Simple steps to consider when starting-up

Some simple steps to consider when starting-uppinpoint

 

For many, being your own boss is the number one reason for setting up on your own, according to a recent infographic by SMARTA.com. But there are so many worries that prevent people from taking the plunge.  Typically concerns include, how to get business funding, how to market your business successfully, and how to generate new leads.  Add to this list, managing your financial considerations and you can see why being your own boss can suddenly become less attractive.

But it’s a real shame for these factors to dampen the British entrepreneurial spirit, and it’s our view that a few simple steps can ensure both you and your business set off with a flying start and build a sustainable future. These are:

1. Funding

  • If you’re concerned about funding and raising capital, consider crowd funding. Crowd funding became really popular in 2012. It is the process of funding a project or venture by raising small amounts of money from a large number of people. Typically companies try to raise money via crowd funding using the internet.

 2. On-boarding professional services

  • Consider trading equity shares for professional services this is a great solution for those who are cash poor or trying to find cost-effective ways to purchase long term professional help.
  • From day 1, make sure you have a good accounting system in place or an accountant and work out efficient ways in advance to manage your cash flow. This means considering what assets you purchase, and how your company operates – such as your company payment terms and conditions.

3. Get noticed

  •  Be creative with the ways you advertise. Twitter, for example, is a great way to reach out to new customers. It’s important with twitter to write editorial and tweet about offers that really focus on your target audience.
  • Keep an eye out for offers – often Linked In, Facebook and Twitter send out partner offers to encourage advertising on their platform. For example, currently O2 are offering £100 twitter ad credits to companies that tweet about ‘a situation they find impossible in the workplace’.  Also look out for free Google ad words vouchers – a sure fire way to get customers to look at your website/product offering.

4. Make your income work hard for you

  • Consider making your income as tax efficient as possible. That doesn’t mean using aggressive tax schemes such as those used by Gary Barlow and Take That. It’s more about taking up Isas, investing profits into Pensions, and generally thinking about other investments that can make the money you earn with your business work hard for you.
  • Read this article in your money.com that takes a closer look at tax efficient investment opportunities.
  • Whilst we are financial advisers, and bound to say this, but we feel it really does pay to take advice, as often we can recommend solutions that you may not have thought of.

For information about our services, take a look at our website:  searchlightinvestments.co.uk or follow us on LinkedIn

 

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