5 tips for small business start-ups

As a small business owner, I often get asked if I have any tips for others who are considering setting up their own business. There are many advice books on the shelves for small business owners full of guidance but I’v never found them useful or rather interesting to read. I like to read personal accounts of folk setting up their small businesses and I’m hoping this post will help you if you’re looking to do the same.

You’ve got your business idea, you have some cash to set it up and you’re ready to go. What now? Here are my top five tips for small business starts ups.

Top 5 tips for small business start-ups

Get a website

Having a website where your customers can look at your product is really important. It’s one of the first steps for people to take you seriously. Websites are the first point of call for many to check out photographs, range of products, testimonials and of course, the price of your products or services. If you don’t want to build your own website (which can be costly; you’ll need to consider domain names, annual hosting, web and logo design etc) you could sell your products via an online marketplace such as Etsy, Folksy, eBay for example. Bear in mind, these marketplaces will take a cut of your sales so do your research before committing to selling via one.

Be present online

Being present online is really important in the digital world. According to the ONS, online sales peaked at 19.2% of all UK retail sales in October 2019. This statistic is only increasing as the months pass by. Being online means your customers can find you and see what is happening with your business. My advice would be to sign up to all the major social channels (Facebook, Twitter and Instagram) and secure your business name as a minimum. This ensures no-one else will be able to use your business name in their social handles. You could share a variety of things online including behind-the-scenes, new product lines and news of exclusive launches.

Get a business bank account / Paypal

When it comes to earning money for your business, keep your finances completely separate from your personal income. Open up a suitable business bank account. This will enable your business to have business credibility and perform business transactions. Check out the best business banks and choose a bank suitable for your business banking needs. Not only will you be able to keep a record of income and expenditure but having a dedicated business account will allow you to keep on top of your finances without integrating any personal finances. If you’re in Florida, take a look at Florida Capital bank, who offer Florida business banking services, to see their range of business accounts and identify the one that best suit your needs.

It’s worth opening a separate Paypal account (if relevant) and filter your business accounts through those. This will help when you have to fill in the dreaded tax returns as you won’t need to go through your accounts trying to match up income and expenditure. Always do your research as business bank accounts can have monthly fees so always check what you are signing up to before committing.

Consider a fuel card

If your business is one that requires a lot of travel by car, consider getting a fuel card. Fuel cards, like the one from iCompario, allow you to manage your travel expenditure in a fuss free way. Benefits include not needing cash to pay for fuel, forecourt flexibility and helps to cut down on the amount of admin behind the scenes.

Keep records and receipts

If there is one essential tip, this would be it. Always keep records and receipts of purchases. Get into the habit of always writing down any expenditure onto a spreadsheet and keeping receipts in a jar for safe keeping. As a requirement of HMRC, good record keeping is vital for ensuring you can prove financial circumstances. As a starter, keep a basic spreadsheet with monthly income and expenses on along with a dedicated pot to store receipts. You will struggle to remember why you spent £45.06 at a retailer in months to come when it is time to submit your tax return. Make notes and they will always be come in useful! 

Keeping financial records can be a minefield if you are new to the business. However, financial sector management tools may benefit you as you find your place within the market. You will want to ensure you are keeping accurate records, ensuring all legal and financial regulations are adhered to and compliance tasks are completed to prevent any issues in the future.

Furthermore, as your business grows, the need for clear and compliant record-keeping becomes even more important. Having a solid grasp of your financial position throughout the year empowers you to make informed decisions and plan confidently for the future. This is where professional business tax services can often add real value — providing structure, insights, and expert oversight to keep your accounts accurate and your business both compliant and financially efficient.

The advice I have given above is all pretty much common sense but sometimes it’s important to know the basics before you start. I wish someone had told me about the record keeping, it’s such a simple thing but could have saved me hours. Good luck!

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