😉 3 Start up tips you need to know
I’ll keep this short today after my epic article about Getting other people to pay your kids through college.
Here’s a short list of tips on how to keep your new business on track….
To get your startup going – you have to START! Obvious right, well yes, but lack of action will keep you where you are now, best case, or worse – you’ll slide backwards. You’re enthusiastic about your idea get moving on it.
Make sure it’s legal. Obvious, but I just had to say it.
Check whether you need a licence, insurance or qualification to be able to start your business. You should already be aware of this as part of your due diligence.
Fail forward. Get going with your new business, make mistakes as you go.
Unless you are VERY lucky, in the first few months of building your new business you won’t have many customers, sadly it’s true. Now is the best time to learn the ropes so that when you make mistakes, believe me, you will, you will only upset a few people at the most, if anyone actually spots it. When you do, you can correct it the mistake and ‘fail forward’.
Get the tax facts and know where you stand.
Sorry, the dreaded inland revenue will want their cut for doing nothing, when you start out, don’t worry too much about this.
You should be able to get by on having an accountant do your numbers at the end of the year. Just keep simple financial records and keep every receipt – let your accountant figure it out at the end of the year.
Once you engage the services of an accountant, be aware that an accountant is qualified to do your financial statements, they are not tax experts or be able to offer you good tax advice on how to fully tax efficient.
As a suggestion, I recommend you employ a tax adviser at the same time you engage an accountant. It’s more important to discuss your business plan with a tax adviser than your accountant.
Until next time…
Commit To Success – We Are Part Of Your Team,
Peter Bright and the MBT Team
PS. Let me help you with some really excellent coaching to get you started, I have partnered with a very successful online entrepreneur to provide an entry-level, but high-value online marketing coaching course, you can take a look here…