try to NEVER use your own money to pay for business expenses
- Get your bookkeeping going as soon as you can – you won’t believe how painful it is to play catch-up
As your business evolves, make sure you keep the bookkeeping going and, if you’re not registered for VAT, keep an eye on your last twelve months’ sales because when they approach £85,000 you will need to register for VAT!
=> Bookkeeping for your business
Pricing for profit
Pricing products and services is one of the hardest parts of running your own business.
Confidence is key to pricing, as is having the right financial information to measure the impact of your pricing decisions.
Don’t be afraid to test different price points and if your pricing of a product or service isn’t profitable then stop selling it!
=> Profitable pricing – goes right to the heart of your business
Learn how to run a business
Running a business is not the same as having a job. You’re the boss and the buck stops with you.
The to-do list is not endless but you need to be thinking about:
- Winning new work
- Delivering all work – keep those plates spinning!
- Getting paid on time
- Website
- Insurance
- Cost control
- Bringing in colleagues to help
=> Don’t let costs embed themselves in your business – go on a fossil hunt!
Not everything will go your way but keep going, keep learning and keep enjoying it.
And at some stage there will be a decision to be made. Stick or twist:
- Stay as you are – because it works for you
- Kick on and see where it takes you
