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Do I Need to VAT-register My New Business?

Monday, February 4th, 2013

No one likes paying it – but VAT is one of the things you can’t ignore when setting up a new business.

Does my Business need to be VAT registeredEven if it turns out you don’t need to register your business for VAT, there’s a good chance that some of your contacts and suppliers will add VAT to their invoices. So rather than avoiding the subject and crossing fingers that the VAT man won’t find you, read our easy guide to find out what it’s all about and whether you need to register.

What is VAT?

VAT, or Value Added Tax, is a tax on business transactions in the UK. Some transactions are exempt but most goods and services are subject to VAT. The standard rate is 20% of the cost of the goods or service, but there is also a reduced rate of 5% and a zero rate (0%). When VAT-registered businesses buy goods and services, they can usually claim back the VAT that they pay.

Who needs to register?

Businesses need to register for VAT if their annual turnover is £77,000 or above, or is about to go over this threshold. Businesses whose turnover is under £77,000 can still voluntarily register for VAT, so think about whether being VAT-registered could be good for your new business. If you’re not sure if it would benefit you, have a chat with your accountant.

How do I pay VAT?

You will need to fill in a VAT return regularly, usually once a quarter. If the amount of output tax (the sum you add to your sales price) is more than the amount of input tax (the amount you pay on goods and services bought), you will have to pay the difference. If the input tax is greater than the output tax, you can claim the difference back. Most businesses now have to submit their returns and pay electronically, and there are a number of ways you can do this. For more information visit www.hmrc.gov.uk.

Kind regards
ROY DERRICK

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How To Choose A Name For Your Business

Thursday, October 18th, 2012

Choosing a name for your new small business may not be as easy as it sounds

If you are currently tearing your hair out trying to think of a name for your new  business…Welcome to the club!

You think you’ve done the hardest part… You’ve got the business idea, you’ve secured the finances and your office and you’re ready to go there’s only the small issue of choosing the name.

This is the easy part surely? Wrong…My wife and I spent hours, indeed days, trying to choose a name for our businesses. Even family members, friends and acquaintances were badgered into offering their suggested names. Eventually our company name was determined by what we wanted to offer our potential customers…namely perfect prosperity.

But what do you need to consider when deciding on your new company name? After all much of the success of your new business lies within the name of your business as a good business name will draw business in by itself.

Here are some points to consider when choosing a name for your business…

 Do You Want To Fit In Or Stand Out

If you don’t know how to choose a name for your business it is best to seek help rather than merely pick one to “fit in” .  It is always better to pick a name for a business that will “stand out” from the crowd.

Keep Your Company Name Short

When you choose a name for your company you will need to avoid long names and ensure that the spelling is correct. Long names can be tricky for staff and for customers to remember.  Try to choose names that are easy to spell and pronounce. This is important as you will want your company name to make a lasting impression on your customers. The best company names are those that are easy to remember.

Be Original

Try not to copy other company names as you ideally want to make an impact in your own right and not merely to be confused with other similar named companies.

If possible it is better to try to make sure that your company name reflects what your business is about as this will help to make a quicker impression on your potential customers. For example if you are a building company it is better to include the word builder or building company within the name. This will ensure that you attract potential customers straight away when they see your company name.

Traditional Or Modern? 

Do you choose a traditional sounding name, or a more abstract modern one? The best answer to this question is to determine what sort of product or service you will be providing. If your product is more traditional, for example selling old furniture then it is better to use a more traditional business name, whereas if your business is a new and innovative product or service then a modern name would be a better one to use.

Will Your Business Be Trading Just Locally Or Will It Trade Overseas Too?

If your business is only going to trade within a local radius, using a local town or city within the name could prove advantageous as it will help to promote your company and it will improve your chances of being found within search engines when people search on the Internet. For example if you have a plumbing company in Cardiff you could use Cardiff plumbing company as part of your company name.

Important: If your business will be trading overseas you will need to ensure that none of the words featured within your company name are considered offensive within any of those countries cultures.

