5 things to consider when starting your own business

1. Where do you want to end up? Is this business something you want to start simply for a little bit of extra income, or are you looking to create a large organisation? Is this business based on a new product, or a company that you could eventually franchise? Setting goals is essential as it helps you to focus on the future. If you are going to aim, aim high!

2. Where are you starting from? It is important to be realistic as to the beginnings of your company so that you can budget and scrutinise what skills you have, and also what skills you will need to gain!

3. Ask for help! Even if you do not want to employ anyone it is always good to get a second opinion or advice. Also realising where your weaknesses are will help you to understand what areas of the business you will need help building on.

4. Do not close doors. If your business relies on one person, material or revenue stream then you may become stuck if this avenue suddenly disappears. Try to keep your options open, so that your business can be flexible and have a better chance of expansion.

5. Walk before you run! There is no rush, and making rushed decisions during the infancy of your business may cost you later on. Take your time, get some advice and trust your instincts…

If you are new to business, then you will want to understand what choices are available to you. We are London based chartered accountants, and we can help!

Let us talk to you, and find our how we are Gordons Knight can help you and your business.

There will be no charge for the review, and absolutely no obligation to buy any of our services.

These services are broken down into the following key areas:

• Advice
• Implementation
• Process
• Support

We would consider it an honour to be chosen as your tax adviser, and would welcome the opportunity to discuss your personal and business goals with you, with a view to helping you make the most of every business and tax reduction opportunity available to you.

For more information, and a free quote, please contact our payroll team at Gordons Knight on 0208 241 3000.