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.

 

Expert analysis

When you get heavily involved in something, be it writing a book or planning a holiday, you cannot see the wood for the trees. On a day to day basis, you are probably absorbed with tackling the little details, and rarely, if at all, take a step back to think about the big picture.

Sometimes, it can be very difficult to take that step back. You worry that if you do, you will lose control and that things will get out of hand so that before you know it, everything will unravel in front of your very eyes.

This is particularly true of those of you who run a business. After all, you don’t want to let go of something that you have worked so hard for.

Often, it is an external body or a third party who is best placed to offer advice about something that you are just too wrapped up in.

Take a football club as an example. Whilst the coaches are out on the training pitch, putting the goalkeepers through their paces or trying to sharpen up the strikers, the manager stands back and takes in the whole scene. He is the one who will ultimately make the key decisions.

In the technological age, this is still as important as ever. To properly utilise all the technology at your disposal can require the same approach. As programmes get bigger and more advanced, you can become lost in all the different features and facets available to you.

You will be able to understand exactly how your website performs, and then to see where you stand in comparison to your closest competitors. To help you really get to grips with this, you can see this information as a video representation. You will then be given clear, concise tips so that you can improve your website with immediate effect.

As well as making use of the latest in technological performance tools, you can access an expert analyst over the phone to really get to grips with your results.

Moving forwards, you will have facts and figures behind you, which when combined with professional advice, will allow you to make your website the best it can be, thus helping to make your business the best it can be.