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Your Business Opportunity

If you have recently lost your job then you aren't the only one. The current unemployment figure is around 1.6 million people in the UK! We believe there simply shouldn't be that many people unemployed in the UK. That's a lot of people sitting around doing nothing!

On the flip side of that coin there are currently around 31 million employed in the UK.

So many times on the television we hear the same old thing - "I've lost my job and I have no hope of getting a job, nobody will employ me". Well you might be right in one aspect - that due to the current economic climate you may well be virtually unemployable.

But the case is simple you have missed the one person who will employ you!

That's right there is one person in the world who will employ you - YOU!

Rather than working for someone else who may lose you your job through no fault of your own - isn't it time you took the responsibility yourself? Take control of your own destiny - start your own business. Once you've taken on the responsibility of starting your own business you will likely never look back.

So you are taking the plunge and starting your own business! Congratulations! It could be the best financial move you’ve ever made . . . or the worst! It’s very true that you will never make a fortune working for someone else. You might be comfortable, you might have a great retirement, and some people will get rich if they rise to the executive levels, but most of us will never earn as much working for someone else as we will with our own business. But if we go into our new business unprepared, we could lose everything we have and possibly even ruin our ability to re-enter the job force on the same terms we were on before. It can be more difficult to land a good job after being self-employed for an extended period of time. Of course, there are ways to deal with this issue, but that is beyond the scope of this article.

Our goal here is to get you prepared to succeed.

The phenomenon of a worker who may have been in the work force for 40 years suddenly starting a new career at 50 or over is a trend that is exploding as baby boomers hit that age bracket. There has always been a phenomenon of older workers trying something new but the trend has hit such a new high in the baby boomer retirement picture. So you have to wonder what about baby boomers makes them want to start new careers late in life. Part of it has to do with the way business has functioned in the last few decades. In our parents working years, the norm was to work for the same company and be a “company man” for 40-50 years, get that old watch and retire with a handsome retirement package. That formula just doesn’t work any more.

For one thing, retirement plans supported by employers have become a thing of the past. Savings for retirement have plummeted as the financial demands of life are all most people can keep up with. So the concept of working on into what used to be called retirement years is now a given if for no other reason than financial necessity.

The model we just laid out of employees staying with the same company for their entire adult lives is simply no longer a reality for all but a few in the modern work force. Most baby boomers have worked for dozens of companies in their adult lives so their retirement packages, if they exist at all, are small. Part of this can be attributed to the entrepreneurial spirit of baby boomers. But there has been a discernable shift in the way business works as well. Companies don’t like the idea of keeping employees that long. Add to that the fact that so many companies have gone out of business, been absorbed in huge corporate buy outs, or undergone drastic downsizing that by the time most boomers hit their 50s and 60s, the idea of keeping one single career moving forward is pretty hard to sustain.

But these negative explanations are not all there is to why baby boomers are starting over late in life. Boomers never did accept that the rules of life or aging applied to them. They are ambitious, adventurous and willing to strike on new paths with much less fear than previous generations. As boomers have faced some of the challenges of the economy and the modern business world, they have responded aggressively by starting businesses or changing their careers entirely late in life. And they are just as willing to pay their dues and stick with that new career until they are successful as they were when they were 30.

Many workers find a line of work and learn they can pay the bills and raise the kids early in life but they do not follow their dream career at that time. So when the time in life comes that the kids are out of the nest, the house paid off and the adventure of living has settled down somewhat, many baby boomers see that as the chance to finally throw off that boring old career and go after their dream career once and for all.

It’s inspirational to see someone in that stage of life setting the standard for not settling for anything less than realizing their dream by launching a new career doing what they always wanted to do all along. Who can fault boomers from wanting that kind of gratification of finding success in a career that fulfills their passions? So God bless the late in life boomers who go for the brass ring in their golden years. They will be an inspiration for many coming behind them to be as bold about their lives as well.




