Blog

4 Reasons Why Being A Sole Trader Shouldn’t Mean Doing It All Yourself

27 August 2015

Sole traders running their own businesses all too often fall into the trap of trying to do everything themselves. When singlehandedly running a business, it is essential to remember you are restricted by the hours you personally can work. Rather than thinking that means you need to work even longer hours, work out ways you can cut down on your workload so you can focus on what you need to do for your business, while farming out the rest.

Another great reason to outsource might be that there are certain areas that you do not yet have experience in. If you’re not an excellent digital marketer, or if you’re not good with juggling numbers, marketing and accounting might be two elements you choose to outsource.

sole work

  1. Outsource marketing

At first, marketing your business can seem like one of the fun things you can do yourself. It’s fine to set up your social media profiles and put up pictures and logos, but as time wears on, you’ll realise maintaining your digital and real world marketing is a challenging task.

Another reason to outsource marketing is that while the basics can be simple to master, trying more advanced techniques often result in mistakes that can be costly to your business. Find yourself a successful marketing agency, or a marketing expert that you really like, and work with them. It might seem like a lot of money, but you’re looking for the return on your investment.

  1. Employ a bookkeeper and accountant

You may have some number crunching ability already and if you’re very well organised, keeping excellent records of your business’ outgoings and income can be a simple task that can be done as you go along. While doing your business’ bookkeeping at first may be helpful to get an idea of how things are doing, as time goes on it will take up more of your time. Hiring an accountant can also be a good way to actually save money when filing your annual business return. A good accountant will know the tax man’s rules inside out and can help you to work the system to your advantage.

  1. Outsource company formation

Forming a company may seem like a relatively small thing to do. However, getting to grips with everything that’s involved takes time, which could be better spent working on your business. Our online company formation service will form your company in just 3-5 working hours, and there are easy to follow step by step instructions to help you through the process.  https://blog.eformations.co.uk/legal-requirements/

  1. Get a cleaner

Getting a cleaner may seem like a luxury you can’t afford, but there’s an easy way to work out if it’s worthwhile or not. If you bill more in an hour than your cleaner does, you should definitely be employing someone else to do it rather than doing it yourself.

Another good reason to get a cleaner is that having a clean and tidy place to work always helps productivity and will promote your chances of success!

Need a helping hand with your business?

At eformations, we’re here to help your business succeed. Whether you’re looking for a quick and easy company formation service, accounting and book keeping, or assistance with other business matters, we offer a wide range of services. You can find further details of what we can do for you over on our website: https://blog.eformations.co.uk. Alternatively, why not call us for a friendly chat about your business on 020 8232 5479?

 

Crowdfunding VS Bootstrapping: What’s Right For Your Business?

11 August 2015

If you’re starting a business but can’t see how you can possibly afford to fund it, what do you do? There are several options open to you. Some start-ups apply for a bank loan or seek investors. However, these ways of funding your business can be hard to attain, especially if you don’t have a track record of running businesses. Easier options for your company might be crowdfunding, or doing without any extra funding by bootstrapping your way to success.

funding

In order to help you choose the right option for your business, here are some pros and cons of the crowdfunding and bootstrapping methods:

Bootstrap your business

Pros

  • You are entirely in control of your business – what you decide goes!
  • Funding a business with your own money is great for focusing the mind for success. You don’t want to lose your investment.
  • It’s easier to make fast decisions and changes in your company as you don’t have to run it by anyone else first.
  • You’ll have more time to spend on the business as you won’t be involving others.

Cons

  • You’ll have to sacrifice anything that is not absolutely necessary – no plush office!
  • A lack of funding can limit what you can achieve, as you will have fewer resources.
  • It is entirely down to you whether or not your business succeeds or fails.
  • You are assuming all of the financial risk by putting your own money into this venture. Can you afford to lose that money?

Crowdfund your company

Pros

  • Funding means that your business can grow a lot faster and you can even afford to hire other people.
  • By creating a campaign and driving publicity for it, your business will have a head-start in marketing by already being in people’s awareness.
  • You may attract bigger investors who like your idea and have previous business experience you can call on.
  • More funding undoubtedly creates more opportunities for your business.

Cons

  • It can be hard to generate enough publicity and interest to attain your funding goals.
  • You will have to answer to and update those who have funded you. You will have to deliver on any promises made.
  • It is time consuming to raise the capital and it can also be costly. There’s also a chance you won’t hit your target!
  • You will have to be able to justify exactly how you are going to spend the money you’ll receive, which takes time and planning. Get it wrong and you might not have enough money to achieve your goals.

Take the first steps by forming your company!

Whether you decide to opt for outside funding, or give bootstrapping a go, one of the first steps to achieving your business dreams is to form your company. Your business can be formed and ready to go in 3-5 working hours, leaving you free to take care of more important tasks. Find out more about our easy to use, online company formation service here: https://blog.eformations.co.uk/prices-packages/

Need a helping hand in your business?

Here at eformations we offer many services for businesses. From business accounting, to a first class business address service, and online company formation, we’re here to help your company succeed. View all of our services and form your company today by visiting our website. Alternatively, if you have any questions, feel free to call us for a friendly chat on 020 8232 5479.