When you start as a sole trader you are everything rolled into one. You have to be the receptionist, the director, and the marketing director.. and that’s just for starters!
All you need to begin are a few clients who are willing to use your company even though it is in its infancy. Their investment in your services will allow you to build on your experience, and hopefully secure some good recommendations for you company to attract the next set of customers!
However, be aware that just as you are looking to entice new customers to choose your company, there will be businesses hoping that you will spend your money with them Marketing companies, magazine advertising, website design and hosting etc., these businesses will all be hoping your new company will spend its profits on them.
The issue with this situation is that these companies will probably have years of experience in attracting companies and persuading them to buy their services. Where as you, with your new company, may not have the experience in negotiating with them. These companies are used to dealing with new start up companies, and can be extremely persuasive when attempting to sell you things that you may not want or need.
So the question you have to ask yourself is ‘Am I the boss?…’ the answer is ‘YES!.. You are!’.
Always remember that you don’t need to buy anything! Even if you are aware that there is a product or service that you will need for your business, and a company quotes with a price that seems acceptable, you don’t have to buy! Unless the time is right for your business, and you have the money required, just say no!
Another handy hint – Always get information in writing from companies. Well-managed companies should be more than happy to supply you with quotes and information via email or post. They should want you to visit their website and read their testimonials.
The final piece of advice that we have to offer you is to always look to get a second opinion. If you feel bamboozled by people’s sales pitches and you are lacking the confidence to say so, then you can always manipulate the truth to your advantage. If you tell sales people that you have to ‘discuss this proposition with your partner’, it puts you in control. It is always good to speak with business savvy people when it comes to taking big financial decisions on behalf of your company.
If you are starting your own company and you feel it would be beneficial to talk to us, then please call us. We are London based Accountants, and we can help! We can offer you: –
Good Advice so you make fewer mistakes
Clear Advice so you understand what is being explained
Cost effective solutions so you can afford to grow with the right advice
Value for money – that’s just sensible
Options to reduce tax further so you build your wealth
Friendly service so you feel welcome to ask your questions
Call us at Gordons Knight on 020 8241 3000 and make a free appointment with Gordon D’Silva. He is a Business and Tax Expert, and a Chartered Accountant. We can meet you at our offices, your offices, in the City of London, or in Croydon.
We will spend the time we need to make sure we can add value to your goals and business objectives.
For a free eBook you can download to help you understand the many facets of opening a new business, please visit www.ukfab.co.uk. No donation is necessary.
