Tag Archives: Starting a New Business

Thinking of Setting Up a Limited Company?

Overview

Following on from our previous blog post, we now want to motivate those of you who are considering beginning your own limited company. We’re not denying there are some drawbacks that you will need to consider moving forward. However, as it’s Motivational Monday we’re going to focus on the great aspects to get you inspired.

A limited comapny is an organisation that you set up to run your business and there are three types of company that you can choose from. One limits the financial responsibility of shareholders to the value of the shares that they own (limited by shares). Another allows shares to be traded publicly on a market (public limited company). The final option has the director or shareholders back the company up to a specific amount if something goes wrong (limited by the guarantee).

Why is it Beneficial?

A crucial reason for why limited companies can be so appealing is that they allow the business finances to be separate to personal ones. This then removes the risk of you losing all of your belongings if the business goes into debt or liquidation. By the same token, the organisation has a separate legal identity to the owner. This allows it to survive the loss of this owner- allowing your business to be passed down in generations. Under a limited company you will also be able to claim on a wider range of expenses, which will in turn lower your personal costs!

How We Can Help!

We would be delighted to assist you in process of establishing a limited company, and can connect you to business support advisors so that your business has the best chance of success. The KFS group has a wide range of services, such as completing your corporate tax computation for you, that can really make all the difference.

For more tips, help and support, visit the KFS group website @ www.online.accountants

–  The KFS Group Blog Team

Hiring for a Start-Up

Your business is something that you have invested in both emotionally and financially, therefore you owe it to yourself to recruit the very best. The team that you create should be people that push you and your company forward, that are just as committed to your vision as you are. However, establishing the ‘dream team’ can be a confusing process, so we have compiled a few tips to assist you with the process.

Passion

This should be a compulsory requirement- passion drives hard work. When you are suffering from a lack of inspiration or feeling overworked, you need to be surrounded by people that believe in what you are trying to achieve. This is unlikely to shine completely through in a CV, so make sure that your recruitment process allows people to be creative. Look for individuals that have a desire to grow themselves – these are the people that will push the company’s boundaries in all the right ways.

Small Business Experience

There are definitely benefits attached to hiring people who are experienced in operating within a smaller firm. Firstly, they will be equipped to deal with a small team; from taking on more responsibility to being flexible within the role they have. Additionally, it is likely that they will be more independent in how they manage their workload, which relieves some of the pressure of you needing to micro-manage your employees.

Believe in Your Judgement

When hiring for the first time, it can be tempting to obsess over every profile that you consider and analyse every component of the CV. Yet it will save you a lot of time to have faith in your judgement and make snap decisions. Even those that you decide not to hire can be used to build a network for the future, and so make an effort to consolidate any valuable connections you make during the process.

Consider Remote Workers

Studies have repeatedly shown that those who work from home may in fact be more productive. With less distractions and chatty coworkers, it has been found that the freedom leads to them investing heavily in the work they produce. It will also allow you to remove the costs associated with investing in an office space, which in turn gives you the opportunity to pick from a far greater talent pool that isn’t geographically restricted.

For more tips, help and support, visit the KFS group website @ www.online.accountants

–  The KFS Group Blog Team

Thinking About Becoming a Sole Trader?

The #MotivationalMonday blogs this month all focus on empowering readers to start their own business and create their own opportunities. Today’s focus will be on the benefits of setting up as a sole trader, with this granting you complete control over the business and its finances. We’re not denying there are some considerations of being a sole trader that you will need to assessed moving forward. However, as it’s Motivational Monday we’re going to focus on the great aspects to begin with to get you inspired.

Overview

As a sole trader you will run your business as an individual. This does not mean that you are necessarily working alone, as you can employ staff if you want to operate your business as a team, but you are the decision-maker.

Why is it Beneficial?

There are a wide range of reasons as to why business owners decide to set up as sole traders. One of the key ones is that it is the simplest way and you can begin trading immediately- which is fantastic when you’re full of enthusiasm! Once you have set your business up it is also easy to control, which allows you to direct its course of growth in a way that suits you individually. Additionally, as your circumstances evolve, it is easy to change the legal structure so you’re not signing your life away.

How We Can Help!

The KFS group have all of the resources that you need to get started. We are so excited by the prospect of new entrepreneurs realising the potential of their ideas, and it is always such a pleasure to be part of the process. Services such as your own personal accountant, and the preparation/submission of your self-assessment, leaves you with more time to be creative.

For more tips, help and support, visit the KFS group website @ www.online.accountants

–  The KFS Group Blog Team

Resources

http://www.middlesbrough.gov.uk/CHttpHandler.ashx?id=6512&p=0: HRMC 10 step guide to setting up as a sole trader