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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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Naan Breads

Nadine Coyle Fansite

Nagoya Blog

Nail Academy

Nail Art

Nail Art Equipment

Nail Brushes

Nail Care

Nail Care Manicure and Pedicure Blog

Nail Care Products

Nail Clippers and Trimmers

Nail Decals and Decorations

Nail Dryers

Nail Files and Buffers

Nail Fungus Treatments

Nail Growth Products

Nail Guns

Nail Guns and Staplers

Nail Lacquers

Nail Polish

Nail Polish and Decoration Products

Nail Polish Removers

Nail Polishes

Nail Pullers

Nail Repairs

Nail Ridge Filler

Nail Salon

Nail Salon Equipment and Supplies

Nail Salon With Manicures and Pedicures

Nail Stencils

Nail Strengtheners

Nail Technician

Nail Thickening Solution

Nail Tools

Nail Top and Base Coats

Nail Whitening

Nailed Packing Cases

Nailers

Nail-In Hooks

Nails

Nails Salon and Spa

Nairobi Blog

Nalgene Bottles

Name Badges

Name Plates

Nameplates and Desk Tapes

Nance

Nanking Blog

Nannies

Nannies and Au Pairs

Nanny Agency

Napa Cabbage

Naperville Blog

Naphtha Solvent

Napier Blog

Napkin Holders

Napkin Rings

Napkins

Naples Blog

Nappy Laundering Service

Naproxen Sodium

Naranjillas

Narrow Womens Shoes

Narrow Woven Braids

Narrow Woven Cords

Narrow Woven Paper

Nasal Sprays and Drops

Nasal Strips

Nascar Fansite

Nashville Blog

Nashville Predators Fansite

Natal Plums

Native American Art Store

Nativity Figurines

Nativity Sets and Figures

Nativity Tabletop Scenes

Natto

Natural Acetone

Natural Acne Remedies

Natural Acne Treatment

Natural and Alternative Remedies Blog

Natural Appetite Suppressants

Natural Bodybuilding

Natural Breast Enhancement

Natural Camphor

Natural Cement

Natural Cheese

Natural Cleaning Products

Natural Conditioner

Natural Cut Stone Dealer

Natural Depression Treatments

Natural Diet Pills

Natural Dog Treats

Natural Dyeing Extracts

Natural Dyes

Natural Ethane

Natural Ethyl Acetate

Natural Food Colourings

Natural Food Colourings

Natural Gas

Natural Gas Engines

Natural Gas Liquids

Natural Gas Storage Tank

Natural Gasoline

Natural Gasoline Gas Liquids

Natural Glycerine

Natural Glycerol

Natural Granite

Natural Graphite

Natural Hair Products

Natural Hair Regrowth

Natural Handmade Soap

Natural Healing

Natural Health Products

Natural Health Supplements

Natural Hemp

Natural Hemp Thread

Natural Hemp Weaving

Natural Herbal Products

Natural Herbs

Natural Home Remedies

Natural Hormone Replacement Therapy

Natural Jewellery

Natural Jewellery

Natural Jute

Natural Landscaping Stone

Natural Linen Thread

Natural Linen Weaving

Natural Lip Gloss

Natural Liquefied Petroleum Gas

Natural Liquid Vitamins

Natural LPG

Natural Make Up

Natural Marble

Natural Medicines

Natural Non-food Colourings

Natural Non-food Colourings

Natural Organic Fertilisers

Natural Organic Fertilisers

Natural Organic Food Store

Natural Pain Relief

Natural Proteins

Natural Remedies

Natural Skin Care

Natural Skin Care Products

Natural Spring Water

Natural Stone

Natural Stone Flooring

Natural Supplements

Natural Sweeteners

Natural Testosterone Boosters

Natural Treatments

Natural Vitamins

Natural Weight Loss

Naturally Carbonated Bottled Water

Naturally Carbonated Water

Naturally Sparkling Mineral Water

Nature Music Blog

Naturopaths Clinic

