Xero to Hero Start UpWhen you are keen to get going and need to set up your new business, we are here to guide you...
You must do your due diligence before you set up in business. Is there a market for what you have to offer? Do you know who your ideal customer is and where to find them? Do you know how much you need to earn for your business to support you? What is your break-even point? How can you minimise costs and maximise revenue in the early days? Do you have enough start-up capital to fund your new business and do you have a contingency plan just in case it doesn’t go to plan?
Business Plan Review
Company Set Up
Setting up a new business can be an exciting, but daunting task. So much to think about in the early days to make sure you have the right structure for your particular circumstances. It is really important to get the structure right from the beginning. Is a limited company or sole trader set up best for you? What are the implications of each for your personal circumstances?
What are your long-term plans and what is your exit strategy? Is your new business going to provide you with extra pocket money, do you need to earn a living from it or are you building something to pass on to your children or sell in the future?
Company Set-up Consultation
A review of the best company structure for your personal circumstances. Limited Company? Soler Trader? Partnership or CIC?
Register for Self-Assessment
When you start your new business you need to consider whether voluntary VAT registration is right for you. VAT registration will benefit you by allowing to recover the VAT on your purchases but will the additional VAT on your sales help, harm or have no impact on your customers? Do you need to take on staff from the beginning or just run a directors payroll? We can help you with each of these tax conundrums.
Set up your Government Gateways
Systems and Processes
It is absolutely vital that you understand what records you need to keep, why and for how long. You need to have the right systems in place to raise invoices to your customers and monitor who has paid and who still owes you money. You must capture and record your business spend transactions from the very start so that you know how your business is performing, to ensure that you recovering all the VAT that you are entitled too (and have the records to prove it) and that you are paying tax on the correct amount of trading profit. Most importantly, you need to know that there is enough cash in your business to meet your liabilities, to cover your taxes and pay you – the hard working entrepreneur!
Your Xero account – set up for your new business. Beautiful accounting software for the dynamic business owner. Why do we recommend Xero?
Your Receipt Bank Account
By far the quickest way of getting your bills and receipts into Xero is with Receipt Bank. We will set this up for you and sync it with Xero. Why do we recommend Receipt Bank?
Your Start Up Team
Your start-up team is here to help you through the setup and launch of your business. We are here to answer any questions that you may have.
With phone, email and Skype support, online training courses and our Bloody Brilliant Business Bookkeeping Facebook group – we have lots of resources to help you get your business off the ground and to support you as you start to gain momentum and build your business.
Running your new company
What else do you need to think about?
Before you start trading, you must have the basics in place. You will need a bank account to collect customer payments, insurance to protect customers and staff and if you hold personal data you need to understand your obligations under the Data Protection Act.
Coming up with your company identity is one of the most fun and frustrating parts of starting your new business. You want to make an impression, be remembered but you don’t want to spend a fortune on corporate branding! We can’t help you with this but we have some great contacts who can!