Having opened my own accountancy firm in 2011, I understand first-hand everything a person goes through when deciding to start their own business. The great ideas, the niggling doubts, the drawing a blank when it comes to knowing how or where you’re meant to begin.
6 years down the line, I’m happy to say that I’m still running my accountancy firm and that it’s growing steadily but surely. In fact, this year we’ve been nominated as finalists for the British Accountancy Awards – Independent Firm of the Year, South-West England! Bragging aside, it’s a truly rewarding moment in my career.
And over the years, in my line of work, as I meet more and more budding entrepreneurs, there are two things that have stuck. Both were confirmed to me when I met Mark Wright, winner of The Apprentice 2014 and director of Climb Online.
1. Just start. People often want to wait for that perfect moment, but any time you begin is the right time. By joining a co-working space, you bring the ideas that you have in the shower or the kitchen, into a real working environment that will really get your head in the game. It’s a gentle, but significant first step towards taking your new business venture seriously. Not only that but it will give you a boost of motivation to get the ball rolling as you see others working to achieve their goals, at similar stages to you.
2. Network. Co-working spaces are ideal for this. From meeting people who can give you advice, to meeting people who can support your business such as help build a website or app, and even to talking to people who may become clients or customers – like-minded entrepreneurs are the added value asset to co-working spaces. Building connections could not be simpler as it occurs organically due to the very nature of these spaces.
And what if co-working isn’t right for your business? Then I can leave you with a third piece of advice.
3. Speak to an accountant. Not only can they explain your options between operating as a sole trader or limited company, they can get you registered as self-employed with HMRC, make sure you understand all your tax obligations and tax saving opportunities, and ensure you’re never late for any tax filing deadlines. Wherever you’re at with your business, find a solution or just some advice by getting in touch.