We have advice in 46,719 different U.K. Business Sectors

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Kabaddi Blog

Kaduna Blog

Kaftans

Kajukenbo School

Kalamata Condiment Olives

Kalarippayaltu School

Kale

Kale Chips

Kale Farm

Kaley Cuoco Fansite

Kampala Blog

Kananga Blog

Kano Blog

Kanpyo

Kansas Blog

Kansas City Blog

Kansas City Chiefs Fansite

Kansas City Royals Fansite

Kansas Jayhawks Fansite

Kansas State Wildcats Fansite

Kanye West Fansite

Karachi Blog

Karaoke

Karaoke Backing Tracks

Karaoke Bags and Cases

Karaoke Bar

Karaoke Downloads

Karaoke Entertainment Blog

Karaoke Equipment

Karaoke Hire

Karaoke Home System Packages

Karaoke Machines

Karaoke Microphones

Karaoke Music Blog

Karaoke Music DVDs

Karaoke Players

Karaoke Portable Systems

Karaoke Software

Karaoke Stands and Hardware

Karaoke Store

Karaoke Systems

Karate

Karate School

Karcher Pressure Washers

Kart Racing

Karting

Kate Beckinsale Fansite

Kate Upton Fansite

Kate Winslet Fansite

Katherine Heigl Fansite

Katie Melua Fansite

Katy B Fansite

Katy Perry Fansite

Kava Supplements

Kayak Accessories

Kayak and Canoe Car Racks

Kayak and Canoe Car Trailers

Kayak Canoe and SUP Car Racks

Kayak Carts

Kayak Fishing

Kayak Hardware

Kayak Paddle Accessories

Kayak Paddles

Kayak Spray Skirts

Kayaking

Kayaking Blog

Kayaking Equipment

Kayaking Gloves

Kayaks

Kayokyoku Music Blog

Keepsake Frames

Keepsake Quilting

Kegs

Kei Nishikori Fansite

Keira Knightley Fansite

Kelli Williams Fansite

Kelowna Blog

Kelp

Kelp Animal Feed

Kelp Meal and Pellets

Kelvin Bridges Instruments

Kenaf

Kenaf Farm

Kendall Jenner Fansite

Kendrick Lamar Fansite

Kennel

Kennels

Kenny Chesney Fansite

Kenpo School

Kent Blog

Kent State Golden Flashes Fansite

Kentucky Blog

Kentucky Wildcats Fansite

Kenya Blog

Keratin Hair Extensions

Kerosene

Kerosene Lanterns

Kerosene Space Heaters

Kesha Fansite

Ketchup

Kettlebells

Kevin Costner Fansite

Kevin Durant Fansite

Kevin Gates Fansite

Kevin Hart Fansite

Kevin Love Fansite

Key Cabinets

Key Cabinets and Key Racks

Key Cases

Key Chain Flashlights

Key Chains

Key Chains and Key Rings

Key Cutting

Key Cutting Machines

Key Duplicating Kiosk

Key Fobs

Key Hooks

Key Lime Pies

Key Operated Switches

Key Pendants

Key Racks

Key Rings

Keyboard Amplifiers

Keyboard and Mice Accessories

Keyboard Bags Cases and Covers

Keyboard Benches

Keyboard Cleaning and Care Products

Keyboard Drawers and Platforms

Keyboard Instrument Accessories

Keyboard Pedals and Footswitches

Keyboard Power Supplies

Keyboard Skins

Keyboard Sound Libraries

Keyboard Stands

Keyboarding Lessons

Keyboards

Keyboards Mice and Input Devices

Keyboards Mice and Pointing Devices

Keyboards Peripherals

Keychain Picture Frames

Keyed Locksets and Handles

Keyed Padlocks

Keyless Entry Door Locks

Keyless Entry Relays

Keyless Entry System

Keynote Speakers

Keypad and Pushbutton Locksets

Keys

Keys and Locks

Khartoum Blog

Khloe Kardashian Fansite

Kick Boxing School

Kick Panels

Kick Scooters

Kickballs

Kickballs and Playground Balls

Kickboxing School

Kick-Down Solenoids

Kicker Shocks

Kick-Panel Car Speaker Enclosures

Kid Cudi Fansite

Kiddie Pools

Kidney Beans

Kids and Babies Costume Accessories

Kids and Babies Costume Hats

Kids and Babies Costume Masks

Kids and Babies Costume Wigs

Kids and Babies Costumes

