Starting a business – top tips

Below are PAH Accounting’s top ten tips of what to consider when starting your new business.

1. Consider your business structure – Sole Trader, Partnership, Limited Company.

2. Register your business with appropriate authorities such as HM Revenue and Customs and Companies House as soon as you start.

3. Open a business bank account – Make sure you get a good deal.

4. Identify working capital needs – speak to someone like Business Link as they may be able to get grant funding.

5. Get your name out there – Use face to face networking, online forums and online directory resources as cheap ways to help boost the profile of your business.

6. Buy your domain name – even if you can’t build the website yet get the domain to ensure you have the one you want.

7. Keep on top of you administration and bookkeeping – Ensure you have a system in place to record transaction or employ someone to do it for you.

8. Get a file and keep all of your business receipts – ensure this is then used to prepare your accounting records.

9. Ensure your business is compliant with all regulatory factors – Get in touch with business link or another adviser to see what you need to do.

10. Speak to an accountant or three – Most offer a free consultation meet, check out a few and work with the one you feel best suits you and your business. You may also pick up some useful information.

A more detailed article has been included on the PAH Accounting blog , feel free to contact PAH Accounting for further information.

info@pahaccounting.com

www.wiltshireaccountants.co.uk

01380 620031