Thinking of a Start Up Business? Think Big – Start Small. The current difficult times of the coronavirus pandemic are fostering a new spirit of entrepreneurship. New businesses which accommodate the new era of social distancing and remote working are going to thrive.
The owner of a Start Up Business must be of a certain mindset. You need vision, the belief in your own idea and the resilience to make it happen. One of the most common problems faced by the entrepreneur is trying to expand too quickly before they have refined their business model and have the required financing in place. If you believe you can operate on a national basis – get it going in one locality first. Identify what works well on a small scale. Learning from mistakes is the only way to progress and it is better to make small mistakes than much larger costlier ones. Think Big – Start Small.
Unless the entrepreneur is lucky enough to have financial support, most will be starting up their new business whilst still in employment. You will have little time for a social life. The business might not return a profit for 3 years but if you get to this point you will know for sure that you have a sustainable business. You should ensure you have the financial ability to ride this out. With the right business model, a business need only pay for what it sells and cash flow problems can be averted.
Chris at Kent based CLL Accounting & Tax can act as a sounding board for your business. She can work with you on your business model and give accountancy and tax support from the word go. The question most asked by start up businesses is whether they should operate as self employed or a limited company? Contact Chris who can help you decide what works best for you.