Have you found yourself thinking about setting up a business lately? Think that you have what it takes to run a successful business? Also, make a success of yourself? If you do, you will need to make sure that you understand the process and all the significant decisions you need to make. Southside Accountants in Wimbledon are pleased to support you.
This guide will help you understand about setting up a business. Further, to support you make to make the right decisions.
To buy or build?
There are two main options for starting a business. You can build one up from scratch (if you have an idea or a skill). Or, if you don’t have the building blocks to start with, you could always buy an existing small business. This could be one that the current owner may want to sell on, or it could be a part of a franchise network of businesses. Both of which have their own benefits.
One of the easiest ways to set up a new business is to create one that runs solely online. It can be a competitive market, but you do not have to worry about finding premises. You can run it from the comfort of your own home. Perhaps alongside your current work commitments. Or maybe just alongside your family life.
Limited Company or sole trader?
Another key decision that you need to make is whether your business will be a sole trader or a limited company? Sole traders are the easiest to set up and are free to do so. All you need to do is make sure that you have registered yourself with the HMRC. As a sole trader, you will you are personally responsible for any financial issues and debts that can arise from your business.
A limited company is a trickier process to go through. You will need to pay to set this type of business up. Not only this, but the actual running of the business requires more effort. Such as completing additional reports and taking charge of the managerial responsibilities that come with this too. That said, you will have the peace of mind that should anything happen with your business, you, in the most part, will not be personally responsible. This protects the things that you own, such as your home.
It does take time to build a successful business. Please allow for this before you start to see profits. It is also vital that you find the right accountant who can help you with the process. In addition, to ensure that it is as easy and as smooth as possible.
Accountants in Wimbledon
We are small business accountants in Wimbledon that offer expert advice on a fixed fee. Get in touch with us and see just how Southside Accountants in Wimbledon can help you to set up your new business.