What not to do in business!

24th Jun 21

Do you want to start a start-up? Got your heart set on starting your own business? Why not! It’s a fantastic way to earn your living and build something special that you can be proud of.  As with everything, there are pitfalls, so what should you NOT do when you start a business, particularly if you do not have business support.

Don’t do the jobs you are not qualified to do!

Most business owners look back and say their most painful moments were when they try to do their accounts and balance their books. If you don’t have any background or understanding of the basics of accounting or invoicing, you will probably do it once and say ‘Never-ever again’. Business support services, like invoicing, accounting, credit control are invariably the first things we see our clients outsource. Quite rightly, too, as getting these right will save you money and time, keep your cash flowing and help you build your business.

Never treat your mistakes as failures.

When you begin your business, you will definitely make many mistakes from choosing the wrong production materials or working with the wrong type of clients or contractors. You are human, and you cannot predict everything, so enjoy the process and treat mistakes as an opportunity to learn.

Don’t avoid the inevitable!

Whether you’re self-employed or running a partnership or company, as sure as Christmas comes around every year, the need to pay your taxes will run in the same way. Be aware of and keep to the deadline dates. Whether it’s paying your Corporation Tax in January or filing a quarterly VAT return, you must stick to the government requirements to avoid fines and further difficulties. This is where the AccountAbility-Plus team can help you with our bespoke business support services – we will remember, so you don’t forget!

You have a fantastic idea but no plan.

Failure to plan is the downfall of most small businesses. You don’t need a 100-page document that you will never refer to. However, you need to set yourself some goals, have a solid idea of your ideal customers, understand why your business is unique. Also, you need to understand the risks you might face.

Manage your expectations, too! Have a clear expectation about when you’ll make your first million and realise that it’s going to take a lot of sweat, persistence, and patience to grow your embryonic business!

Finally, don’t give up!

Running a business comes with a lot of challenges, especially at the beginning. Perseverance and patience go a long way during those early stages – success very rarely happens overnight.

If you are thinking of making the jump into self-employment or if you have a fledgling business you want to grow, AccountAbility-Plus can support you on your journey to success with our special packages.

Take a look at Solo-Plus, which is aimed at those of you who are self-employed or The 300 Club for business owners who are slightly further along and are looking to grow.