Setting up your own business

Posted on August 26, 2018 at 3:09 pm

If you have something that you are passionate about and want to set up your own business, then you will need to decide if you are going to go self employed – as a sole trader or if you are going to set up a limited company.

There are pros and cons to both, but most people start off self employed and if their business grows, then they will switch to a limited company. If you are going to be having employees then you will need to be a registered company.

You need to think very carefully before setting up your own business as it can be risky. You may need to invest a lot of your own time and money in to your venture and be prepared to wait a while before you can start to take a decent salary out of it. If you take too much out of the business you may find that you do not have enough to pay suppliers and keep your business afloat.

You need to have a sound business plan with cash flow forecasts so you can see how much you need to be taking in order to keep the business up and running.

 

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