Finally…

When you have decided on a good company name, you will need to check if there is a domain name available to use within the Internet. Regardless of what type of business you choose to start it is important to have some kind of Internet presence to keep ahead of other savvy business owners. If the name that you require is not available as a domain name, you could consider using a foreign equivalent of the name e.g.  Latin, as this version might be available.

Once you have chosen your name and have purchased the domain name you will finally be ready to open your business.

Need Help ? Feel free to get in touch.

 Kind Regards

ROY DERRICK

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What Do You Need To Start Your Own Business?

Thursday, September 27th, 2012

Starting your own business is like putting pieces together on a production line.

So what do you need to start your own business? Below is guide on how to start a business step by step: what do you need to start your own business

Step 1

You will need to first of all program your mindset to a positive setting. This will be better achieved by clearly noting down your goals and how you are going to achieve your targets to fulfil those goals.

Having clearly defined goals helps to keep you focused on making your business a success. If you encounter any temporary hiccups, try to keep focusing on the end results to keep you motivated.

To help me keep focused I set myself weekly goals to fulfil whilst at the same time I try to avoid any minor distractions that will take my attention away from achieving my targets.

Step 2

The next part of the process is deciding what product or service you are going to be selling as this, in effect, will determine whether you need premises and staff or not. Without a doubt, bricks and mortar business are more costly to set up and maintain as they involve premises, wages, insurances and often large reserves of stock.  One way of reducing business start up costs is by running a business from home but this will largely be determined by the business that you are going to start as some businesses need a business premise and staff.

I am fortunate enough to be able to run my businesses from home whereas when I started my first business, namely a chain of convenience stores, I obviously needed business premises. starting your own business from home

Step 3

Once you have decided what business that you are going to start, you will then need to decide on a name for your business. Creating a good name for your business is important. When choosing a name for a business, it is important to make sure that the name is not already in use, otherwise you could be sued.

I personally used to think that the name that you choose for your company should reflect what your business is about. However many successful companies have had huge success from unrelated trade names for their business…Apple is a great example of this! It is still unclear why Steve Jobs chose this name but some believe that it may have been thought of whilst he was working on a community farm or due to his love of Apple records.

Once you have chosen your name you will need to register it with Companies House if you are going to be a limited company.

Step 4

Regardless of whether you are starting an online business or a bricks and mortar one, it is important to create a website and domain name for your business. It is possible to create a website quite cheaply (often less than £70 if you use word press).

You will then need to buy a domain name to use for your website. You will need to renew this domain name periodically, depending on what arrangement you make with the hosting company.

Step 5

The next step in the process, when starting out in business, is marketing your products or services as cheaply and effectively as possible. After all there is no point in owning your own business, if you do not attract any customers to purchase from you.a home business with your kids

If your budget allows for paid advertising like banner advertising, then it is important to make sure that you choose the most appropriate place to advertise e.g. If you are running a business from home make sure that you select a site that targets people wanting to work from home e.g. entrepreneur magazines and make sure that your banner is positioned on the best page, namely an interesting page that people will take enough time to browse over, to notice your advertisement.

If you do not have any budget available for marketing your new business, then social media sites like Facebook, Twitter and Pinterest offer a great free means of marketing your business.

Other free ways that you can market your include video marketing, blogging and writing articles. You could also publish a press release to make people aware of your new business all of which will help spread the news.

Step 6

Finally, you will need to employ an accountant who will be able to offer you valuable advice including any ways that you may be able to offset any of your business start up costs. They will also be able to process your annual accounts and returns for you.

These six points are what I regard as being the main things that you need to start your own business.

It is important to realise that all corporations and businesses have the same system, what sets them apart is how they manage to  succeed in standing out above their competitors. When owning your own business, that is how you too will succeed, namely by choosing an in demand product or service and by branding and marketing your product to stand out above the rest.

