Running a small business can be tough. Especially if you’ve started up on your own or have no experience of management. When you manage a large company, you have training, or you build up from the start, you may even have a degree and a team around you to help. When you start up on your own, you can come from a totally unrelated background, with some fantastic ideas but no idea about taxes, insurance and all the other things that come with running a business.
There’s a lot to think about, and a lot more than simply selling products or services do. It’s important to spend time on design and marketing and to make sure your products or services are of high quality and priced correctly. But, there are other elements of business that small business owners spend far too much time stressing over needlessly.
Small business owners, bloggers, freelancers and anyone else that makes money for themselves instead of as an employee can be absolutely terrified of their accounts. They panic about what they need to record, who they need to tell and how to keep their money.
There’s no need. Accounts Lab can help if you need it or if you’ve got yourself into a mess by not recording things correctly. But, you can keep track of your accounts yourself with just a little organisation. Set up a spreadsheet with all of the basic details on and make sure you record everything as soon as you get paid.
After accounts, there are taxes. Many people worry needlessly about filing their first tax return only to find that as long as their accounts are well organised and up to date, it’s much easier than they thought.
If you are anxious about making a mistake, hire an accountant to help you instead of letting it stress you out.
Another problem with taxes is paying them. When you are an employee, your taxes automatically go out of your wages; you don’t have to do anything. So, it can come as a shock the first time you are hit with a big bill. File your return as early as you can to give yourself time, and try to get into the habit of putting a little aside each week or month ready.
New small business owners often worry about actually getting paid. They hate asking for money or even negotiating a fee. But, if you are offering a product or service, you deserve to be paid for it and paid your worth.
Instead of worrying, prepare an invoice template including your payment details and any stipulations, such as when the invoice needs to be paid. Keep it simple and professional and send it out as soon as an order is made. Don’t be afraid to raise an issue if you are not paid on time, or to impose a late fee.
The main things we worry about tend to be financial. But, there’s no need. Keep on top of things, and it’s easy, and there is always help available if you need it.