I am regularly contacted by people who are new to business, or at least considering starting their own business.

Excited

Naturally, they are all really excited about the prospect of working for themselves, being their own boss, making the decisions and being able to directly enjoy the results of their efforts.

Apprehensive

However, I find that when I start to talk them through the statutory accounting and taxation requirements, it becomes obvious that they are worried and some even start to question if they are doing the right thing.  Despite assuring them that my team will handle 

  • Companies House administration anc correspondence,
  • Preparation and submission of statutory accounts,
  • Corporation Tax computations and returns,
  • PAYE administration and National Insurance,
  • VAT reporting,
  • Returns of benefits and expenses and other HMRC returns,
  • Construction industry scheme online monthly filing
  • Potential HMRC visits

and provide ongoing bookkeeping support, it is understandable that the overwhelming sense of responsibility causes concern for those who have been in the relative ‘safety’ of employment or education.

Discouraged?

I think it is a shame that budding entrepreneurs can be stopped in their tracks by all the bureaucracy that surrounds a business, and I would urge any aspiring business owners not to be discouraged, it sounds a lot worse than it really is.

Get support

If you are thinking about starting up your own business, you should really go and talk to an accountant who can explain what is required, help you understand your duties and responsibilities and then take away as much of the fear and worry from you so that you can get on with the exciting bit!

It is also a good idea to join a networking group.  They not only provide you with valuable contacts, they are full of potential friends and peers who can guide and support you with first hand experience.

Find someone you can trust

For some people starting up their own business isn’t a big deal, but remember that the best entrepreneurs are surrounded by the best people for each and every part of their business, so do your new business a favour and find someone who can be the best for you.

Outsource

Delegate the ‘red tape’ of administering your business, and non-essential or non-profit making tasks to a team of carefully selected professionals so that you can make the most of your time and  simply…

…..enjoy running your own business!


The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.

2 Comments

  1. Katherine says:

    Thank you Toni for this post – I couldn’t agree more that starting a new business can be very daunting indeed but people shouldn’t be put off as there is so much expertise out there to help and demystify the processes.

    More new business owners need to know that asking for help is not a sign of weakness!

    Katherine

  2. GBM Accounts says:

    As alluded, the support of family and friends can never be underestimated, and often makes the difference between success and failure.

Leave a Reply

CommentLuv badge