Kind Regards

 

ROY DERRICK

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Finding The Best Ethical Business To Start…

Thursday, August 9th, 2012

It’s funny how life turns out. Who would have thought that a one time gas engineer would go on to mentor others on how to start a business? Finding the Best Business Opportunity

After all I had no particular experience of running a small business but what I had was a burning ambition to better my life and provide well for my family. I also had a good work ethic, (which certainly helped when I started my first business which resulted in my working 18 hour days seven days a week) and a determination to succeed. The hardest question for me to answer was:

“What business can I start?”

Online businesses did not exist when I started my first business so I decided to research brick and mortar businesses instead.

After carrying out some research including monitoring how many people were visiting the high street each day and questioning numerous people as to what sort of products they generally bought, I decided to open a chain of convenient stores. It was hard work at the beginning and provided many challenges, but I soldiered on and went on to win many awards including an all expenses paid trip to New York, courtesy of ‘Sir Richard Branson’.

I subsequently went on to start other successful brick and mortar businesses including a manufacturing company and a building company, all of which were successful.

Then like millions of others I was hit right between the eyes in the” downturn” that politicians refuse to call a recession.

Trust me, no industry has been hit harder than the building trade. In 2007 we were building new homes at a rate of knots but by 2008 it was all drying up. The banks stopped lending (and started hiking up their interest rates due to building companies now being classed as “high risk”) and people stopped splashing out.

An Obstacle is simply an opportunity to improve your lifeI had to seriously re-think what I was doing

I quickly began to diversify the work that I did within my construction company. Instead of building houses we began to build extensions, loft conversions and other general building works. This kept us busy and paid the bills but fierce competition within this type of work meant having to offer low quotes in order to win the work which also meant lower profit margins which is bad news within this type of industry.

I needed to know how to make more money

I needed to find a way to earn extra money. Then something extraordinary happened. Here I was stuck in the middle of this recession, wondering where the next job was coming from, when other individuals started asking me… yes ME about the secrets of my success and how to make money.

At the time I thought that they must be insane to be asking me of all people. However it got me thinking and I started looking online for opportunities.

And then came the shock…

I quickly discovered that for years I had been working much harder than I had needed to. I’d made a good living but I had been doing it the fool’s way.setting goals for a new business

I had been working long hours, outlaying huge overheads and having the stress of employing staff, when all along there were people out there, younger than me, less experienced than me and making more money than me.

I decided to look into this “work from home” thing and looked at various business models. Some appealed to me and some didn’t and some seemed ethical when others didn’t. More importantly some worked and some didn’t.

Over the last few years I’ve singled out and now share with others, some of the best opportunities and easy to use systems that can make you money even when you sleep or are on holidays.

All of the opportunities provide a simple way of making an income at home.  More importantly they have all been tried and tested and are totally ethical businesses that can help individuals to start an online business from home.

What kinds of internet businesses are there ?

The opportunities are varied to suit all needs and include;

The Best Affiliate Products to sell for those wanting to promote products or services that are already branded and established. The advantages of these types of opportunities are that you will have access to established products, websites and advice from companies that pay the best commissions in the business.

How To Make Money On E Bay instead of spending it.

How To Make Money By Helping Local Businesses.Finding the best ethical business to start

How To Make A Lucrative Income By Retailing Licensed Products

There are also educational resources including books and DVDs that demonstrate further how to start a lucrative business.

Everyone will have their own reasons for wanting to earn extra money. What’s yours?

A dream house, fast car, luxury holidays.

Ditching your boss and daily commute to create more freedom of time.

Getting out of debt…Paying off loans, credit cards or mortgage.

Each person will have their own reasons. Mine was a combination of each of them and more.

Starting a business, whether an ‘online business’ from home or a ‘brick and mortar’ business, is not for everyone. Many individuals will always need the discipline and structure of working for someone else and let’s be honest; businesses would fail without these types of people as they essentially help the cogs of industry to go around.

