Starting a business and registering with HMRC and/or Companies House is a big decision, but it's not as scary as you might think. To help you on your way, we’ve laid out everything you need to know. If you haven't started a business before it can also seem like a scary one. Support, advice, access to learning opportunities and mentoring are key components to the success of all start-ups and contribute to building confidence, becoming resilient, and busting excuses.
Here are six common excuses that shouldn't stop you from starting your own business.
1. NOT KNOWING WHERE TO START
Nobody is born knowing this stuff. Most business people don’t know where to start when it comes to setting their plans in motion. One step at a time is a good response. The rest should fall into place from there. If your risks are low, you can always just get yourself up and running as a sole trader and change to a limited company later on if it suits the growth of your business. Of course, going limited from the start offers to protect your personal assets.
2. LACK OF FUNDS
Can’t get a business loan? Can’t find an investor in your business? Many can’t for all kinds or reasons! You may not have all the financial resources you would like; however, you’ll find that building a business using the resources you do have at a steady pace may well be the best thing. Start small, grow your business. If opportunity is there, the next steps will become clear. Set goals and measure your success. That will be a good indicator regarding investing more time and money in your business.
3. NOT KNOWING EVERYTHING
Nobody does! Think about two things:
- Don’t wait until you know everything, as you’ll never know everything.
- Knowledge comes with time. You never really know if something is going to work until you try it; you’ll fail fast and learn fast. Everyone who starts a business accepts this will be part of the journey.
4. NOT GETTING ENOUGH NEW CUSTOMERS
Thinking about all of the “what ifs” can make it all the more daunting! Believe that you’ve got delivering a great quality product or a service. Make sure you’re listening and engaging with your target audience. Those new customers will come.
5. NOT MAKING ENOUGH MONEY
You planned to minimise risks. If you don’t see an immediate return, revisit the plan! If your plan is simply waiting for customers to come through the door, they probably won’t. If you allow yourself to quit at this stage – then you will never see a profit! Time to revisit your marketing plan. Time to network and engage. Think about when you actually planned to be operating at a profit. Remember, you can still have a part-time job while you work on building the business.
Failure in business means two things to most people:
- Looking bad
- Losing money
6. HMRC WILL BE A NIGHTMARE I CAN’T HANDLE
Haunted by worries about tax mistakes that will result in inquiries from the taxman? They will want to know how much money you make, for sure; however, as long as you are accurate and truthful, you’ll have nothing to worry about. Most businesses have only a few tax obligations. If in doubt, you can contact HMRC by various methods described here. If you’re used to completing online forms, doing your annual tax return online by Self-Assessment is no more difficult.