Kids and Family Blu-ray Discs

Kids and Family DVDs

Kids Apps

Kids Armchairs

Kids Armoires Chests and Dressers

Kids Art and Creativity Software

Kids Art Clay and Dough

Kids Art Paint Brushes

Kids Art Paints

Kids Art Paper Products

Kids Artist Aprons and Smocks

Kids Arts and Crafts Adhesives

Kids Backpacks

Kids Backpacks and Lunch Boxes

Kids Baking Supplies

Kids Balance Bikes

Kids Ball Pits and Accessories

Kids Baseball and Softball Gloves

Kids Baseball and Softball Helmets

Kids Baseball Bats

Kids Baseball Protective Gear

Kids Baseball Toys

Kids Baseballs

Kids Basic Skills Development Toys

Kids Basketball Backboards

Kids Basketball Gear

Kids Basketball Shoes

Kids Basketballs

Kids Bath

Kids Bath Towels

Kids Bathroom Accessories

Kids Bathroom Dispensers

Kids Bathroom Holders

Kids Bathroom Safety Products

Kids Batting Gloves

Kids Beading Supplies

Kids Bean Bag Chairs

Kids Bed

Kids Bed and Crib Rail Covers

Kids Bed Frames and Headboards

Kids Bedding

Kids Bedding Sets and Collections

Kids Bedroom Furniture

Kids Bedspread Sets

Kids Bendable Sculpting Sticks

Kids Bicycles

Kids Bike Accessories

Kids Bike Helmets

Kids Bikes and Accessories

Kids Birthday Parties

Kids Birthday Party Invites

Kids Blankets

Kids Blog

Kids Bookcases Cabinets and Shelves

Kids Books

Kids Boxing Gear

Kids Boxing Gloves

Kids Boxing Protective Gear

Kids Boxing Punching Bags

Kids Cameras and Camcorders

Kids Chairs

Kids Clothing

Kids Clothing Blog

Kids Clothing Boutique

Kids Clothing Designer

Kids Clothing Shoes and Accessories

Kids Clothing Store

Kids Coloured Pencils

Kids Coloured Pencils

Kids Colouring Pens and Markers

Kids Colouring Pens and Markers

Kids Comforter Sets

Kids Comforters

Kids Computer Games

Kids Cooking Appliances

Kids Cooking Kits

Kids Costumes

Kids Crafts

Kids Crayons

Kids Cycling Protective Gear

Kids Desk Chairs

Kids Desks and Desk Sets

Kids Diaries Journals and Notebooks

Kids Drawer Handles and Pulls

Kids Drawing and Painting Supplies

Kids Drawing Chalks

Kids Drawing Charcoals and Pastels

Kids Drawing Pads and Books

Kids Drawing Pencils

Kids Dresses

Kids Dress-Up Toys

Kids Duvet Cover Sets

Kids Duvet Covers

Kids Duvet Covers and Sets

Kids Easels

Kids Educational Computer Games

Kids Educational Games

Kids Electric Vehicles

Kids Electronic Learning Systems

Kids Electronic System Accessories

Kids Electronic Systems

Kids Felt Craft Kits

Kids Finger Paint

Kids Fitness Equipment

Kids Folding Chairs

Kids Football Gear

Kids Furniture

Kids Furniture Handles and Pulls

Kids Games

Kids Glass Art and Sun Catcher Kits

Kids Golf Balls

Kids Golf Clubs

Kids Golf Clubs Drivers

Kids Golf Clubs Hybrids

Kids Golf Clubs Putters

Kids Golf Gear

Kids Golf Sets

Kids Golf Utility Clubs

Kids Guitars and Strings

Kids Gymnastics Equipment

Kids Gymnastics Gear

Kids Gymnastics Mats

Kids Gymnastics Skill Shapes

Kids Handheld Games

Kids Hiking Shoes

Kids Hockey Gear

Kids Hockey Goalie Equipment

Kids Hockey Protective Gear

Kids Hockey Roller Skates

Kids Hockey Sticks

Kids Home Store

Kids Ice Hockey Skates

Kids Ice Skates

Kids Indoor Climbers

Kids Instrument Accessories

Kids Iron Golf Clubs

Kids Jewellery Making Kits

Kids Jewellery Making Kits

Kids Karaoke Machine Accessories

Kids Karaoke Machines

Kids Left-Handed Clubs

Kids Loose Drawing Paper

