By continuing your visit to this site, you accept the use of cookies. They ensure the proper functioning of our services and display relevant ads. Learn more about cookies and act

Not yet registered? Create a OverBlog!

Create my blog

What you need to know when starting own business

There is a lot of advice available from both the government and private sector specialists about how to create your own business. However, when opening a new business many business owners still get caught off guard with things such as the time it takes to setting up a new business account, or how long does it take to build your own business website.

Cash-flow and money issues

The first thing you need to know when opening your own business is cash-flow management and forecasts. Business bank account While it's not strictly necessary in all cases, having a business bank account separate from your personal finances is the best way of ensuring there is a clear distinction between your personal money and your company income. However, opening a bank account can take longer than expected since checks are often more strict than with personal accounts, and if your business is just starting its credit rating will be either very low or non-existent. That can make accessing start up financing more difficult, and slower. Business payment terms and credit Unlike consumer products, where you are expected to pay when the sale is closed, business often pay their invoices several weeks after receiving them. If you work on a project basis and don't negotiate otherwise most clients will expect to pay after the goods or services have been delivered. This can make opening your own business difficult unless you have access to savings or finance, because even if you are working full time you won't have access to the cash for a few weeks. Plan your cash-flow from the start, so you are never caught unaware and without money to pay a supplier, which would hurt your reputation and the possibility of negotiating better payment terms in the future.

Other common mis-conceptions

From accountancy to marketing, new business owners often find themselves needing to learn lots of things to make the company work. Business taxes and regulations In most countries business owners tax legislation is considerably more complex than for permanent employees. You can get free business tax advice both from commercial accounts or government entities helping entrepreneurs, but in some cases it may be best to just get an accountant. Not knowing that you had to comply with some regulations is no excuse, and the fines can send you to bankruptcy. Marketing costs
While there's free ways of advertising a website, such as SEO, they take several months. So unless you are willing to pay money on active advertising plan for several weeks delay from the moment of starting a web page until it's on the search engines and getting traffic.

Same category articles Business development

A guide to the directory of social change funding

A guide to the directory of social change funding

The Directory of Social Change Funding is an independent charity which helps the voluntary sector help charities to achieve their goals by providing comprehensive training. Since their beginnings in 1974, the DSC have been running courses and publishing material on topics such as fundraising, management, organisational and personal development, finance and law.
Where to find free sales leads

Where to find free sales leads

Don't want to purchase leads? Looking for free business sales leads instead? Read this article to learn the top two, internet leads marketing, methods including how to perform sales lead tracking and management. Not to worry, these are legitimate methods that give you qualified leads. Read on to find out.
Who can supply me with an email marketing list

Who can supply me with an email marketing list

Learn where can you get your email list for your internet business and find out which method suits you best. How much risk are you willing to take? How about partnering with another marketer so that both of you can achieve your goals more quickly? Read on to find out.
A guide to buying business office supplies

A guide to buying business office supplies

Keeping an office supplied with items such as envelopes, printing paper and general stationery items is an essential part of any business. Depending on the size of the organisation, business owners or office managers may wish to buy their supplies from High Street stores, online retailers, or to arrange for their own personalised stationery to be produced.This article provides a guide to buying business office supplies.