Running a business by yourself can be an incredibly rewarding experience, but it can also be very lonely and difficult. In a regular 9-5 job, there’s usually someone in a higher position who carries more responsibility, but if you’re a business owner, the buck stops with you. So, how can you deal with this extra responsibility and turn your business into a success? Keep on reading to find out more.
Use a VAT calculator
If you’re unfamiliar with handling business finances, then this is something you might struggle with once you start your own business. In particular, calculating business taxes and VAT can be a real challenge, especially if you’ve not had much experience with this before and don’t have anyone to help out.
Luckily, you can easily find a UK VAT Calculator online that will help with this element of your business finances. To use this calculator, all you need to do is select the ‘add VAT’ or ‘remove VAT’ tab, type in the number, and pick the VAT rate (20% or 5%). Then, you’ll instantly receive your total amount including VAT and the specific VAT amount. This will be a huge help when calculating your invoices and tax returns.
Use accounting software
A VAT calculator is an extremely helpful tool, but if you need extra assistance with your finances, then accounting software is the best choice for you. This software can act as your accountant by helping you calculate taxes, create invoices, and look at financial reports. With accounting software like Freshbooks, you can even upload a picture of a receipt and the software will automatically log the information (costs, taxes) into your account.
Have a business plan
A business plan is an absolutely essential part of starting a business. To reach success, you need to have clear targets that will help you improve your business, and you need to have a set timeframe to push you towards these objectives. Think about where you want your business to be in 12 months or even 5 years and come up with strategies for achieving these goals.
Keep costs down
One way to ruin your chances of making your business a success is to make ill-advised purchases and financial decisions at the beginning. In the early stages of your business, you may not have a lot of money coming in, which is why you need to be frugal to stay afloat. For example, you could cut costs by working from home and meticulously tracking expenses. If you know your finances in detail, then you can more easily spot things you could be cutting out to reduce costs.
Network
Running a business on your own could mean that you have fewer contacts in the industry compared to businesses set up by teams of people, which can make it difficult for you to boost your presence and attract more customers. This is why networking is so important. You should attend networking events within your industry and join online groups and forums. Having a social media presence will also help you establish more contacts and increase your online visibility.
Running a small business on your own can be so much easier if you get help from business software, networking events and effective planning techniques. Try the tips listed above to see how they can help you!
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