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Getting Started

Getting Started

If you’ve never run a business before, the whole process of setting up a business and getting it ready to make its first sales can seem quite daunting, with lots of things to think about and lots of choices to make. Five Rivers can help you make good choices in your business set up right at the start and help you avoid having to make expensive and difficult changes down the line

Things to Think About

The first thing to be clear about is whether you really do want to work for yourself and that you have thought through all of the upsides and downsides of being your own boss. Startups often take time to get going and make enough money to pay their owners, so its important to have realistic expectations about your business and the means to see a fledgeling business through to maturity. 

All good businesses will be underpinned by a credible business plan and it often helps to commit your plan to paper as writing things down tends to focus the mind and helps organise ideas. Your business plan should not only cover the basics of what your business will do, who you want to trade with and where it will be located, but also how much money will be needed to set it up and where the necessary finance will be sourced from.

Another important consideration will be the structure of the busines you wish to set up – will you be a sole trader or would you like to incorporate your business as a limited company as there are advantages and disadvantages to both types of set up ? If you are going into business with someone else, maybe you’d like to set up a partnership, or if its a limited company, have different types of shareholdings with different rights and entitlements attached to each. Getting these things right at the start can save you time and expense later on

How can Five Rivers help ?

Here at Five Rivers, we will work with you on your business set up by

Helping you put together a business plan
Assisting you in getting a business bank account
Helping you decide upon the best business structure for your business - whether you should operate as a sole trade, limited company or partnership.
Advise on whether you need to register for VAT and / or Making Tax Digital. Where your turnover is below the statutory threshold for registering for VAT (£85k), we can talk you through the advantages and disadvantages of voluntarily registering for VAT as for some businesses that incur a lot of VAT inclusive expenses, it may sometimes be worthwhile to voluntarily register.
Helping you set up a payroll and a pension scheme for your employees (and manage the administration of both for you)
Talk you through how to keep your books of accounts efficiently and help you choose, and train you up to use, the best accounting software for your business, whether its Quickbooks or Xero or something else (there are plenty of options out there !)

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Feel free to get in touch with us to talk through your business plans or concerns without any cost or obligation