9 expert money tips for starting your own business

Written by YogurtTop

Rostance Edwards Ltd, a Staffordshire based accountancy firm, have set out their expert money tips to advise aspiring entrepreneurs who are ready to take the leap and start their own business venture.

9 expert money tips for starting your own business

Philip Owen, director at Rostance Edwards Ltd said, “Just like our clients, we represent success achieved through hard work. The team understand what it feels like to be really striving for something – we know how great it feels when you get there. That’s why we’re passionate about supporting future entrepreneurs in their business ventures.”

The team at the well-known accountancy firm are aware that there are many aspiring business owners out there who feel intimidated by the financial commitments of starting their own venture.

Here are Rostance Edwards’ expert money tips for starting your own business:

  1. Establish your budget – Allocating a monthly budget for your business has a number of benefits to both your business venture, and your own peace of mind. Establishing a monthly budget early on helps you to stay focused on your money goals, without overspending on things that are not going to bring a return on your investment. Being aware of where your hard-earned money is going also allows you to accurately forecast where you will be spending more or less money in the future, which will allow you to plan the expansion and development of your business. 
  1. Think long-term: Build your empire of contacts – Don’t just build a brand, build relationships too. Networking isn’t just about exchanging information with others, it is about establishing and nurturing long-term, mutually beneficial relationships with like-minded people you meet. Whether that is online, during networking events, or at a local coffee shop. Put yourself out there, the long-term benefits are undeniable to a business’s growth.
  1. Surround yourself with people you trust – Trust is one of the most important ingredients to the success of a team, and if your team is excelling, your business will too. You need to trust every move your employees make, and that goes for your suppliers and affiliate partners too. If you have ‘the hunch’ about an individual, trust your gut! Or if communications are lax, they provide you with inconsistent information or if they refuse to take accountability for their actions – you may be onto something.
  1. Find a mentor – Research and surveys prove that having a mentor is important to success – an executive coaching survey found that 80% of CEO’s had received some form of mentorship. You can’t argue with those numbers. Mentors help you feel like there’s someone out there fighting your corner, even when it feels like the whole world is against you. Using their wisdom and experience, you will be able to make informed decisions, based on historical data and their past experiences.
  1. Learn, learn, learn – The best way to stay ahead of the game in your industry is to take every opportunity to learn something new – whether that be taking part in a webinar, an online course or even something as simple as browsing through informative online articles and listening to the advice of business owners at networking events.
  1. Focus on your strengths, outsource your weaknesses – When running your own business, it makes perfect sense to focus on the aspects that you excel at and leverage those into bigger results, rather than wasting time focusing on things that could be outsourced – time is money, after all. Thanks to our connected world, it’s possible to outsource a whole host of services – including accountancy, bookkeeping and payroll, secretarial duties, graphic design and copywriting.
  1. Prepare for retirement – Planning for your future can easily be overlooked, especially when you have a business to run. It’s important to take the time to carefully plan the road ahead. This can be achieved by speaking to a local advisor about your retirement options.
  1. Create an emergency fund – An emergency fund helps many business owners to cover unexpected expenses, such as major car fixes, plummet in stock values, and the costliest of all, unemployment. Unfortunately, the world of business finance is still plagued by a lot of uncertainty. Should the worst happen, it’s important to have your own back if you ever land in hot water in regards to the financial state of your business.
  1. Avoid the headache – In the face of constantly evolving company legislation, Rostance Edwards Ltd understand that the financial implications of getting your financial obligation wrong can be incredibly costly, and daunting to any aspiring entrepreneur. For over 20 years, Rostance Edwards Ltd has been providing businesses with exceptional accountancy services that go above and beyond the traditional practice service.

Founded in 1998, Rostance Edwards Ltd claim to empower entrepreneurs to achieve their business ambitions through their renowned accountancy, audit, tax and advisory services. 

To learn more about Rostance Edwards Ltd, visit their website: https://www.rostance.co.uk

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