Kids Lunch Bags

Kids Lunch Boxes

Kids Microscopes

Kids Money Banks

Kids Mosaic Kits

Kids MP3 Players

Kids Music Players and Karaoke

Kids Musical Instruments

Kids Nightstands

Kids Oral Hygiene Products

Kids Ottomans

Kids Outdoor Benches

Kids Outdoor Chairs

Kids Outdoor Furniture

Kids Outdoor Safety Products

Kids Outdoor Table and Chair Sets

Kids Paint By Number Kits

Kids Paint With Water Kits

Kids Paper Craft Kits

Kids Parties

Kids Party Balloons

Kids Party Banners

Kids Party Banners and Streamers

Kids Party Confetti

Kids Party Cups

Kids Party Favour Sets

Kids Party Games and Crafts

Kids Party Hats

Kids Party Napkins

Kids Party Plates

Kids Party Streamers

Kids Party Supplies

Kids Party Supply Packs

Kids Party Table Covers

Kids Party Tableware

Kids Pedal Cars

Kids Pencil Erasers

Kids Percussion Instruments

Kids Personal Video Players

Kids Pianos and Keyboards

Kids Picnic Tables

Kids Pillow Shams

Kids Pillowcases

Kids Pillows

Kids Plastic Baseball Balls

Kids Play Bracelets

Kids Play Necklaces

Kids Play Rings

Kids Play Tents and Tunnels

Kids Playhouses

Kids Plush Pillows

Kids Printing and Stamping Supplies

Kids Pull-Along Wagons

Kids Quad Bikes

Kids Quilt Sets

Kids Quilts

Kids Quilts and Sets

Kids Reading Books

Kids Recliners

Kids Riding Toys

Kids Rock Tumblers

Kids Rocking and Spring Ride-Ons

Kids Rocking Chairs

Kids Room

Kids Room Bookends

Kids Room Clocks

Kids Room Decor Accents

Kids Room Decor Lamps and Lighting

Kids Room Decor Window Treatments

Kids Room Wastebaskets

Kids Rugs

Kids Safe Online Service

Kids Sand Art Kits

Kids Science and Nature Software

Kids Scrapbooking Kits

Kids Scratchboard Art Kits

Kids Sewing Kits

Kids Sheet Sets

Kids Sheets and Pillowcases

Kids Shoe Store

Kids Shoes

Kids Shower Accessories

Kids Soccer Balls

Kids Soccer Camps

Kids Soccer Gear

Kids Soccer Goals

Kids Soccer Protective Gear

Kids Sofas

Kids Softball Bats

Kids Softballs

Kids Software and Books

Kids Sports

Kids Stencil and Tracing Paper

Kids Step Stools

Kids Stick Horses

Kids Stickers

Kids Stools

Kids Summer Camp

Kids Swim Floats

Kids Swimwear

Kids Tables and Chairs

Kids Telescopes

Kids Tempera and Poster Paint

Kids Temporary Tattoos

Kids Tennis Balls

Kids Tennis Gear

Kids Tennis Racquets

Kids Tie-Dye and Fashion Craft Kits

Kids Toothbrushes

Kids Toothpaste

Kids Tricycles

Kids Underwear

Kids Vanities

Kids Volleyball Gear

Kids Volleyball Protective Gear

Kids Volleyballs

Kids Walkie Talkies

Kids Wall

Kids Wallpaper

Kids Watercolour Paints

Kids Wheelbarrows

Kids Wind and Brass Instruments

Kids Wood Craft Kits

Kids Wood Golf Clubs

Kielbasa

Kiesza Fansite

Kigali Blog

Killeen Blog

Kilmarnock Fansite

Kiln Construction

Kilns

Kilns and Firing Accessories

Kilts

Kim Kardashian Fansite

Kimchi

Kimi Raikkonen Fansite

Kindergarten

Kindle Blog

Kindle Books

Kindle Cases

King Bedding Sets

King Mattresses

King Pin Sets

King Size Bed Mattresses

King Size Beds

King Size Futons

King Size Mattresses

Kingdom Hearts Fansite

Kingston Blog

Kingston upon Hull Blog

Kinomichi School

Kinshasa Blog

Kiosk

Kippered Herrings

Kisangani Blog

Kiss O Gram

Kisser Buttons

Kissogram Service

Kit Car Bodies

Kitchen Accessories

Kitchen Accessories Store

Kitchen Aids

Kitchen and Bar Sinks

Kitchen and Bath Fixtures

