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Your first business loan
If your business plan and financial forecasts are sound, you may be feeling brave enough to approach a bank for funding.
Paying your employees
If you have an employee who does not have a bank account, and insists on being paid in cash, what are your options? As a first step, speak to the employee and ascertain why he cannot open a bank account.
Opening a foreign currency account
If your business has a strong hold in the overseas market, or you regularly receive and make payments in a foreign currency, then you may benefit from opening a foreign currency account. By having foreign currency, you will save money as you will not be paying conversion costs.
Use credit cards safely
Business owners are increasingly using personal credit cards to fund their businesses, particularly when it comes to major purchases such as vehicles and equipment.
Setting up Switch payments on your website
How you set up website payments for customers depends on how many transactions you’re processing and whether you have an existing card processing relationship with a bank.
Writing a business plan
You’ll need a comprehensive business plan to focus on exactly where you want to go and how you’re going to get there. A good plan will help you secure support and finance for your venture, prove it has a business case and can therefore work.
Find an accountant
When you run a business, you are legally required to keep certain financial records, like tax returns and VAT details. You might decide to do some of this yourself, but you need to weigh up the cost of a professional accountant against the time and potential headaches it could cause you.
Moving into your own business premises | property
It can be an exciting milestone for your business if you decide on buying your own property. Cost will obviously play a part in your final decision.
Data Protection Act
The Data Protection Act (1998) covers personal data (including audio and video) which identifies living, individual persons. It covers information held about customers and employees on both paper-based records and on a computer.
How to trade online
Many small businesses in the UK currently don’t take enough advantage of trading online. Plenty of businesses have websites, but as few as ten per cent of these allow customers to buy goods or services online. It’s a little like having a corner shop without putting in a cash register.
Choose your trading type
The way you decide to trade will depend on your situation. Of course you can change your trading type when you’re up and running but it takes time and money so it’s best to get it right first time.
Moving bank accounts
Are you still getting a good deal, and just as importantly, good support from your bank? If not, it could benefit your business to switch banks. The money your business spends on banking can add up over the year – all money better off helping your business. You could pay for a business mobile phone, buy new software or even a new PC with the money saved.
Working away from home
Leasing is a popular option for many small businesses, but as the contracts are often packed with legal terminology, get a solicitor to check them over.
How to get a business loan
Take a very close look at the amount of money you think you will need. Know exactly how much money you need to raise, as you have to be able to justify every penny to a lender. Approaching a bank with the attitude of ‘how much can you give me?’ will not inspire confidence.
Opening a Euro account
Whether or not to open a Euro account depends on your individual circumstances. It may or may not be in your best interests.