However, for those individuals who yearn to start a business, I can vouch from personal experience that starting your own business provides a great living both from a financial point of view and more importantly from a personal one as It allows you to always be there for those important milestones in your children’s lives…First day at school, sports day, concerts etc, etc.

One thing to remember if you do decide to start a business is to make sure that you research the business thoroughly to ensure that it is an ethical business as there are a lot of rogue businesses out there…and trust me, I should know, as I have come across a few of them!

Kind Regards
ROY DERRICK

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How To Start Trading Your New Business

Tuesday, June 12th, 2012

To Get Your New Business Up And Running Is A Lot Easier than You Might Think

So you have decided to start a small business and you’re ready to get started but you’re still unsure on how to start trading.

How do you start trading your new business? how to get your business up and runningHere are some key points that you need to consider towards getting your new business idea off the ground and trading.

Sole Trader or Limited Company?
The first thing to consider is whether you are going to trade as a sole trader, a partnership or as a Limited Company as it is referred to in the UK or LLC in the American States. The type of small business that you are going to start will largely determine which option that you choose.

A sole trader is a business that is owned by one person (with no staff) who is solely liable for the company’s debts and fulfilment of contracts. These types of small businesses tend to be favoured by traditional skilled tradesmen like gardeners, plumbers, decorators, plasterers etc.

The advantages of being a sole trader are:

  • Having full control over the business.
  • It is easy to set up as there are fewer regulations to comply with. You will just need to ensure that you contact the Inland Revenue (or IRS ) to advise them that you are to become self employed within 3 months of starting the business.
  • You won’t have to complete a lot of forms unlike limited companies, but you will nevertheless, need to have accounts prepared  ready for your  annual self assessment tax return to declare annual profits and tax liabilities.
  • As there are no staff you will keep all of the profits yourself, which can remain private as you will not have to declare them to Companies house (UK) or Edgar in the USA.
  • You will not have to register the company and therefore can be known as anything hence why so many sole traders refer to themselves as “trading as …”
  • You can build up a more personal rapport with the customer. what small business should I start
  • It will be cheaper for you as accountants will charge you less as they will only need to complete a profit and loss account for you.

The main disadvantages to this type of company are:

  • You will be solely liable for any failures or liabilities such as your business failing or property being damaged ( hence why having adequate insurance is important).
  • It can be harder to compete with larger companies who have more staff and can therefore complete work quicker.
  • If you become sick you will have no income. Even though you can take out critical illness insurance, some will not pay out until after 1 month.
  • If your business fails you could be forced to sell your personal assets, such as your house, to fulfil your liabilities.
  • However, as your business becomes more successful you can minimise the risks by forming a corporation or limited liability company instead also referred to as an  ‘LLC’ in the USA

Unlike being a sole trader, when you form a private limited company you are registered in such a way as to ensure that you have limited liability, with your company and personal finances being kept separate. A limited company is owned by shareholders and operated by directors.  By registering your company as a Limited Company you will need to consider the following:

  • You will be subject to corporation tax.
  • If you anticipate your turn over exceeding £77k or more per annum, you must also register for VAT.
  • As a director you will have more legal, financial and administrative responsibilities.
  • You will have less control over the overall running of your business as you will be answerable to the shareholders.
  • You will need to register with Companies House ( or Edgar in The USA) and will be required to submit an annual return along with annual accounts to them each year.

N.B .The difference between a private limited company and a public limited company is that in a Private Limited Company all of the company shares are kept in private hands whereas in a Public Limited Company the shares are owned and can be purchased on the stock exchange by the public.

The main advantage of registering a business as a limited company is that the directors and shareholders only have “limited liability” and therefore their personal assets cannot be touched, unlike being a sole trader should any thing go wrong with the company and falling into serious financial difficulties.