Kitchen and Bathrooms

Kitchen and Dining Room Benches

Kitchen and Dining Room Chairs

Kitchen and Dining Room Furniture

Kitchen and Dining Room Sets

Kitchen and Dining Room Tables

Kitchen and Home Collectibles

Kitchen and Table Linen Accessories

Kitchen and Table Linens

Kitchen Appliances

Kitchen Backsplash Tiles

Kitchen Cabinet Accessories

Kitchen Cabinet Doors

Kitchen Cabinet Glass

Kitchen Cabinet Maker

Kitchen Cabinet Repairs

Kitchen Cabinet Store

Kitchen Cabinetry

Kitchen Cabinets

Kitchen Cabinets and Counters Constructed On Site

Kitchen Chairs

Kitchen Cleaners

Kitchen Cleaning

Kitchen Colanders

Kitchen Cookware

Kitchen Cookware Sets

Kitchen Counters

Kitchen Countertops

Kitchen Curtains

Kitchen Cutlery

Kitchen Cutlery Accessories

Kitchen Cutlery Trays

Kitchen Degreasing and Cleaning Preparations

Kitchen Designer

Kitchen Dining

Kitchen Dining and Bar Equipment

Kitchen Drains and Strainers

Kitchen Electric Appliances

Kitchen Equipment

Kitchen Fans

Kitchen Faucets

Kitchen Fitter

Kitchen Fixtures

Kitchen Flooring

Kitchen Food Preparation Equipment

Kitchen Furniture

Kitchen Gadgets

Kitchen Garlic Presses

Kitchen Gas Appliances

Kitchen Gifts

Kitchen Gifts and Accessories

Kitchen Glassware Retail

Kitchen Ice Cream Scoops

Kitchen Islands

Kitchen Islands and Carts

Kitchen Items

Kitchen Knives

Kitchen Ladles

Kitchen Light Fixtures

Kitchen Lighting

Kitchen Linen Sets

Kitchen Metal Scoops

Kitchen Mixers

Kitchen Organisation Sets

Kitchen Organisation Sets

Kitchen Planning Service

Kitchen Ranges

Kitchen Remodelling Service

Kitchen Renovation Service

Kitchen Reusable Grocery Bags

Kitchen Rugs

Kitchen Scales

Kitchen Serving Carts

Kitchen Sets

Kitchen Shears

Kitchen Sink Accessories

Kitchen Sink Aerators

Kitchen Sink Faucets

Kitchen Sink Installation Parts

Kitchen Sink Pot Filler Faucets

Kitchen Sinks

Kitchen Small Appliances

Kitchen Spatulas

Kitchen Storage

Kitchen Storage Accessories

Kitchen Storage Sets

Kitchen Table and Chairs

Kitchen Tables

Kitchen Tiles

Kitchen Tools

Kitchen Utensils

Kitchen Utensils and Gadgets

Kitchen Utility Knives

Kitchen Wine Racks

Kitchen Worktops

Kitchener Blog

Kitchens

Kitchenware and Glassware

Kitchenware Store

Kite Flying Accessories

Kite Flying Blog

Kite Retailer

Kites

Kites and Wind Spinners

Kitesurfing Blog

Kits

Kiwano Melons

Kiwi Fruit

Kiwi Fruit Farm

Kiwi Juice

Kiwifruit

Kjeldahl Flasks

Klezmer Music Blog

Klingande Fansite

Knackwurst

Knapping Blog

Knapsacks

Knee Braces

Knee Length Girls Hosiery

Kneeboarding Equipment

Kneel Down Breads

Knickers

Knickknack Shelves

Knife Blades

Knife Blanks

Knife Blocks

Knife Blocks and Storage

Knife Cases Holders and Protectors

Knife Hinges

Knife Making Blog

Knife Sets

Knife Sharpeners

Knife Sharpening

Knife Switches

Knishes

Knit Cut Gloves

Knit Cut Mittens

Knit Fabrics

Knitted Athletic Pants

Knitted Baby Blanket Patterns

Knitted Bathing Suits

Knitted Bathrobes

Knitted Beachwear

Knitted Bed Sets

Knitted Bedspreads

Knitted Bedspreads and Bed Sets

Knitted Blouses

Knitted Body Stockings

Knitted Caps

Knitted Chemises

Knitted Crew Socks

Knitted Dishcloths

Knitted Dress Gloves

Knitted Dresses

Knitted Dressing Gowns

Knitted Fabric

Knitted Flowers

Knitted Girdles

Knitted Gloves

Knitted Hats

Knitted Housecoats

Knitted Jackets

