Posts tagged ‘Running Your Own Business’

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.

Go on, admit it, when you’ve bumped in to a Utility Warehouse distributor or an Aloe Vera fanatic at a networking meeting you have turned your nose up.  You considered your business more complex, more entrepreneurial, more successful – a proper business; after all these people have been dissolutioned by nothing more than a new variety of pyramid scheme, right?

 

Missing a trick?

Multi-Level Marketing (MLM) or Network Marketing is a huge industry that is here to stay.  Company’s embrace the extremely effective and efficient way MLM gets products or services to the end user.  This creates higher margins that these ‘simple’ structures carefully distribute to everyone involved.

MLM businesses can be run on your own, or with your partner, full time, part time or in the ‘nooks and crannies’ of life.  It can provide you with an escape from your day to day life, a chance to meet lots of new friends and access to a huge amount of business training, but most of all MLM can provide you with an opportunity to take control.

My observations

  1. MLM participants are highly motivated, sociable and generally happy, contented people.
  2. Although you are running your own business on your own terms (subject to some guidelines set out by the MLM organisation you have chosen) you are never on your own.  The amount of support, training, friendship, storytelling and sharing of techniques is amazing.
  3. People who have not succeeded in MLM have not had the vision (dream, goals etc) to motivate themselves to plan and then put consistent effort in to generating opportunities.  Consistent could mean as little as 10 minutes a day – a ‘phone call, a blog post, a coffee with a potential team member.  How much time you devote is a personal decision, but consistency is key to momentum.  The other problem is unrealistic ideas about how quickly MLM can change lives, as with many things in life, MLM is a marathon not a sprint.
  4. Some serious amounts of money are being generated by people that are accessible to everyone.  MLM is not a corporate environment with a ‘fat cat’ board, the high earners in this industry understand that sharing experiences, coaching and encouraging participants helps everyone to achieve more.  The basic principles of leverage and synergy.

Embracing MLM

Next time you meet a MLM participant, remember that they have drive, passion, self-discipline and the spirit to take their destiny in to their own hands.  They are highly motivated team players who bend over backwards to help others and spend countless hours honing their skills.  Isn’t that person someone you would like to get to know?  Or perhaps someone you would like to work with?

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.