Staffing
When you start a small business you are in effect becoming self employed and will therefore need to inform the Inland Revenue that your income may change. Even if you keep an existing job you must still inform the Inland Revenue (IRS in the USA)

The same applies if you are going to employ staff. You have an obligation to collect and pay their Tax and National Insurance contributions to the Inland Revenue. The Inland Revenue will them provide your new business with a Unique Tax Reference  and PAYE number . You can manage these tax affairs yourself or you can appoint an accountant to all of this for you. You can even appoint an accountant to pay the wages and salaries to your staff on your behalf, which is what I do with one of my larger businesses.

Choosing a small business name
Creating a good name for your business is important. When doing so, it is important to make sure that the name is not already in use, otherwise you could be sued for copyright issues. how to choose a small business name

You can either check with Companies House (www.companieshouse.gov.uk) whether the trading name that you have chosen is available to use or if you’re considering an online business or creating a website for your business you can go online and use sites such as ‘Go daddy’ to check whether the domain name that you want is also available to use.

I personally used to think that when naming a company it was important to ensure that the business name reflected what your business was about, but many people argue that the name should be something that is easy to remember or one that is unusual and leaves a lasting impression like “confused.com” or “funkypigeon.com” or even “Facebook”. After all who would have imagined that these types on names would turn into multi million pound enterprises?

If you plan to start a limited company, once you register a company name with Companies House they will issue you with a company registration number that will be unique to your new company.

Regardless of whether you use Companies House in the UK or Edgar in the USA, both governing bodies will keep details of your new business, including address and annual accounts details, for third parties to be able to view at any time, especially for credit reference checks.

Small Business insurance
Regardless of what small business you start, you will need to take out a small business insurance policy to protect your business and your customers. There are many specialist insurance brokers who can put a package together to suit your company’s requirements. Make sure that you have your insurance cover already set up before you start your small business venture to ensure that your equipment and your premises are insured whilst you are setting up your business.

Once you have implemented the above points, you will be ready to start trading your new business.

If you would like any further advice on how to start your small business or how to increase profits for an existing business please feel free to contact me or to visit our website www.perfectprosperity.com.

Kind Regards
ROY DERRICK

 

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Starting Your Own Small Business

Saturday, April 28th, 2012

Why Start A Small Business?

People Start A Small Business Not just To Make Money, But To Also Create A Sense of Achievement And More Freedom

Over the years I have started, developed and sold numerous small businesses. For many people, the idea of running their own small business is extremely appealing for a number of reasons. Being responsible for your own earnings, rather than working hard for an employer can make starting up a small businessvery exciting and rewarding indeed. The other benefit that appeals to most, is the thought of being able to control the hours you work. This for me has proved invaluable.

That’s not to say that starting or running your own small business is easy. When I started my very first small business people thought I was mad, bonkers and an absolute idiot. They couldn’t understand why I wanted to give up a well paid job and do something outside of what everyone else was doing. The thought of starting my own business wasn’t the key reason it was being able to choose my own destiny that was the real reason. The reasons do vary for different people which is why I have listed 6 key points to consider when starting a small business

What personal qualities make a good small business owner?
Everyone is different but one of the key qualities successful small business owners have is self motivation and determination. Many small business owners work casually from home, so it is important to have the right self motivation and discipline to put in the right amount of quality and highly productive hours to make the amount of money you want to have available for you and your family to spend. The great thing about having your own small business is that you only have to work the same amount of hours as you would for someone else and yet earn double or treble the amount of money. In other words the hourly rate of pay is much more for less time worked plus you can choose the hours you work thus creating a better work life balance.

Taking the leap to start a small business
Some people decide to start a small business as a life changing opportunity after years of employment working for someone else – maybe as a result of losing their job, Thinking of ways to start a small businessor starting a family and wanting more time at home. Others run their businesses alongside a job for extra money, or because they have an idea that they would like to test out around their existing job as a safe guard before giving up their full time employment. The best advice I can offer here is that finding a mentor and the right support to begin with will ensure that the whole process / leap doesn’t have to be as terrifying as you may think. 

