Tag Archive for starting a business

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7 start-up mistakes and how to avoid them

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Originally written by Legal Zoom on Small Business
Starting and running a business can feel like a whirlwind at times. Quite often you’ll need to wear more than one hat, making decisions on everything from operations and HR to marketing. It can be easy to make start-up mistakes when you’re operating at 100mph, so we’ve put a list together of the typical problems faced by start-ups and how to avoid them.

#1 – Choose the right formation agent
The reason for using a formation agent to register your business is simple: it can be more cost effective and just as quick as going directly to Companies House. When you use a formation agent, they will also seek to provide a simpler online process with more professional guidance and help with added services after your business has been incorporated.
With our company formation packages, your company incorporation can take as little as three hours to complete and our online form can take 20 minutes to fill in. It’s an online process but you’re not alone while you’re doing it. Our support team can be on hand to help during office hours, 9am to 5:30pm, Monday to Friday, either by phone or email to make your

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Buying a business rather than starting up – is this a better route?

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Originally written by Jo Thornley on Small Business
To many people, becoming a business entrepreneur means setting up your own business and beginning to trade in your own right.
But while this is what plenty of entrepreneurs actually do, many others choose to buy an existing business as a means to becoming an independent business owner.
So which option is best? In reality, the answer usually depends upon your own circumstances and expectations:
Option one: buying a business
With buying an existing business, the first problem you may encounter is actually raising money for the purchase. By implication, buying a profitable business implies that it has a value. So, if you wish to take advantage of a ‘going concern’ as a source of income, you will need to be able to afford to do so.
However, even though raising money to buy any business is rarely plain sailing, you will find banks and other lenders much more likely to offer a loan against an existing business. Provided you have solid evidence that your chosen business for sale is profitable and forecast to remain in good business health, any lender should see this as a reasonable investment.
What this means is you must always ensure that any business

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Escaping the nine to five: can I turn my passion into a business?

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Originally written by Legal Zoom on Small Business
Harley Davidson, Mattel, Disney. What do all these brands have in common? It’s not just that they are all iconic names that grew to dominate in their industry. Each of them also started out as a “garage business” as a way of escaping the nine to five.
By this we mean they were started by individuals who took a skill, talent, passion or hobby of their own and put it to work on a small scale. They then developed it into something much bigger. Doing what you love can certainly be a wonderful motivator. However, it takes more than passion alone to achieve success. So, what else needs to be thrown into the mix? This guide aims to help you find out.
Check your audience shares your passion
Harold Matson and Elliot Handler started out selling picture frames from a garage workshop. As an enjoyable sideline and a way of putting their talent to work, they had the idea of crafting dollhouse furniture from frame scraps. Soon, they found that the furniture was more profitable than the picture frames — and the toy specialist, Mattel, was born.
Escaping the nine to five
Whether it’s handmade toys, or amazing

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Hot Business News Today

Small Business goes live with Start a New Business

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Originally written by Timothy Adler on Small Business
Small Business has launched Start a New Business, a digital guide taking would-be entrepreneurs through every stage of setting up a business.
Start a New Business provides a step-by-step guide to launching a company, covering everything from having that crucial business idea to forming your company, creating a website and having back-end systems in place, from accountancy and bookkeeping through to hiring your first employee.
Other topics covered will include:

How to market research your business idea
Drawing up a business plan
Are you a sole trader or limited company?
How to choose a business bank account
Which online payments system is best for you?
Finding a business premises
Negotiating a commercial lease
Guides to digital marketing
Exporting for the first time

And the Start a New Business library will be added to with new how-to articles and best of guides over the coming months.
Plus Start a New Business will be going on the road, inviting would-be entrepreneurs to three live events in London (April 22), Birmingham (May 6) and Glasgow (tbc).
Each live event will feature a Q&A with a noted entrepreneur explaining their start-up journey, as well as case studies from other local companies and presentations.
Alan Barratt of Grenade nutrition bars, 2019 winner of

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