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Category: Business Start Up

CEO of Lead Funding, Victor Mitchell, Lists 9 Common Mistakes When Starting a New Business

CEO of Lead Funding, Victor Mitchell, Lists 9 Common Mistakes When Starting a New Business

Starting up a new business is always a challenge, demonstrated by the fact that approximately 50% of new businesses will fail within the first five years. Knowing what the common mistakes are that result in business failure can help new entrepreneurs ensure that they avoid the same mistakes, allowing their organization to grow and thrive. Successful businessman and life-long entrepreneur, Victor Mitchell, lists some of the most common mistakes new business owners make:

Choosing the wrong business structure. Many new business owners will start as sole proprietorships, as there’s less administrative hassle. However, LLCs and corporations are much more robust and can protect personal assets from liability. Smart business owners will consult many resources before settling on the best fit for their enterprise.

Doing everything alone. Many new entrepreneurs fall into the trap of taking on all the roles of the company themselves, leading to burnout and a failed business. All businesses are based on teamwork and delegation of tasks, so ensuring that there’s a strong team in place from the beginning of the venture will set the business up for success.

Hiring the wrong people. There is usually a lot of emphasis on culture fit in new businesses, resulting in the hiring of people based on their personality instead of their skills. Businesses thrive on having skilled employees, not employees that are fun to be around.

Never take risks. All business ventures require some form of risk, and businesses that avoid all risks and play it safe all the time are those that are most likely to fail. Sometimes a calculated risk can turn the fortunes of a small business around.

Taking on too much. While expansion and growth are essential to the success of a business, so is building a solid foundation and infrastructure to support such growth. Successful business owners are those that understand they’re in for the long haul and plan accordingly.

Not enough marketing. Many new start-ups have a great idea but tend to assume that their idea is enough to carry the business. Successful organizations dedicate themselves to marketing and networking as early on as possible, to ensure steady and sustainable growth.

Stop learning. In these rapidly changing times, businesses need to keep learning and adapting to succeed. Learning from past mistakes ensures that those mistakes won’t be repeated.

Spend too much, or too little. Some new companies are so worried about spending money that they curb growth, while others spend all their investor money within the first couple of months. Smart entrepreneurs are those who plan their spending wisely, knowing when to take on an opportunity and when to pass.

Not being prepared for the lifestyle change. On a personal note, many entrepreneurs find themselves blindsided by how much time starting a new business consumes, and the mental toll it can take.

New entrepreneurs often get caught up in the excitement of a new venture but taking the time to plan and learn from previous mistakes can be …

Is your business ready for the April 2019 VAT changes?

VAT changed April 2019 Explained

Is your business ready for the April 2019 VAT changes?It’s now less than a year until businesses that file VAT returns will need to do so online via accountancy software. Apart of the Making Tax Digital (MTD) programme, the initiative means some 2.5 million VAT registered businesses in the UK with a turnover exceeding £85,000 will need to submit their VAT returns through software compliant with that of MTD rather than through the HMRC portal.

Both businesses and their accountants are therefore being required to set up and use online software such as QuickBooks, Xero and Sage.  But many companies are still unprepared for the changes. So what can you do to ensure you comply in time? Here, we offer some tips:

Educate yourself and your staff

The first thing to do is confirm – as soon as possible – that your organisation is subject to MTD. There are a few exclusions, including being subject to an insolvency procedure, or being a member of a religious society that has beliefs incompatible with using electronic communications.

If you aren’t exempt, you’ll need to sit down with your accountant to discuss how the changes will affect your business and come up with a new process for billing, preparing accounts and filing data. You can then begin to research different software options to see which would suit your company best.

Inform your staff

Allow your staff as much time as possible to get on board with the idea of digital accounting. Speak to them about what the changes involve and why moving to online accounting is necessary. You may then want to appoint a champion or group of champions – depending on the size of your business – to lead the introduction of the programme.

Introduce the software

Once you’ve found an online provider that fits with your business and can be supported by your accountancy firm, it’s time to introduce it. Ensure your champions are fully trained externally on the software – either by your accountant or by the provider themselves – and are confident to deliver training to the rest of the staff. Providers will be aware of the April 2019 deadline, and will have technical support teams on hand to help iron out any issues you might experience.

Keep in touch with your accountant

Another key aspect of remaining on top of the situation is to keep in regular contact with your accountant. This will help you keep abreast of any updates or changes that are occurring. Remember that your accountancy firm will be trying to help a range of clients with the changes, so don’t expect them to always get in touch with you first – if you have a question or are expecting some information, give them a call.

Many accountancy firms such as a Chartered Accountant in Tunbridge Wells, are busy preparing their clients for the upcoming changes. If your business hasn’t begun the process, now is the time to get started.

Mandatory Things to Consider Before Starting a Business – Startup Ideas

A great business idea can help to become the successful business. But the big question is where the business idea will come and how to implement it. A winning business idea is that you are really interested in that work and good enough to do and valuable. An idea is that makes any business successful. Your interest is what makes the business success that you have ever thought. Try the met pet printing to promote your new startup.

  • Do Your Market Research

You make something and provide in the market doesn’t mean that anyone will buy it. The first essential step is to research in the market about your reputation & the product you are providing there. Too many entrepreneurs are already in the market for their products. You need to research and analysis the data. A good market research helps you to survive in the market well.

  • Show Yourself the Money

The first thing to run any business is capital or finance support. Calculate the financial costs that you need, you have and that you use. You must have a plan to implement the money on your product or other causes such as promotions. Use Met Pet printing that is cost low as you are thinking and also effective.

  • Hire a Good Business Attorney

You should hire a good business attorney only when you need it. If you hire an unnecessarily attorney then it just increases the financial spends. Your attorney can suggest you many things to make your business better such as right business structure, drafting contracts. You can find the good attorney through the networking and also some referrals makes your search easy.

  • Decide on a Business Name

You should need to think too much about it as the peoples will recognize you with it. The name should be simple and obvious that represents your business. Make a list of the names that you think about your business and list down these names. It should be catchy, easy to spell & pronounce by the peoples. You can contact for help to book printing in Sivakasi that can suggest you some amazing names as they have experts. You should research about the name you pick up is in market or not. Also, a similar name to any brand can affect your business. So, avoid that thing.

  • Get all necessary licenses and permits

You should approve your business before starting it and get the license with additional law certificates or affidavits. The license is the most important thing to have to start any business in any field. Some of the laws can affect your business after established if you font have the valid certificates. You should contact to the reputed lawyer to solve out this and get a valid certificate to avoid all future problems.

There are many ways to getting started any business such as finding a technical expert or launching a website. These are some effective key points for business these days.…