Knitted Jogging Suits

Knitted Leggings

Knitted Leotards

Knitted Lounging Robes

Knitted Mittens

Knitted Mufflers

Knitted Neckties

Knitted Neckwear

Knitted Negligees

Knitted Nightgowns

Knitted Nightshirts

Knitted Nightwear

Knitted Outerwear Shirts

Knitted Outerwear Shorts

Knitted Outerwear T Shirts

Knitted Polo Shirts

Knitted Pyjamas

Knitted Pyjamas

Knitted Scarves

Knitted Seed Bags

Knitted Semi-dress Gloves

Knitted Shorts

Knitted Ski Pants

Knitted Ski Suits

Knitted Skirts

Knitted Slacks

Knitted Slips

Knitted Snowsuits

Knitted Socks

Knitted Suits

Knitted Sweat Bands

Knitted Sweat Pants

Knitted Sweat Suits

Knitted Sweater Jackets

Knitted Sweater Vests

Knitted Sweaters

Knitted Sweatshirts

Knitted Swimsuits

Knitted T Shirts

Knitted Tennis Shirts

Knitted Tennis Skirts

Knitted Textile Bags

Knitted Ties

Knitted Tights

Knitted Trousers

Knitted Underwear

Knitted Underwear Shirts

Knitted Underwear Shorts

Knitted Underwear T Shirts

Knitted Warm Up Suits

Knitted Work Gloves

Knitted Work Gloves and Mittens

Knitted Work Mittens

Knitting

Knitting and Crochet Needle Cases

Knitting and Crochet Notions

Knitting and Crochet Supplies

Knitting and Finishing Lace

Knitting Blog

Knitting Kits

Knitting Lace

Knitting Looms and Boards

Knitting Machinery

Knitting Machines

Knitting Needles

Knitting Patterns

Knitting Services

Knitting Store

Knitting Thread

Knitting Warp Fabrics

Knitting Weft Fabrics

Knitting Wool Suppliers

Knitting Yarns

Knitwear Design

Knitwear Patterns

Knitwear Store

Knives

Knives and Bits

Knives and Cutlery Retail

Knives and Lathes

Knives and Planers

Knives and Scalpels

Knives and Shapers

Knives Swords and Blades Collectibles

Knobs

Knobs and Hand Wheels

Knock Down Household Furniture

Knock Down Wooden Furniture

Knockwurst

Knot Tying Textile Machinery

Knowledge Management Systems

Knowledge representation Software

Knoxville Blog

Knurled Knobs

Knurling Machine

Kobe Bryant Fansite

Kohlrabi

Koi Fish

Kolkata Blog

Korean Food

Korean Restaurant

Kosher Restaurant

Kosher Salts

K-Pop Music Blog

Kraft Liner Board

Kraft Paper

Kraft Postal and Packaging Paper

Krav Maga School

KRC Genk Fansite

Krill Oil

Krill Oil Supplements

Kristen Bell Fansite

Kristen Stewart Fansite

Krypton and Xenon Bulbs

KS Blog

Kuala Lumpur Blog

Kuk Kiwon School

Kuk Sool Won School

Kumasi Blog

Kumquats

Kung Fu Instruction

Kung Fu School

Kurash School

Kurdish Restaurant

Kurtas

KVM Switches

KwaZulu Natal Blog

KY Blog

Kygo Fansite

Kylie Jenner Fansite




Once you have our Business Plan

You can get your Business financed properly.




U.K. Businesses




Get the right look for your Business




And start telling everyone about your Business





The Legal and Tax Aspects

There are many legal forms for your new business to take. You can be an unincorporated business and report your income for tax purposes.You can form your business as a Limited Liability Company, which has many of the best tax characteristics of a Corporation and a partnership. Which should you choose? In general terms, you want the income of the business to pass through to you and be taxed on your personal return. This is generally true for most small businesses. If you are unincorporated, this happens automatically, but being unincorporated is generally not the best idea from a legal standpoint.

