Top Three Things to Consider When Starting Your Own Business

Starting your own business is a massive step. So many aspects which need to be considered when turning an initial idea into a viable commercial enterprise can seem overwhelming at times. However, as many and varied as these considerations may be, it is fair to say that there are some business essentials which should be prioritised above all others. The following three are arguably some of the most compelling.

Are you made of the right stuff?

Having a good idea for a business venture is not enough in itself; you need to have the drive and commitment to push that idea through to completion. While this may seem like a fairly easy prospect on paper, the reality is that creating a business out of nothing is a very demanding endeavour.  Long stressful days, short sleepless nights and tunnel vision are all par for the course; will you be able to handle that? If you don’t think you have the mettle to grind a measure of tangible success out of the ether then hold your hands up and be honest about it. Making a business work is a challenge that not everyone is made for. Visit now for more details.

Ltd or LLP?

There is no set rule on whether your intended business should be a limited company (Ltd) or a Limited Liability Partnership (LLP) – it’s entirely up to you. However, while both options offer limited liability to the owners, they also offer differing benefits to certain types of businesses, most notably in terms of tax liabilities. To explain: LLP members are treated as self-employed individuals and as such they pay Income Tax on all profits made, regardless of whether they receive profits as a salary or leave some of it in the business (although they are not liable to pay any employers’ National Insurance). In contrast, limited company directors are often shareholders too, therefore they are sometimes regarded as being employees of their own company. All profits made by a limited company after tax deductible expenses (including salaries) are subject to Corporation Tax between 20% and 23%, and any salary the directors receive is liable for Income Tax, National Insurance and employers’ NI.

The importance of safe online operations

Every company needs to have a decent online presence these days. It should go without saying though, that consumers/clients will not visit your site or do any kind of online business with you if they think your company website is not entirely secure. Online visitors like to feel reassured when they are looking to making enquiries/purchase so it is absolutely vital you have clear and up-to-date security measures – such as SSL (Secure Sockets Layer) certificates – protecting your site.  Happily, it is easier (and cheaper) than ever to acquire suitable SSL for business start-ups nowadays so this is an area of concern you can deal with quickly and inexpensively.