We know all about small businesses, we used to be one

Nowadays, Pay-Nex work with and on behalf of some very substantial companies and of course we are delighted to provide services for such considerable clients.

So, It might come as something of a surprise to hear that we also work with ‘micro-businesses’ and we take just as much pride and satisfaction from helping these smaller companies to not only survive their first faltering steps but to thrive and flourish, going on to become employers themselves.

So what advice can we give to new businesses and those considering setting up for the first time?

Well, first of all there is plenty of help available, with HM Government being a great place to start, their website is packed with great ideas designed to help your business and keep you on the right side of legislation.

Here are a few quick tips of our own

• Research your market, ask friends and family for their advice but remember it’s your business
• Think about what you offer that might be a little different, why should people choose your product or service?
• Decide what sort of company you will operate, sole-trader, limited company, partnership etc your accountant will be able to advise
• Oh yes, speak to an accountant, many offer free initial consultations and are pleased to help new businesses
• Choose a business name, take care with this as you will be living with it for a while
• Consider insurance, you will almost certainly require this and it is very, very important
• Set up a bank account separate from your personal account, it will make life a lot easier
• Pay your taxes, do not fall into the trap of thinking that everything you earn is yours to keep
• Think about attending some business networking events, there are plenty to choose from and you will find most people helpful and considerate of your status as a new business owner
• Have fun, being your own boss can be stressful, infuriating and frustrating but stick with it, if your idea is strong enough and you work hard at it, you will succeed.
• Remember, you are on your own and there will be no salary cheque, ‘treat every penny like a prisoner’ and do not spend money that you don’t have to…even on stationery and coloured post-it notes!

And finally…

No matter what size your business is, you might want to set up a professional payroll service, thankfully we know just the right people for the job.