Nautical System and Instruments

Navigation Apps

Navigation Systems

Navigational Instruments

Navigational Radars

Navigational Sonars

Navy Beans

Navy Midshipmen Fansite

NBA Apparel

NBA Fansite

NBA Jerseys

NC Blog

NC State Wolfpack Fansite

NCAA Fansite

NCIS Fansite

ND Blog

Ndamukong Suh Fansite

ndjamena Blog

NE Blog

Near Beer Brewing

Nearly New Clothes Store

Neatsfoot Oil

Nebraska Blog

Nebraska Cornhuskers Fansite

Neck and Cervical Pillows

Neck Face Lift

Neck Moisturisers

Neck Moisturisers

Neck Wallets

Necklace Jewellery

Necklace Jewellery

Necklace Urns

Necklaces and Pendants

Neckties

Neckwear

Nectarine Farm

Nectarines

Needle Destruction Containers

Needle Felting Kits

Needle Felting Needles

Needle Felting Supplies

Needle Felting Tools

Needle Roller Bearings

Needle Valves

Needle-Bearing Universal Joints

Needlecraft Sewing Supply Store

Needlecraft Store

Needlecrafts and Yarn

Needlecrafts and Yarn Blog

Needle-Free Injection Devices

Needle-Nose Pliers

Needlepoint

Needlepoint Kits

Needlepoint Patterns

Needlepoint Supplies

Needles

Needlework

Needlework Art

Needlework Goods Store

Needlework On Clothing

Needlework Supplies

Neem Oil

Neem Supplements

Negative Battery Cables

Negligees

NEOGEO Pocket Consoles

NEOGEO Pocket Game Accessories

NEOGEO Pocket Games

NEOGEO Pocket Games and Hardware

Neon Business Signs

Neon Jungle Fansite

Neon Rope Lighting

Neon Signs

Neoprene

Neoprene Rubber Raw Materials

Neo-Soul Music Blog

Nepalese Restaurant

Nerf Guns

NES Accessories

NES Consoles

NES Games

NES Games Consoles and Accessories

Nest Boxes

Nesting Dolls

Nesting Tables

Net and Lace Making Machinery

Net Making Machinery

Net Weaving

Netball Blog

Netbook Backpacks

Netbook Computers

Netbook Repairs

Netbook Screen Protectors

Netbook Sleeves and Slipcases

Netgear Routers

Netsuke

Nettle Supplements

Network Adapters

Network and Cable Testers

Network Cables

Network Cabling Services

Network Communications Bridges

Network Communications Equipment

Network Communications Gateways

Network Communications Routers

Network Consultant

Network Data System

Network Installation

Network I-O Port Cards

Network Maintenance

Network Management Software

Network Marketing Services

Network Marketing Software

Network Monitoring Service

Network Monitoring Software

Network Printers

Network Satellite Dish Service

Network Satellite TV Dish

Network Security

Network Security Services

Network Security Software

Network Services

Network Support

Network System Installer

Network Wireless Software

Networking

Networking and Servers Software

Networking Consultant

Networking Security Software

Networking Wireless Access Points

Neutral Fruit Beverages

Neutral Safety Back-Up Switches

Neutral Safety Relays

Neutral Safety Switches

Neutral Spirit Beverages

Neutral Spirits

Nevada Blog

Nevada Wolf Pack Fansite

New Acoustic Music Blog

New Age Music Blog

New Age Store

New and Reconditioned Barrels

New Brunswick Blog

New England Patriots Fansite

New England Revolution Fansite

New Hampshire Blog

New Haven Blog

New Jersey Blog

New Jersey Devils Fansite

New Mex Music Blog

New Mexico Blog

New Mexico Lobos Fansite

New Mexico Stars Fansite

New Mexico State Aggies Fansite

New Orleans Blog

New Orleans Pelicans Fansite

New Orleans Saints Fansite

New South Wales Blog

New Taipei City Blog

