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

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 on how to put on a charity event

A guide on how to put on a charity event

Charities, in need of funds, often rely on charity events to provide funds for the vital services they are providing. Organising a charity event is a method that can raise funds for organisations that give back to their communities. Those who are interested in understanding how to put on a charity event will benefit from the tips that follow.
Business partnerships: The facts

Business partnerships: The facts

What is a partnership and what to look for in a potential partner? You may be concentrating so much on the business itself and in securing funds that you neglected these aspects. Are you in a partnership simply for the money? All the more reason to check out the 3 things to look for in a partnership, in this article.
How to register a business in the UK

How to register a business in the UK

Businesses are of many types - sole proprietorships, limited and unlimited companies, partnerships and many more. Whatever the business type, UK laws demand that every business be registered to ensure compliance with tax requirements and other essential provisions. Registering a business in the UK can be done at Companies House offices or online upon payment of a small fee to company registration agencies.
How to set up a coffee cart business

How to set up a coffee cart business

Setting up a coffee cart business or even a small coffee kiosk can provide you with a decent monthly passive income. An on-the-go coffee shop is a perfect fit for today's fast-paced lifestyle. Nevertheless, there are still several things that you should look into before setting up your coffee cart business.