Getting You Started
Starting your own business is one of the most exciting decisions you can make. The rewards can be great, as many millions of people in the UK have found out, but you need to be armed with the best information and support to succeed.
Let RIFT Accounting do the maths homework for you while you get out and make it all happen.
Being a UK start-up is not for the faint of heart:
But what about that dream - the one where you're making that small fortune doing something you love? With low start-up costs and the incredible tools available, the old day days of begging your bank manager for a business loan before you even get started are long gone, right? All you need is a laptop and an idea?
Well, almost. It's not getting started that's difficult. It's keeping things running successfully that's the hard bit.
That's where we come in.
Starting a small business is unpredictable. It can take years to become profitable, no matter how world-shaking your idea. You might not be able to draw a wage at first, relying on someone else’s income (a spouse, a parent, etc.) and placing strain on relationships. You’ll probably have to forgo perks, pension, holidays, overtime and even sick pay. Many business owners lose their free time to admin tasks, which can be hard when the kids are making a racket and the household chores are piling up.
You might have to invest personal savings or use your possessions to guarantee money you borrow. You'll certainly need to consider the implications if you couldn’t afford to repay a loan.
Running your own business will inevitably involve greater responsibility. You’ll have to make difficult decisions, with more than just your own livelihood at stake. There’ll be days when you wonder why you did it, and others when you wouldn’t have it any other way.
It can be a rollercoaster – let RIFT Accounting ride it with you. Scream if you want to go faster!
If you need some friendly advice before you make any decisions then just give Jane a call. She'll be happy to help you.
It's not just experienced entrepreneurs getting in on the action. In fact , the types of start-up owners have grown to include:
In recent years, the number of graduates choosing to work for themselves straight from university has surged. Young entrepreneurs are turning their talents and passions into businesses, the most popular fields being website design and mobile app development. The number of recent graduates registering as freelancers or micro-business owners increased by 97% in 2013-14, with male graduate entrepreneurs up by 110% and female graduates up 94%.
The Office for National Statistics reports that around 9% of recent graduates were out of work, while a whopping 47% were forced to take ‘non-graduate’ jobs after leaving university. It’s no wonder start-ups are on the increase. After all, who wants to job hunt when advancements in mobile and online technology allow you to start and run businesses from anywhere?
While you get on with starting your next adventure, RIFT can help you sort out the financial side of your new business and show you the best way to get things organised.
It's not just the younger crowd making their mark on the business world, either. Since 2008, the rate of entrepreneurial activity for over-50s has shown a marked increase – reaching an all-time high of 6.5% in 2013. Whether they want to put something back into their communities, fulfil lifelong dreams or have simply realised they're better off working for themselves, more of them than ever are turning their ideas, energy and experience into successful, sustainable businesses.
Although people in this age bracket often have more complex financial situations, they may also have more resources to invest, perhaps from savings or a redundancy payment. A lifetime of experience in the workplace is a valuable asset to the small business owner, bringing greater understanding of risk and more informed decision making.