New Wave Music Blog

New Years Eve Parties

New Years Event Planner

New York Blog

New York City Blog

New York City FC Fansite

New York Giants Fansite

New York Islanders Fansite

New York Jets Fansite

New York Knicks Fansite

New York Liberty Fansite

New York Mets Fansite

New York Rangers Fansite

New York Red Bulls Fansite

New York Yankees Fansite

New Zealand Blog

New Zealand Spinach

Newark Blog

Newborn Baby Boy Clothes

Newborn Girl Clothing

Newcastle Fansite

Newcastle upon Tyne Blog

Newel Posts

Newfoundland and Labrador Blog

Newport Blog

Newport News Blog

Newry Blog

News and Magazine Apps

News Apps

News Blog

News Cable Network

News Clipping Service

News Feed

News Media

News Reporting Service

Newsagent

Newsletter

Newsletter and eZine Publisher

Newsletter Publisher

Newsletter Services

Newspaper Apps

Newspaper Classifieds

Newspaper Clipping Service

Newspaper Home Delivery

Newspaper Printing

Newspapers

Newspapers and Magazines

Newsstand

Nexus Cases

Neymar Fansite

NFL Apparel

NFL Fansite

NFL Jerseys

NFL Tickets

NH Blog

NHL Fansite

NI Blog

Niamey Blog

Nibblers

Nibs

Niche Marketing

Nick Jonas Fansite

Nickel Alloy Die Castings

Nickel Alloy Pipes

Nickel Alloy Plates

Nickel Alloy Sheets

Nickel Alloy Strips

Nickel Alloy Tubing

Nickel and Nickel Alloys

Nickel Putters

Nickelback Fansite

Nicki Minaj Fansite

Nico & Vinz Fansite

Nicolas Cage Fansite

Nicole Kidman Fansite

Nicotine Addiction Treatment

Nicotine Gums

Nicotine Gums and Lozenges

Nicotine Insecticides

Nicotine Patches

Nigeria Blog

Night Club

Night Club and Bar

Night Lights

Night School

Night Stands

Night Vision Glasses

Night Vision Goggles

Night Vision Optical Devices

Night Vision Rifle Scopes

Nightcore Fansite

Nightgowns

Nights into Dreams Fansite

Nightshirts

Nightstands

Nightwear

Ninja Gaiden Fansite

Ninja Turtle Cakes

Ninjutsu School

Nintendo 3DS Accessories

Nintendo 3DS Accessory Kits

Nintendo 3DS Adapters

Nintendo 3DS Batteries

Nintendo 3DS Batteries and Chargers

Nintendo 3DS Cables

Nintendo 3DS Cables and Adapters

Nintendo 3DS Cases and Storage

Nintendo 3DS Chargers

Nintendo 3DS Consoles

Nintendo 3DS Currency Cards

Nintendo 3DS Faceplates

Nintendo 3DS Faceplates and Skins

Nintendo 3DS Games

Nintendo 3DS Games Consoles

Nintendo 3DS Gaming Figures

Nintendo 3DS Hand Grips

Nintendo 3DS Headsets

Nintendo 3DS Screen Protectors

Nintendo 3DS Skins

Nintendo 3DS Stylus Pens

Nintendo 64 Accessories

Nintendo 64 Consoles

Nintendo 64 Games

Nintendo 64 Games Consoles

Nintendo DS Accessories

Nintendo DS Accessory Kits

Nintendo DS Adapters

Nintendo DS Batteries

Nintendo DS Batteries and Chargers

Nintendo DS Cables

Nintendo DS Cables and Adapters

Nintendo DS Cases and Storage

Nintendo DS Chargers

Nintendo DS Consoles

Nintendo DS Games

Nintendo DS Games Consoles

Nintendo DS Hand Grips

Nintendo DS Headsets

Nintendo DS Stylus Pens

Nintendo Fansite

Nippers and Snips

Nipple Covers

Nippon Professional Baseball Fansite

Nitric Acid

Nitric Oxide Boosters

Nitric Oxide Supplements

Nitrile Gloves

Nitrile Rubber

Nitro Engines

Nitrogenous Fertiliser

Nitrogenous Fertiliser

Nitrous Ether

Nitrous Oxide

Nitrous Oxide Accessories

Nitrous Oxide Adapters

Nitrous Oxide Bottle Blankets

Nitrous Oxide Bottle Brackets

Nitrous Oxide Bottle Components

Nitrous Oxide Bottle Heaters

Nitrous Oxide Bottles