What will your small business do?
When may decide to start a small business based upon the skills you already have and can offer or you may have a great idea that you would like to launch. If you can’t think of a small business to start then think about what personal qualities and skills you may have that you could put to good use or even things you enjoy that you could learn to do professionally – things like photography, driving, typing, catering, hairdressing or manufacturing. Every business I have started I have never done before. What I did do was to put into action ideas I had. Every small business i started proved successful. Some of the businesses we set up simply did something better than someone else. But guess what..? I didn’t have anyone to help, advise or mentor me… I simply struggled on. I only wish I had, because I know that if I did have a mentor to begin with I could have achieved much more far sooner.

What are the costs going to be to start your small business?
The costs of setting up a small business vary tremendously and depend on whether you need premises or whether you will work from home, will you need to hire staff, stock or equipment. Even if you do work from home you will still need some funds to buy a computer, printing sundries, software and web subscriptions etc so please don’t think for one moment that you can start a small business without having to spend some money to get started. If you think that you will need to borrow some money to start your business get help to add up all of the costs up until the sales start to come in. Accurate planning is the key.

Market research, promotion and advertising your small business
For most types of small businesses market research, promotion and advertising can be cheaply using social media and other Internet resources. Trust me, regardless of what business you are thinking about starting there are plenty of ways for every small business owner to take advantage of things like Twitter, Facebook, Pinerest, blogs, Youtube, Foursquare, article writing and Press releases to promote what you small business has to offer and best of all it can be done for free. It can be extremely beneficial to get as familiar as you can with social media and build up a strong, well written, well branded web presence. It can be time consuming but once you get established you can hire someone to do this for you if profits permit.. hire someone else to do this for you.

Measuring the success of your small business and tweaking the results
As your business venture develops, it is very important that you regularly review whether you need to do anything to boost sales and profits. You can measure results like customer feedback, reputation and sale performance against other similar businesses within your market place. As times tend to change so quickly these days it is important to make sure that you do so as well. Running a small business can be one of the most rewarding ways to make a living, and with the right idea, planning and strategy you could soon be on the road towards creating a boss free lifestyle.

Choosing a small business to start is not always easy which is why some people turn to Franchising. Starting a franchise offers people the opportunity to start a small business that is already set up with branded products. However, franchising can be expensive and so can the running costs. 

As an alternative you may want to look at some of the exciting opportunities that we ourselves have packaged enabling people all over the world to start a highly successful and profitable small business. Many are already having incredible success with our recommendations. To view what we have on offer CLICK HERE.

You can also down load our FREE STARTER GUIDE HERE which illustrates the most common and profitable small businesses that we come across each and every day.

Feel free to contact us at any time

Kind regards
ROY DERRICK

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Help Starting A Small Business

Tuesday, February 28th, 2012

Help Starting A Small Business

help starting a small businessThe Beatles once famously sang, “Help! I need somebody.” Well, help starting a small business is what everyone should look for when thinking about starting a new business. In fact even if you have an existing small business that is struggling, you should never be afraid to ask for help.  

The sort of help starting a small business most people look for is of course financial assistance. However, it’s just as important to find the expertise to help create and develop a new business with the aim to ensure that it becomes a very profitable one.

There are many people, consultants, mentors and companies that offer and provide help to start a small business, many of which can be found online. However, it is always a good idea to check what costs they may charge for providing you with help to start a small business.

Help starting a small business can also be obtained from government back organisations and enterprise schemes many of which can be found in local small business directories, help centres and from local trade organisations. Further advice and even information packs can also be found in local employment centres, banks or from online small business forums. I always remember the time I was thinking about starting my first serious business… I actually went out and visited other similar business owners and asked them for their advice, most of whom where happy to give it.  It might sound a little cheeky but it was the best way to get real down to earth facts and advice.

As a small business mentor and coach, I often find that people who desperately want help starting a small business are generally afraid to ask.  You have to be able to overcome that fear. By doing so you can literally save thousands if not hundreds of thousands of pounds / dollars in the long term.

