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If
you are considering setting up a new business or have just started
out in business, then this guide could help to answer a few of
those unanswered questions. Are
you the right type of person?
If you are not sure whether you could make it as a
self-employed person, then try out attitude test. It tests
your personal characteristics with the necessary characteristics
needed to make it as a self-employed person.
< More details ... > Who
Should you Inform?
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Contributions
Agency
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Tax Office
What are the Advantages
of becoming a Sole Trader?
Most
people who first set out in business become a sole trader.
It simple means you are solely responsible for your business - profit
and loss. The sole trader is the simplest forms of business
to set up and has many advantages and disadvantages which need to
be considered before you set out.
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Considerations
when setting up a Partnership
If you have teamed up with one or several people and would
like to know how to create a partnership, there are several
considerations you need to take on board. The type of
partnership and how each partner invests and takes responsibility
needs to be settled. You also need to consider the legal
implications and consequences.
< More details ... > What
about accounts and finance?
For the small business:
book-keeping, raising finance, keeping debts under control and
getting customers to pay you on time can be an on-going struggle,
and extremely time consuming. Part of setting up a business in
ensuring you have the financial side of your business taken care
of. To do this you will need to: appoint an accountant to
draw up your company accounts for you and prepare your VAT and tax
returns; you will need to organise a book-keeping strategy to
enable you to collate and track financial transactions - paying
bills, invoicing customers etc; you will also need to instruct the
tax office of your intentions.
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Attracting
new customers
Attracting customers to buy your products and services needs a
great deal of research and planning to ensure the money you invest
in gaining customers pays off. This is normally achieved
through marketing research an involves finding more about the
people you hope to sell to. Armed with this information you
can then formulate an effective plan of action based on your
evidence. Once you are aware of the needs of your potential
customers you need to examine your product in detail, fix a
suitable price which will help your product sell, ensure you
choose the correct method of distribution and select an
appropriate promotion to attract your audience - this is known as
the marketing mix and can help your business to send money wisely
will the best results.
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What should I do if
my business starts to grow?
If you business starts you grow you will probably need to take on
staff to cope with the level of work. Taking on employees means you will
have to pay them a salary, create a contract of employment, discipline
them if necessary and develop their career with you; presuming that
you already have found suitable employees in the first place! In addition,
if you business is growing at an tremendous rate, you will need to
organise your company very quickly to prevent problems later on. If
you would like more information regarding the expanding your business,
then this section is packed with information including organisation
structure, recruitment, employment laws and regulations through to sales
and marketing.
< More details ... >
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