Nitrous Oxide Braided Hoses

Nitrous Oxide Controllers

Nitrous Oxide Filters

Nitrous Oxide Fuel Pumps

Nitrous Oxide Fuel Solenoids

Nitrous Oxide Jets

Nitrous Oxide Nozzles

Nitrous Oxide Pressure Gauges

Nitrous Oxide Pressure Switches

Nitrous Oxide Purge Kits

Nitrous Oxide Rebuild Kits

Nitrous Oxide Regulators

Nitrous Oxide Remote Bottle Openers

Nitrous Oxide Sprayers

Nitrous Oxide Switches

Nitrous Oxide Systems

NIU Huskies Fansite

Nizoral Cream

NJ Blog

NK Maribor Fansite

NM Blog

NMR Lab Tubes

No Alcohol Beverages

No Alcohol Drinks

Nocks

No-Contract Cell Phones

Noise and Vibration Consultant

Noise Protectors

Noise Rock Music Blog

Noisemaker Toys

Non Ferrous Metals

Non Profit Fundraiser

Non Profit Organisation

Non Profit Organisation

Non Surgical Face Lifts

Non-alcoholic Beer Brewing

Non-alcoholic Cider

Non-alcoholic Cocktails

Non-alcoholic Drinks

Non-alcoholic Wine

Non-aspirin Pain Relievers

Nonbinding Microplates

Non-chocolate Candy Store

Non-chocolate Confectionery

Non-citrus Fruit

Non-citrus Fruit Farm

Non-clay Blocks

Non-clay Bricks

Non-clay Mortar

Non-clay Tiles

Non-cooking Stoves

Non-Dairy Coffee Creamers

Non-electric Animal Hair Clippers

Non-electric Barber Shears

Non-electric Garden Pruners

Non-electric Hair Clippers

Non-electric Hand Held Drills

Non-electric Hand Tools

Non-electric Handheld Edge Tools

Non-electric Hedge Shears

Non-electric Hedge Trimmers

Non-electric Household Hot Water Heaters

Non-electric Household Shears

Non-electric Household Water Heaters

Non-electric Jewellers Hand Tools

Non-electric Jewellers Hand Tools

Non-electric Kitchen Shears

Non-electric Lighting Fixtures

Non-electric Scissors

Non-electric Screw Drivers

Non-electric Searchlights

Non-electric Shears

Non-electric Tailor Shears

Non-electric Tailors Scissors

Non-electric Trimmers

Non-fat Dry Milk

Non-ferrous Alloys

Non-ferrous Metals

Nonfiction Books

Non-hazardous Solid Waste Collection Service

Non-hazardous Waste Combustors

Non-hazardous Waste Incinerator

Non-hazardous Waste Landfills

Non-hazardous Waste Treatment Facility

Noni Juice

Noni Supplements

Non-locking Climbing Carabiners

Non-powered Augers

Non-powered Caulking Guns

Non-powered Garden Mowing Equipment

Non-powered Grass Mowing Equipment

Non-powered Hand Saws

Non-powered Hand Tool Paper Punches

Non-powered Hand Tool Punches

Non-powered Hand Tool Rakes

Non-powered Hand Tools

Non-powered Handheld Kitchen Tools

Non-powered Handheld Planes

Non-powered Handheld Tools

Non-powered Lawn Edgers

Non-powered Lawn Mowing Equipment

Non-powered Lawnmowers

Non-powered Leaf Rakes

Non-powered Leaf Skimmers

Non-powered Plumbers Hand Tools

Non-powered Post Hole Diggers

Non-powered Ratchets

Non-powered Stonecutter Hand Tools

Non-powered Wrenches

Non-precious Metal Cutlery

Non-precious Metal Spoons

Non-precious Metal Table Cutlery

Non-precious Metal Table Spoons

Non-precious Metal Trophies

Non-precious Table Knives

Non-prescription Drugs

Non-profit

Non-profit Organisation

Non-profit Organisation

Non-standard Shaped Candles

Non-Sterile Disposable Gloves

Non-Sterile Safety Gloves

Non-Stick Cooking Oil Sprays

Non-stick Cookware

Non-stick Metal Cooking Utensils

Non-vacuum Desiccators

Non-woven Abrasive Bits

Non-woven Fabrics

Non-woven Felts

Non-woven Padding

Non-woven Pads

Non-woven Wadding

Noodle Bar

Noodles

