---

Starting a Small Business

...what doesn’t get measured doesn’t get done!

To learn more about using your systems to drive performance and profit enhancements click here

Make your SYSTEMS work for you

...your customers can be your best salespeople, if you treat them right! 

To find out how to engage customers, and how they can help you increase sales click here

Make your NUMBERS     work for you

Make your CUSTOMERS work for you

...more than just a set of  figures; vector means numbers and direction!

To use financial data more effectively to improve performance and manage your business click here

Google
WWWwww.NUMBERSandDIRECTION.com

  .... more than just numberstm

<Home> <Start Ups> <Starting a Small Business>

Starting a Small Business

Most new business starts from a great idea, from spotting a gap in the market, and the entrepreneur has a vision of what might be.  Unfortunately, the difference between success and failure in a start up business is not because of the idea, it’s usually because the management lack some specific skills.  That could be sales and marketing, cash flow planning, time management or simply the administration.

Small business can fail because they are too successful as well as because they don’t have enough customers. 

There is lots advice available; some of it is very good, but there’s also a lot of rubbish.  If you know someone who has already started their own company, talk to them. Find out how they started, how they organised their company, how they complete their accounts, what mistakes they made and what they would do differently if they were starting again tomorrow.  Talk to a business adviser, bank manager and accountant – but check out their credentials; ask them what experience they have of your industry or business sector.  Selling in a B2B (business to business) environment is different to B2C (business to consumer).  The service sector is different to manufacturing.  Retail is different to wholesale.  On-line or e-business is different to face-to-face.  It’s important to speak with people who understand the differences and have commercial or industrial experience.  

Have a look at each of our guides for further tips on starting a small business.

Sole Trader, Partnership or Incorporation

One of the first things to consider when starting is how you are going to organise your business, several options are available including being self employed, forming a partnership, or starting a limited liability company registered at Companies' House. You could even buy into a franchise, which is already set up. Have a look at our company formations guide.

Registering for VAT

Many small companies may not need to register for VAT, but for some it will be an advantage to register. If you have high start up costs then it might be worth looking at this as you would be able to reclaim the VAT element on your costs.  Whatever path you choose ALWAYS keep all of your receipts.  It’s possible to reclaim VAT retrospectively if you decide to register at a later date, but you’ll only be able to do this is you can prove that you have paid VAT.

Grants for starting a small business

There are many starting grants available for starting a small business; we have provided contacts for getting a business grant.

Business Banking

There are so many bank accounts available. How do you choose which one? If you are looking for money for starting a business the bank may be the right place to apply. Look at the Company banking guide.

Web Site

Will you benefit from having a web site? A good quality web site can be an excellent way to get customers to come to you, offering you a way of presenting your business to prospective customers 24 hours a day, seven days a week. The costs of setting up are really much smaller than you might imagine.  Get your own domain name – www.yourcompany.co.uk -  if nothing else it will provide a shop window for your prospective customers, and you’ll be able to use a professional e-mail address rather than a yahoo, MSN or hotmail account. Click on this link to get your own site or call us to discuss in more detail.  If you only want an email account with your company name then click here.

Insurance

You will need insurance, but which types of insurance are right for your small business.  This depends on what you do and if you need protection in case of mistakes.

Planning

Every small business needs a plan, especially when starting, without a plan there is more chance that the business will fail. These can be from the simplest of plans to a full cash profit and cash forecast required to raise finance.

How to find professional help?

There are many professionals who can advise you on business; this is a short guide on how to find accountants and solicitors.  Vector Accountants is part of a global network of professionally trained and accredited business advisers with industry and commercial experience – real people who have run real business, spread across 28 countries.  If we aren’t able to help you directly the chances are that we know someone who has first hand of exactly your challenge.

Starting an eBay business.

Many successful businesses sell on eBay; here is a short guide on starting to sell on eBay.

Copyright 2008. All rights reserved
Vector Accountants LLP

Vector Accountants in St Ives, Huntingdon are professionally trained business advisers and management accountants specialised in helping SME companies be successful; as well as bookkeeping and VAT returns we offer executive coaching and mentoring for new business, start ups and established companies looking to improve performance, increase profits and pay less tax. 

Located between Huntingdon, Cambridge and Peterborough we typically serve clients in the East of England (Cambridgeshire, Suffolk, Norfolk, Essex, Lincs) and the East Midlands (Bucks, Beds, Herts, Leics), but with a global network of  professionally accredited  advisers and accountants in 28 countries across the globe location is not a limitation.

Fixed price means ....
unlimited access to ad hoc advice at any time and no surprise invoices. We take the risk, you get the benefit.
Survival of the fittest ....
contact us for a FREE copy of Anti-Recession Actions for Business. What are you doing differently to ensure success?
Tax Planning for Business Owners ....
are you making the most of the latest government changes to tax legislation? Did you know you could carry back trading losses to get a cash-back tax rebate?
Tax Planning for Individuals ....
have you topped up your ISA, made tax free gifts, checked your pension contributions to ensure you haven't overpaid into your fund, or used your Capital Gains Tax allowances?
Money Back Guarantee ....
if for any reason you are unhappy with our service we will respect your right, without quibble, to pay whatever you feel is an appropriate fee!
Do You Own a Job or a Business?
too many SME owner managers work FOR their business rather than IT working for them. Want to enjoy your business again? Then ask about our unique VECTOR System for business improvement.
Recession - Threat or Opportunity?
it's your choice! The smarter business owner seizes the opportunity that this threat presents and uses it to grab market share. What are you doing to protect and grow your profits?
Find Hidden Cash in Your Business ....
most companies could improve their cashflow by '000s by applying some simple systems and better understanding their processes. Interested?

 

Tel

 

0844 778 8888

 

Fax

 

0844 778 8889

 

E-mail

 

General Enquiries

 

E-mail

 

Business Development

 

E-mail

 

New Ventures

 

E-mail

 

Tax Help

 

E-mail

 

Complaints or Praise