Business Basics For Small Business Owners

Every small business owner should... or 9 top tips to help small business owners avoid some common mistakes:

Register with HM Revenue & Customs

Register within 3 months of becoming self employed. If you leave it any longer you may have to pay a penalty of £100. The easiest way to register is to call the newly self-employed helpline on 08459 15 45 15

Have a quick answer

....for when someone asks "and what do you do?" Potential customers are everywhere so make sure you can explain quickly and clearly what you do. And carry your business cards with you, ALWAYS.

Use a proper business email address

....rather than a personal email address for your small business, otherwise you may not be taken seriously. It's not expensive and you don't even need a website if you don't want one, you just need to register a domain name and pay for email only hosting services. 

Answer the phone properly

.... If you work from home and use your home phone number for business your business callers may not always get an appropriate greeting, you could install a second phone line to use exclusively for business or you could ask your service provider if they provide a service whereby you get an additional phone number on your existing phone line. Calls to this new number should crossed with a different ring tone, so (and everyone else!) You know it's a business call, and can be answered in the corresponding.

If you do not always able to set the phone why not use an answering service or virtual office service, having your calls.

Keep your paperwork organized

Finding a system that works for you then put a little 'time aside for this every week. E 'useful to take note of important dates and deadlines (the tax-returns, paying tax bills, renewing your domain name, etc.) Most important of all is to keep a track of who owes you money, and don't be afraid to chase them to get your invoices paid.

Protect your business assets - back up your data regularly

You don't need a sophisticated or expensive system for backing up your files. You can do it the easy way and simply backup to a DVD or, better still, use a portable external hard drive. Whichever system you use remember to store the backup in a separate place to your PC.

Watch out for VAT

You must register for VAT when your turnover reaches £68k in any 12 month period. You'll need to do this within 30 days of reaching this threshold. If you supply goods or services that are zero rated you'll still need to register and you can then apply for an exemption.

Look after yourself

Small business owners and sole traders are particularly prone to stress. To ensure you continue to operate effectively and give your business every chance of success you need to keep yourself healthy: take time out to relax, eat well and take some exercise that you enjoy.

Network

....and share your experiences and ideas with other small business owners. While online social networking for businesses is particularly buzzing at the moment it's most effective when you know the people involved, so its a good idea to try and meet them face to face once in a while!  Having other small business owners to talk to will help you keep things in perspective and you're likely to pick up lots of useful tips and information as well as making lots of good business contacts. Your local British Chambers of Commerce , Business Link and the Federation of Small Businesses all run local groups and networking events, as do many other voluntary and commercially based networking organizations.

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