Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

Being the owner of a startup business is no small feat at the best of times. Starting your business venture after the year which bought us a global health pandemic and economic crises? It’s basically heroic.

But becoming your own boss, and transforming that lightbulb moment into an actual business, is exciting. Fortunately, we’re in the business of championing courageous entrepreneurs! With this in mind, we share some top tips for launching your own startup business as 2021 dawns.

How do I actually start a business?

The start of a new year is a natural turning point, so you might be right at the beginning of your startup journey. Get ready with our free downloadable guide to starting a business. It describes the different types of business structure, and how to set them up.

For more detailed information, read our blog about setting up a sole trader business, or watch our video below about how to form a limited company.

 

 

Finding support and funding for your startup business

With so much focus on support for existing businesses dealing with COVID, finding startup funding might seem rather daunting. The effects of COVID-19 are far reaching, and unfortunately emphasise the stresses and strains of launching a startup. Everyone’s expectations are different, logistics are more complex, demand has changed.

There are government schemes which aim to help self-employment, such as the Self-Employment Income Support Scheme (SEISS) grant. Sadly, the SEISS grant doesn’t include newer startups.

To reduce the risk of applicants abusing the system by over-claiming, grant entitlements are based on previously submitted tax returns. If you’re so new that you have yet to submit one, you won’t be eligible for SEISS funding.

But do not despair, new entrepreneur, because there is still support out there for startup businesses.

Despite the current climate, there are hundreds of grants and schemes supporting the growth and development of fresh new startup businesses. It’s just going to take a bit of research to find them.

UK Startups recommend narrowing your search down on the basis of:

Head to the UK Startups website for a comprehensive list of grants and support available to small businesses in 2021.

 

Startup business accountancy services

Navigating the end of the Brexit transition as a startup business

As if the ongoing Coronavirus crisis isn’t eventful enough, there’s the end of the Brexit transition period to think about. Whether you import cheese from Germany or employ staff across Europe, preparing your business for Brexit changes is paramount.

New rules came into place on January 1st 2021, with negotiations between the EU and the UK ending on the 31st December 2020.

The new regulations impact:

These changes mean there are new processes for customs and transport. For more extensive guidance on the changes, head over to the gov.uk website, and answer the on-screen questions for a tailored action list.

Think outside the box when it comes to finding work

A report by the Centre for Economic Performance suggests that people sourcing work through apps were least affected by the pandemic. In fact, a third of those report having even more work than normal. It shows the importance of keeping up-to-date with industry trends and developments, especially around communications and virtual networking. Carry out a bit of market research, and find out where the best sources of work are.

Companies are cutting costs, which often translates as a cull of freelancers. As the saying goes, now certainly isn’t the time to be putting all of your eggs into one basket. Even if it means breaking out of your comfort zone and getting to grips with a new app or communication platform, now is perfect the time to do so.

 

instant quotes for online accountancy

Other good habits for startup success

Although we’re currently dealing with world events, some startup business advice is timeless.

Consider your customer

Times have changed, and will continue to evolve. It means there are sure to be significant shifts in the marketplace. Take stock of these changes and listen to your customers, then do what you need to do to supply them with it.

Learn when to say enough is enough

You can’t possibly run a business if you’re burnt out. Know your limits, acknowledge your boundaries, and be open to accepting help from others when you need it.

Diversify your product and/or service

If 2020 taught us anything about business, it’s the importance of never standing still. Some industries have been hit harder than others by the COVID crisis. If you’re fortunate enough not to be one of those, take it as a reminder to stay agile and forward-thinking at all times. You never quite know what’s around the corner.

And of course…

All great ways to keep your startup in fine financial fettle!

Talk to one of the team about our online accounting services for businesses. Call 020 3355 4047, or request a call back when it suits you.

About The Author

Stephanie Whalley

Serial snacker, compulsive cocktail sipper and full time wordsmith with a penchant for alliteration, all things marketing and pineapple on pizza.

0 Comments
Inline Feedbacks
View all comments

Read more posts...

VAT Reverse Charge for the Construction Industry Launches 1st March

On the 1st March this year, the UK VAT ‘reverse charge’ will apply to VAT-registered businesses in the Construction Industry Scheme (CIS)….

Read More

January 2021 Client of the Month: URBAG®

This month we talk to Marie Callan, founder of URBAG®, an environmental initiative to reduce plastic waste. URBAG® | Facebook | Instagram We launched…

Read More

Exporting to the EU for UK Businesses After the Brexit Transition Period

The Brexit transition period is over, and the rules for moving goods between the UK and the EU are now different. Some…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.