When you’re in business, you open yourself up to claims and risks that you don’t have as an employee. Your customers or vendors might sue you. Your bank might sue you. Competitors may issue claims against you for copyright infringement or any number of other things. You want to insulate yourself against these extra risks so that third parties can come after your business but not your house or other personal assets. Being unincorporated doesn’t help you. Organizing your business as a partnership doesn’t help you because you remain personally liable. So you want to be a Limited Liability Company. Since we have established we want to pay taxes at the individual level, you can still be self-employed working for a business you actually own.

Why then, are we saying it’s better to report the income of the business on your personal return rather than on a business return? Because if the income is reported at the corporate level, you will end up being taxed twice on the profits: once at the corporate level and again as a dividend when you take your profits out of the corporation. The company does not get a deduction for dividends paid to its shareholders. To avoid the double taxation, you would have to be careful to pay yourself a salary each year equal to the full profits of the corporation. This can get tricky since you won’t always know the taxable income of the corporation before year-end.

Now that you’re legal and ready to roll, you need a plan. I don’t mean a plan you carry in your head, ideas you’ve had over the years in bits and pieces. I mean a solid, written plan that lays out all the details about your business. Describe your business, your products, your competition, your advantages, your target market, demographic information, your marketing plan, your management team, strategic alliances you have with other companies and your financial forecasts. Do not cut this process short! By doing the research necessary to complete these steps you may find out that your business cannot make it as you had originally planned. You might discover changes you have to make. You will improve your chances of success.

You might ask if you can use one of the many software packages on the market for producing your business plan. It depends on what you’re using the plan for. If your plan is only for you to use internally, they are fine. If you want to go after venture capital or bank financing, forget them! Your business plan will look just like a thousand others they’ve seen and will be lost in the clutter. To obtain financing you want to create a distinctive business and marketing plan that stands out from the rest and doesn’t look like it was created via the cookie-cutter approach. Resolve to do it yourself from scratch or hire professionals to do it for you with your input. If you hire professionals, be prepared to participate heavily in the process since it is your business and you presumably know more about the business than your consultants will. Another benefit to using consultants is that they represent a sounding board for your ideas. If you can’t afford them, do the plan yourself and use your friends and trusted business associates as your sounding board.

Your business is now organized and properly authorized to do business in your locality. You now need to consider how to monitor and account for your daily business transactions. Too many businesses make the mistake of running their enterprise by guesswork. Accounting tasks are rarely anyone’s idea of fun, nor are they considered important relative to the other daily tasks of running a business. But you need to fight this idea if that’s the way you think. Just as you wouldn’t spend thousands of pounds a year without some method of tracking the results of your efforts, you can’t run your business without some method of tracking your daily results. Your bank account will not provide you with the information you need. I won’t get into a long discourse about the differences in accrual and cash accounting, but there are a few things you need to understand.

Let’s say you make sales of £2,500 on account on the last day of your first month in business and these were your very first sales. You won’t receive the cash for several days. Did you have any sales for your first month? On the cash basis of accounting, you didn’t. On the accrual basis of accounting, you did. Which is correct?

On the other side of the coin, you purchased £2,000 of office supplies on the last day of the month but didn’t use any of them during the day. This was the only expense you had during the month. Did you have any expenses for your first month in business? On the cash basis of accounting, you did. On the accrual basis of accounting, you didn’t. Which is correct?

On the cash basis of accounting you report income when received in cash and expenses when paid in cash. There are some exceptions, however, such as inventory purchases, which must still be accounted for as inventory rather than an expense. On the accrual basis of accounting you report income when earned and expenses when incurred.

So back to our question; which is correct? If you ever need audited financial statements, your financial statements will have to be prepared on the accrual basis of accounting because it more clearly reflects income. If you need to present your financial statements to third parties, you should have them prepared on the accrual basis. If you want to manage your business using financial data that is meaningful, you need to have accrual basis financial statements.

