Small businesses face many challenges.There is the challenge of living with the responsibility that you alone are accountable for the money being brought into the home.
Many people chose to start up their own business under the illusion that they will have an improved work/life balance. Put this to anyone who owns their own business and they will most probably laugh.The key to successfully owning and running your own business is to do something that you enjoy and feel passionate about.That way, all the hours you work, talk about work, think about work and worry about work won’t feel like work.
Make sure that you have the right skills and experience to give you and your business the best chance of success. Find out as much as you can about the legal side of running your own business,everything from the tax implications to what it means to employ someone.This means checking if you are liable to pay VAT,finding a good accountant and keeping good records of all the money that goes out and comes in to the business.
When it comes to employing people it is advisable to get some help in order to ensure that you don’t accidentally pay people incorrectly. Using an income tax calculator or a PAYE calculator is available to help you do this yourself – but you might find that you are better off enlisting the help of your accountant.
Laws around employment are firmly weighted on the side of the employee. If you do the wrong thing, even by accident, you might find yourself entangled in legal complications by a savvy employee who has the same access to an income tax calculator or PAYE calculator as you.As with all things money-related, the best advice for small business owners is to err on the side of caution for the greatest hope of success.