Nopales

Nordic Skating Blog

Nordic Ski Bindings

Nordic Ski Boots

Nordic Ski Poles

Nordic Skis

Norfolk Blog

Norman Blog

North American Music Blog

North Carolina Blog

North Carolina Tar Heels Fansite

North Dakota Blog

North Las Vegas Blog

North Texas Mean Green Fansite

North West Blog

Northern Cape Blog

Northern Ireland Blog

Northern Marianas Islands Blog

Northern Soul Music Blog

Northern Territory Blog

Northwest Territories Blog

Northwestern Wildcats Fansite

Norwalk Blog

Norwich Blog

Norwich Fansite

Nose and Ear Plugs

Nose Hair Trimmer

Nose Piercing

Nose Plugs

Nose Surgery

Nosegays

Nostalgia Electrics

Notary Public Service

Notary Seal Presses

Note Apps

Note Broker

Note Taking Software

Notebook Computers

Notebook Filler Paper

Notebook Paper

Notebook Tablet Computers

Notebooks

Notebooks and Writing Pads

Notepad Holders

Notepads

Notre Dame Fighting Irish Fansite

Nottingham Blog

Nottingham Forest Fansite

Nouakchott Blog

Nova Scotia Blog

Novak Djokovic Fansite

Novel Writing Software

Novelties

Novelties and Specialties

Novelty Apps

Novelty Birthday Cakes

Novelty Candles

Novelty Games

Novelty Glassware

Novelty Headwear

Novelty Lighting

Novelty Music Blog

Novelty Pyjamas

Novelty Pyjamas

Novelty Spinning Tops

Novelty Stitching Contractor

Novelty Stitching On Textiles

Novelty Store

Nucleic Acids

Nuevo Flamenco Music Blog

Number Plates

Numeric Keypads

Nunavut Blog

Nurse Practitioners

Nurse Staffing

Nursery and Garden Centre

Nursery and Garden Centre

Nursery Armoires

Nursery Baskets and Liners

Nursery Bed Mattresses

Nursery Bed Rails

Nursery Bedding

Nursery Bedding Gift Sets

Nursery Blankets

Nursery Bookends

Nursery Chests and Dressers

Nursery Clocks

Nursery Day Care Centre

Nursery Day Care Centre

Nursery Decor

Nursery Drawer Handles

Nursery Furniture

Nursery Furniture Collections

Nursery Furniture Slipcovers

Nursery Gift Sets

Nursery Growers

Nursery Hampers

Nursery Hanging Organisers

Nursery Hanging Organisers

Nursery Lamps

Nursery Mobiles

Nursery Night Lights

Nursery Picture Frames

Nursery Pillow Protectors

Nursery Pillowcases

Nursery Pillows

Nursery Quilts and Bed Covers

Nursery Rugs

Nursery School

Nursery Step Stools

Nursery Stock Growing

Nursery Storage

Nursery Storage Baskets

Nursery Storage Products

Nursery Switch Plates

Nursery Travel Beds

Nursery Tree and Plant Store

Nursery Wall

Nursery Waste Bins

Nursery Window Treatments

Nurses Agency

Nurses Gown Supply

Nursing Agency

Nursing and Maternity Bras

Nursing Bras

Nursing Care Home for The Aged

Nursing Home

Nursing Pads

Nursing Shoes

Nursing Uniforms

Nut and Seed Butters

Nut Bowls

Nut Cluster Candy

Nut Crackers

Nut Driver Screwdriver Bits

Nut Drivers

Nut Fasteners

Nut Harvesting Machines

Nut Hulling and Shelling

Nut Inserts

Nut Kernels

Nut Rods

Nut Seeds

Nut Shelling

Nut Snack Cookies

Nut Store

Nut Tree Shakers

Nutmeg

Nutrition Programmes

Nutrition Programmes

Nutritional Cookies and Brownies

Nutritional Protein Shakes

Nutritional Supplements

Nutritional Supplements for Diabetes

Nutritional Supplements Store

Nutritional Therapist

Nutritionist

Nutritionist and Dietician

Nuts

Nuts and Bolts

NV Blog

NY Blog

Nylon Fibres

Nylon Fibres

Nylon Plastic Raw Materials

Nylon Resins

Nylon Spun Yarns

Nylon Thread




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.