Owning A Small Business
Anyone here own a small business and if so how did you go about doing it? I have been thinking of opening up one
36-40, M
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Picklebobble2 · 56-60, M
Yep.
Initial tips ?
Compliance is key.
Whatever you're thinking of doing, make sure you are compliant in law and with local authority.
Nothing worse than investing time, money and effort into your business only to find you fall foul of some minor transgression somebody can fine you for !
Make sure you're certified compliant !
Constantly review your insurances policies.
The sneaky ➖ have a way of changing their 'provision of coverage' while giving you little notice of a change in policy that may see you with no coverage in the event you need it.
Make sure you're registered with all authorities including IRS/HMRC/PIR etc.
Talk to them. They're pretty good at giving you free advice.
Keep personal money and business money separate.
So open a business account and have all your incomings and outgoings through there.
Get yourself an accountant !
That way all issues of taxation and payroll can go through them via you.
If you're lucky you'll find one that is pretty hot on allowances and expenses and can give you seriously good advice.
Initial tips ?
Compliance is key.
Whatever you're thinking of doing, make sure you are compliant in law and with local authority.
Nothing worse than investing time, money and effort into your business only to find you fall foul of some minor transgression somebody can fine you for !
Make sure you're certified compliant !
Constantly review your insurances policies.
The sneaky ➖ have a way of changing their 'provision of coverage' while giving you little notice of a change in policy that may see you with no coverage in the event you need it.
Make sure you're registered with all authorities including IRS/HMRC/PIR etc.
Talk to them. They're pretty good at giving you free advice.
Keep personal money and business money separate.
So open a business account and have all your incomings and outgoings through there.
Get yourself an accountant !
That way all issues of taxation and payroll can go through them via you.
If you're lucky you'll find one that is pretty hot on allowances and expenses and can give you seriously good advice.