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November 13. 2017

Ambition is the path to success, persistence is the vehicle you arrive in

You have done it! You now have the freedom and determination to run your own business. We have put together a short piece of advice for you as you venture into your newly self-employed role, the following highlights the key areas to think about during your start up phase.

The most important element of your business is ensuring positive cashflow. Ask yourself how far would you get with the money you have in the bank? Most businesses will say they would make the next 6 months, but it isn’t uncommon for a business to say they will not even make the month. To assist with your cashflow, make payment terms as short as possible, however an important point to note here is you still need to remain competitive, for this your payment terms will need to be long enough. The nature of your business might mean you receive income on a prepaid basis or cash immediately on deliver of your product or service.

What works for one business will not necessarily work for another. There are lots of exciting happens at the start of a new business, sometimes so many you might forget about the less exciting areas such as self-assessment registration and HMRC compliance.

You will find your hunger to succeed will keep you motivated, however it is important not to overstretch yourself, you cannot do everything. What you can do is ask yourself; Do I need it? Can I afford it?

It pays to ensure areas such as your accountancy and tax affairs, marketing, administration and possibly ICT are looked after by professionals. You are likely to see a return from such investments.

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