10 top tips for start-up businesses

Establishing your own business can be a nerve-wracking yet highly rewarding step in your career. To make a new business a success there are a number of actions that you must take to ensure it is given the best possible chance to thrive.

We sat down with the experts here at Ellis & Co to identify their top ten tips for start-up success in 2024, take a look below…

1. Firstly it is imperative that you are trading as the correct entity whether it be a sole trader, partnership or Limited Company.

2. Make sure you have registered with the authorities such as HMRC and Companies House.

3. Select the correct accounting software that will suit you and your business. This is important for the beginning so you can measure how you and your business are performing.

4. Set up a business bank account with a bank that will help you and your business move forward. A good bank manager is important for the future especially if you are looking to grow the business.

5. Discuss with an accountant any pre trading expenditure that has been incurred before commencement of the business.

6. Ensure you have knowledge of all business expenditure that is allowable for tax purposes. Again this can be discussed with your accountant.

7. Consider if VAT registration is required for your business. You may find that the VAT registration is beneficial to the business before you hit the turnover threshold.

8. Keep a note of any business mileage undertaken in your private vehicle. This can be claimed at 0.45p per mile up to 10,000 miles and 0.25p per mile thereafter.

9. Make sure you are making provisions for tax liabilities at the end of the trading period. This will stop any unwanted surprises!

10. For Company Directors, it is important that you are on the correct salary and drawing the right amount pf dividends per month. A monthly profit and loss calculation can help this.

Ellis & Co Director John Farrell comments

“All of the above points are essential when starting a business. A simple review of these can alleviate any possible pit falls and also ensure the business has every chance of being a success.”

If you are considering making that jump into business ownership, speak to the team at Ellis & Co today.

This article previously featured in the West Cheshire & North Wales Chamber of Commerce Business Matters Magazine, read it here.