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This factsheet covers the factors to consider before trading begins.
Topics covered: business start-up, initial considerations, business plan, business
structure, stationery, books and records, accounts, taxation (income tax, national
insurance, VAT), employment, insurance and pensions.
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Many people wonder deep down if they could really make a go of running their own
business. It is not for everyone but the following is a list of attributes that
successful business owners have. You do not need all of these characteristics but
‘go-getters’ have the majority of the qualities.
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Having made the decision to be your own boss, it is important to decide the best
legal and taxation structure for your enterprise
Topics covered: sole trader, partnership, limited company, limited liability partnership,
co-operative.
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Every new business should have a business plan. It is the key to success. If you
need finance, no bank manager will lend money without a considered plan.
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Every business from its commencement and through its development and growth will
need finance.
Topics covered: bank loans and overdrafts, savings, shares, venture capital, retained
earnings, factoring, hire purchase, leasing.
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The financing of your business is the most fundamental aspect of its management.
Get the financing right and you will have a healthy business, positive cash flows
and ultimately a profitable enterprise.
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When starting a new business, you will no doubt recognise the need for insurance.
It can provide compensation and peace of mind should things go wrong but can also
represent a significant cost.