The tips that you need for your business
Nobody gets it right as soon as you start up a new business, that’s why 50% of small businesses fail within the first 5 years, but here are a few tips to help make the process as smooth as possible and to make sure that doesn’t happen to you.
One of the first things to do when starting is the opening up of a separate business account. It allows the income from the business to be separate from your personal money to be able to track on where money for expenses is going. It is also important to have a look around to see which bank is the most suited to your company and which is the most beneficial.
A highly recommend piece of advice is to always keep records and receipts of any transactions that come through the business so there is no mishap or confusion about money has come from or gone to. Without keeping record, mistakes can be made which means valuable tax deduction on expenses may not be taken into consideration – or even hire an accountant.
Before starting out, make sure you do your research in that market field, so you can understand how successful your business may be in the market and if it will be a viable venture to take part in.
When it’s time to be successful
Interestingly, if you have previously opened a business and you failed, you are 30% more likely to succeed in a new venture.
We were recently asked to look into financing a number of restaurant premises who were looking to refurbish. Many owners had been involved in un business which mainly through no fault of their own has come unstuck and had to close their doors.
A similar business was a Gastro restaurant in Bristol, where the owner felt that they did not spend sufficient amounts on their last restaurant’s interior and exterior decor. This time they decided that employing an interior designer was paramount.
The result was an amazing glass door entrance that was fully automated and an interior that will keep customers coming back time and time again.