7 Valuable Things To Know Before Starting A Business Case Study

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7 valuable things to know before starting a business
7 valuable things to know before starting a business
If you’re on the starting lines of launching a new business venture, you’ll know better than anyone there’s a lot to think about. So to help break it down, here are 7 things that the team at Business Mule thinks it would really pay to know...
1. You need to tell the taxman
If you’re leaving a permanent position of employment and setting up your own company, you’ll need to tell HMRC. Registering as a sole trader (that means you are solely responsible for the business, not that you have to work alone), is easy. Just visit HMRC’s website and follow the directions. The application is free and should take around 10 working days to process once
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If you are unsure, check the Companies House register first. The name of your company is also separate to its trade mark, which you will have to protect separately here, for a fee of £170.
2. Your personal bank may not be the best one for your business
If you’re looking for a business bank account to run your business expenses through (which is mandatory if you are a limited company or partnership) the most obvious first step is to go where you already bank. But this won’t necessarily be your best option.
All of the major banks, as well as many smaller ones, now offer current and savings accounts specifically designed for businesses – and competition is strong. That’s why many offer upfront perks, such as fee-free banking, a boosted credit interest rate or preferential terms on related products such as credit cards or loans. Make sure you shop around using Business Mule’s comparison tools for current accounts and savings accounts. We’ll scour the market on your behalf to find the best deal for your business.
3. The Prince’s Trust could help if you are aged 30 or
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Social media is a great FREE marketing tool
Love it or loathe it, social media is a great tool through which to promote your new business. And, for regular use, the likes of Twitter, Instagram and Facebook are all 100% free.
Get onto all of these social media platforms and have a play around. If you didn’t grow up in the social media generation enlist the help of someone who did. You could soon be generating thousands of interested friends and followers – which is why social media is also a great barometer when it comes to identifying your target customer. This article from Hootsuite on how small businesses can leverage social media as a marketing tool is a really useful place to start.
5. You are free to choose your business’ energy provider
Energy is a major outgoing for new businesses, which is why it’s especially important not to pay over-the-odds for it. Back in 2010, the energy regulator, Ofgem introduced new rules which made it easier for small businesses to assess how much energy they were using, how much it was costing and – most importantly – how to switch to a cheaper supplier or contract. You can find more about business energy switching with our dedicated guide. But the bottom line is you can save a fortune by being proactive and finding the cheapest energy for your

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