Starting a Company

Advantages & Disadvantages Of Being A Sole Trader

In the United Kingdom, it’s estimated that around 98% of businesses are SMEs. Out of that staggering number, there are 3.5 million registered Sole Traders.  Depending on their business structure, tradespeople like plumbers and tilers often prefer setting up as Sole Traders. This is because they primarily work alone, and there is little to no need to create a Limited Company unless the business expands to taking on franchisees or… ReadAdvantages & Disadvantages Of Being A Sole Trader

How to Write a Sales Forecast: For Start-ups & Existing Businesses

As we’ll cover below, sales forecasting is crucial to your business for a number of reasons. However, it can also, quite rightly, be a difficult task. This is especially true for start-ups who have no previous data to work off. In addition, you’ll want to know your sales forecast inside and out: when going to a bank or other financier, you will want to be prepared to answer other questions… ReadHow to Write a Sales Forecast: For Start-ups & Existing Businesses

10 Simple Steps To Making The Perfect Invoice

What is an invoice and why is it used? An invoice is a list of the sum of goods/services that you have provided. It serves to request money from clients and record the exchange. As such, it is an important document for keeping track of the sales transactions of your business.  How to make an invoice: 1. Invoice Requirements According to HMRC, invoices must contain the following information: You and… Read10 Simple Steps To Making The Perfect Invoice

How to Get Your Invoices Paid Faster

A trouble many businesses face is a delayed or late invoice repayment time.  This can be especially troublesome for small businesses who rely on invoices being paid on time to keep a steady cash flow. Xero’s research shows that approximately 50 000 businesses fail due to cash flow problems each year in the UK alone. Therefore, it is clearly critical for businesses to optimise their cash flow wherever they can.… ReadHow to Get Your Invoices Paid Faster

How to Create a Start-up Budget

Creating a start-up budget can be difficult. Geniac found that, on average, a UK startup underestimates its costs by around £2000. However, creating a budget is a necessary step in the formation of your business: Firstly, it helps you, the owner, decide whether you have enough money to begin your venture. Secondly, it is a crucial tool for investors to know how much to invest. Without it, they would likely… ReadHow to Create a Start-up Budget

Sources of Funding: 9 Types With Examples

Sourcing finance is usually fundamental to starting an enterprise and keeping it running. According to Xero’s research, approximately 50,000 SMEs fail due to cash flow problems each year in the UK alone. Judging by these statistics, businesses certainly find it difficult to maintain a regular cash flow and to source funding. Sourcing finance is just as crucial during the inception of the business. When starting up, enterprises need enough funding… ReadSources of Funding: 9 Types With Examples

10 Ways To Reduce Your Corporation Tax

If you’re a Limited Company owner in the UK you’ll know that if your company makes a profit, the government will claim 19% of it. That percentage is a significant amount to some businesses, so it’s no surprise that business owners look to reduce corporation tax wherever they can. Whilst it is important that businesses adhere to the correct legislation around paying corporation tax, there are legal ways to reduce… Read10 Ways To Reduce Your Corporation Tax

Types Of UK Business Entities: Which One Is Right For You?

In the UK, there are four main types of business entity: Sole Trader Partnership: Traditional Limited Liability Limited Liability Company (Ltd) Deciding which business entity you are going to use is important and can be difficult. That is why we have researched the advantages and disadvantages of these business structures for you. This should make it easier to pick the right choice for your enterprise. Making this decision will bring… ReadTypes Of UK Business Entities: Which One Is Right For You?

How to Write a One-page Business Plan

A template for a simple plan to impress investors and consolidate your business idea Whether you are setting up a one-person limited company or trying to start a multi-million dollar enterprise, a business plan is crucial. Plans allow you to: See the constituent parts of your business See what you’ve missed in the initial inception of your business idea Research business projects in depth think critically about your business idea… ReadHow to Write a One-page Business Plan

10 technology solutions for a more profitable and productive small business

Low-cost technology solutions for small enterprises The technological advances in the last decade have been vast. These have given the opportunity for small business owners like you to make your business costs far cheaper and the business as a whole far more efficient. Below are 10 ideas to help you make full use of technology; giving your business the upper hand in a competitive environment. 1. Business education As a… Read10 technology solutions for a more profitable and productive small business