Ambitious Startup Business Program
Thank you for visiting our Ambitious Startup Business Program. On this page we have put together a selection of videos and our free Business Startup Guide which is packed full of useful information to help you set up your new business in the right way.
Our video selection below is a sample of the information we provide to our clients and looks more at the regulatory side of setting up a business. If you want to find out more about how to grow a successful business that can achieve sustainable profits then please take time to visit our business growth page.
In our next video below we look at what legal entity you should use for your new business venture. There is an assumption by many new business owners that a limited company is the best way forward but often this can be a mistake. Setting up as a sole trader or partnership is cheaper and simpler and depending on the size of your new business may be the best option. There can also be tax advantages of setting up as a sole trader for any business which is likely to have high set up costs as losses generated can be utilised against other income of the business owner resulting in potential tax refunds. We have used this method of starting initially as a sole trader and incorporating the business later on several times for clients to get five figure tax refunds which can really help in those early days of business.
In our third video we look at the rules behind when you should register for VAT. Currently for 2021/22 the VAT threshold remains at £85,000.
In our fourth video we explore in what circumstances it may be advisable to voluntarily register for VAT. If your business deals mainly with other VAT registered businesses and you are incurring VAT on expenditure then voluntarily registering for VAT can save you thousands of pounds!
In our fifth video we start looking at the numbers. As a business owner it is essential you get to grips with the figures early on. One of the first things we’ll talk to you about are your vision and goals. What kind of business are you looking to create? Ideally you should have a written business plan which will detail all this and have a step by step plan of how you will achieve this backed up by budgets and forecasts. As part of this exercise one key number you will want to know is your breakeven point. What turnover do you need to hit to get to profitability? This will change over time as your infrastructure builds but knowing this figure can help create focus for you. To find out more about your breakeven point why not visit our blog “What is my breakeven turnover?” The blog and video were produced at the height of the pandemic when we were busy calling clients and sending them newsletters and blogs on ways to get through this difficult period. This is just one figure amongst many which you will need to know to ensure the success of your business. As part of this exercise we will also look at your accounting systems and ensure you are using the latest cloud software to improve efficiencies in the business whilst ensuring you have the numbers to hand to run your business.
In our sixth video we look at moments of truth. As part of our Business Growth advice we look at what are the three key attributes you need to grow a successful business. The first is uniqueness. What is it that sets your business apart from the competition? This is a key element to success- why should a customer buy from you rather than a competitor? If you go purely on price then you need to make sure you have the best systems in place to cut operational costs in order to make a profit. Small businesses which compete solely on price invariably fail. By working on differentiating your business from your competitors and highlighting this to them in your marketing and sales you can often overcome the question of price. Differentiating factors include quality, creativity, fantastic customer service, reliability, convenience plus more.
As part of fantastic customer service why not introduce moments of truth- this is where you review all the interactions with your prospects and customers and look to ensure that every interaction is enhanced and made special.
Our final video in this brief series is on how company owners get paid from their limited companies. Tax planning is a big part of the service we offer and it is essential that as owners of the company your income is extracted in the most tax efficient manner which means reviewing family units and other sources of income and discussing with you what you want from the business. Your answers will lead us to determining the most tax efficient way for you to be remunerated. To find out more about tax planning please visit our tax planning page.
The above is a flavour of the material we generate for our clients and the topics we discuss with them. To find out more please look around our website and visit our youtube site for more videos. Even better why not contact us and arrange a discovery meeting to find out how we can help you build a successful new business.