You’re probably protesting that you’d need to be an accountant to do this! Well, you should have an accountant for a variety of reasons, but you don’t have to have one to keep your books on the accrual basis. It’s simple. Get a software package to do the work for you. An accounting software package does not simply give you an input screen into which to put accounting transactions. It will give you software that will allow you to input your business transactions and will automatically create your books and records for you. For example, you use a sales order entry screen to enter your sales information; the accounting system will make the proper entries for you. By entering the sales order information, you’re also getting the ability to print professional looking sales orders, track sales orders, convert the sales orders into invoices, record the invoices as receivables, and apply cash receipts to those receivables. These are all tools you need anyway to manage your business properly. The accounting for the transactions happens behind the scenes automatically. The same thing happens with your payables, your payroll, your job costing, or whatever other functions you require. Granted, you may need some help in setting up your system to make all this occur seamlessly, but once that’s done, you won’t have to worry about it anymore. Anytime a third party needs your financial statements, you simply print them out. You’ll have tools to help you know where you stand financially, what your receivables are, what your payables are, what the status of your orders are, what you have in inventory and so forth.

You might be a great potential entrepreneur but you still need to spell out exactly what it is you plan to do, who needs it, and how it will make money. A good starting point is to look around and see if anyone is dissatisfied with their present suppliers. Unhappy customers are fertile ground for new businesses to work in.

One dissatisfied customer is not enough to start a business for. Check out and make sure that unhappiness is reasonably widespread, as that will give you a feel for how many customers might be prepared to defect. Once you have an idea of the size of the potential market you can quickly see if your business idea is a money making proposition.

The easiest way to fill an endurable need is to tap into one or more of these triggers:

  • Cost reduction and economy. Anything that saves customers money is always an attractive proposition. Lastminute.com’s appeal is that it acts as a ‘warehouse’ for unsold hotel rooms and airline tickets that you can have at a heavy discount.

  • Anything that offers the prospect of making exceptional returns is always a winner. Competitors’ Companion, a magazine aimed at helping anyone become a regular competition winner, was an immediate success. The proposition was simple. Subscribe and you get your money back if you don’t win a competition prize worth at least your subscription. The magazine provided details of every competition being run that week, details of how to enter, the factual answers to all the questions and pointers on how to answer any tiebreakers. They also provided the inspiration to ensure success with this sentence: You have to enter competitions in order to have a chance of winning them.

  • Niche markets. Big markets are usually the habitat of big business – encroach on their territory at your peril. New businesses thrive in markets that are too small to even be an appetite wetter to established firms. These market niches are often easy prey to new entrants as they have usually been neglected, ignored or ill-served in the past.

  • Differentiation. Consumers can be a pretty fickle bunch. Just dangle something, faster, brighter or just plain newer and you can usually grab
    their attention. Your difference doesn’t have to be profound or even high-tech to capture a slice of the market. Book buyers rushed in droves
    to Waterstones’ for no more profound a reason than that their doors remained open in the evenings and on Sundays, when most other established bookshops were firmly closed.

Now you have the day to day details of running your business so how do you keep going?

There are several things to look at here:

  • What are you good at and what do you enjoy doing? Make two lists - one of the jobs you like and one of the jobs you don't do very well. Take the second list and have a look at what you might outsource or automate. Do you love doing those accounts or would your time be better spent in forward planning while your accountant does the sums? Must you personally reply to every enquiry or could you create a FAQ which you can post on your website and refer people to by autoresponder? In the early stages of your business you might find you don't have the money to pay someone to do the jobs you hate. Could you swap skills to get the help you need?

  • Why are you doing this? You need to be motivated to start a business and keep it going. The best way to do this is to know what the effort is for. What really moves you to get up in the morning and do what you need to do even when you don't really feel like it? Write your reasons down. Find pictures of that house, or that holiday and put them where you can see them.

  • How do you deal with those bumps in the road? Not everything you do will be perfect - sometimes things you've tried will be a disaster - it's the way you react to problems that matters. If you curl up in a ball and give up at the first sign of failure you'd better not be in business. It's all about attitude.

  • Have a plan and stick to it as far as possible but be prepared to be flexible and open minded. Sometimes the most unexpected opportunities come and you need to be ready to seize them. - as Joe Vitale says 'Money likes speed'.

  • Get a mentor - learn from someone who has done it. Someone to bounce ideas off and who can encourage you when things get tough is invaluable.

And most importantly, never let anyone put you down and never be afraid of failure:

"It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena; whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause; who at the best, knows in the end the triumph of high achievement; and who, at worst, if he fails at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat" - Theodore Roosevelt.




A Great British Business did not just happen - It was planned that way.