Want To Run Your Own Business? Things To Think About First

If you are thinking of running your own business, you should start by discussing your plans with an experienced accountancy firm that can give you the help you need. At McDade Roberts we even have our own dedicated Launch Pad service for new businesses so it is worth giving us a call. Below is a handy guide of things you need to consider.

Plan, plan and plan some more

The more forethought you can give to the job of running your business, the more likely you are to succeed. We can help you plan your business and answer some of the questions you should consider before you start.

What should you ask yourself?

  • Are you the sort of person who can succeed in business?
  • Have you any funds you can put into the business?
  • Are you familiar with the legal requirements that will be placed on you as a business proprietor?
  • Have you considered how much you will earn during your first year?
  • Do you need help raising finance for your business?
  • After business expenses, including taxation and national insurance, have you estimated what your salary and profit could be?
  • Have you considered how you can minimise your tax liability so that you keep more of what you earn?
  • Have you considered how technology can benefit your business?

There are many other matters you need to consider both before you go into business and during your all-important first year. With careful planning and the right advice you could earn more and pay less in tax.

How can McDade Roberts help?

We believe in a personal approach to all our clients. We can assist you in a variety of ways:

  • Preparing your accounts - promptly after the year end. Some clients with growing businesses have management accounts. These enable them to check regularly on their business growth, trends, and profitability.
  • Tax planning - to minimise your tax liabilities.
  • Cash and profit forecasts - 'moneymaps' to help you forecast your future business performance.
  • Financial planning - helping you plan both your business and personal finances.
  • Bookkeeping - our computerised bookkeeping services enable you to spend more time running your business.

These are only a few of the ways we can help you succeed if you are thinking about setting up a business. Please contact our office if you would like to find out more. The first consultation is free so you have nothing to lose.