Some years ago Sir Richard Branson flew my wife and I out to New York as a gift for one of our businesses being voted the Best in it’s sector. Ever since meeting Mr Branson and discussing his back round during dinner together, I discovered just like many other famous entrepreneurs that he himself had a mentor who gave him the help starting a small business that he needed during his early entrepreneurial days. Sir Richard Branson continues to inspire me and is someone who to this very day will tell you that having a mentor will give you a massive head start in creating a successful business.

Finding the right person to help start a small business has to be priority to ensure that you receive all of the critical advice and support that is needed. Although I help people start successful online and in particular home based businesses, I am finding that more and more existing small business owners are also now seeking help towards turning their businesses into more prohelp starting a small businessfitable enterprises. Finding the right support, advice and help will dramatically increase the chances of any business surviving and prospering.

There are many ways a mentor can help you start a small business, some of which are illustrated below.

1. Sales.  They can provide real-life training and provide the extra help need to find and attract customers and even close sales for you. Believe me that can be a huge bonus during the early days! Mentors can provide weekly one to one mentoring to help increase your skills, your knowledge and provide you with the best practices towards making your new business a highly successful one. Mentors can provide state-of-the-art training so you can keep on top of new ideas and customer’s needs. We generally find that individuals who we mentor are able to get their businesses off the ground far quicker than those who don’t seek our help

2. Marketing. Marketing is the key for driving customers to your business—and that’s particularly true in challenging economic times. Being able to produce high value but low cost advertising campaigns is a skill in itself and again something skilled mentors can help you with.

3. Reducing Costs. The recession is hurting most businesses hence why help starting a small business is required not only to help start a small business but also to ensure that it continues to grow and prosper. All businesses need a strategy to be able to survive. Having started numerous successful small businesses I know that keeping overheads down to a minimum is crucial at all times. Always keep your overheads under control.

4. Financial Assistance. Financial help starting a small business is no longer readily available from banks and small financial institutions. Running a business is all about having the correct finances in place to ensure that you can continue to trade. Mentors can help you find lenders to finance a new business.

Most small businesses require a large investment of cash to be able to get started. Having an excellent product and a 1st class service is always paramount.  Having a good mentor means that you will be able to seek the advice and establish how much money (capital) is required from the outset, in other words to help you produce a business plan so you can forecast growth and success for your business.

Help starting a small business, whether it’s to open a new store, shop, franchise or to provide a service, is always available if you look hard enough. It’s imperative that you fully understand what starting a small business entails before you start splashing out any money or wasting your valuable time and effort on something that could end up being a disaster. Make sure you do your market research before hand.

Start up costs for most small businesses are generally quite large.  One way to avoid this is to consider starting a home based business, as they generally require a small investment raHelp to start a Small Business onlinether than a large one.

I have started and owned numerous businesses including franchises, but in all honesty I can say that a home based business and in particular an online business is definitely the most cost effective and most profitable small business worth starting. The profits and work / life balance are generally much better and more rewarding than a traditional bricks and mortar type of business.

Franchises generally provide a well known brand and product that enables you to start a new business without the need of having to start and create a service and sell products that customers may not have confidence in buying from you. However, franchise start up costs, are usually very high and entail you having to pay monthly royalty fees to the franchisee for using their brand and products, profits that you would otherwise get to keep if you started a business without entering in to a franchise contract.

My advice to anyone seeking help starting a small business is to get to know someone who is already successful in business…someone who is willing to help you get started and willing to share experience and success with you. This will give you the heads up and the confidence that you’re not all alone during what can be a stress time to begin with.

Help starting a small business is available in many ways but remember hard work is still needed to succeed. Make sure this is what you want and that the business it is right for you and your family.

In time the rewards and lifestyle that working for your self can create are well worth the hard work.

Plan carefully, stay focused and over time you will be able to live a better life..

For Further Free Help Starting A Small Business You Can View Our Presentation Using This Link Here

Regards

ROY DERRICK

 

 

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