Starting a Business in York: What You Need to Know

3 Dec

Though the pandemic introduced a multitude of challenges to business leaders looking to launch their own companies, ambition hasn’t subsided throughout York. According to studies, a record number of new businesses were launched in York during 2020, and the number of new entrepreneurs have continued to grow since.

If you’re thinking of starting your own company in York soon, now could be the perfect time to start bringing your idea to life. To ensure you’re on the right path for success, here’s what you need to know before you launch your own business.

Support is Available If You Know Where to Look

Launching a new business can be an exciting experience, but it’s also daunting when you’re a new entrepreneur. The thought of “going it alone” is enough to fill even the most ambitious individual with anxiety. Fortunately, as the number of companies within York and Yorkshire continues to grow, there are plenty of opportunities for you to find help.

Start by checking out the Federation Small Business Group, for extensive advice on how to start your business, what you can do to become more competitive in the UK, and even where you can find partners to help your company thrive. You can also explore some local business networking events in York for an opportunity to make some new connections.

Taxes are an Important Consideration

One of the toughest challenges of launching a new business is making the transition from someone doing your taxes for you, to managing them on your own. Before you begin building your company, ask yourself what kind of organisation is right for you, and what your tax responsibilities will be.

There are various different ways to start a company, from becoming a sole trader, to running a limited company. Your tax rates and responsibilities will differ depending on a lot of different factors, so it’s worth speaking to a professional if you’re not sure where to get started. It’s also worth opening a dedicated business banking account, to simplify things when tax season arrives.

Having your own business account will ensure you can track incoming and outgoing expenses for your company without any overlap with your personal finances.

Find the Right Professional Help

As you begin to grow your business in York, you’ll find you need specialist support to deal with certain things. Eventually, you may decide to hire professional team members to come and assist you with things like technology management, customer service, and so on. However, even if you don’t have a lot of cash for employees to begin with, you should at least start by hiring a bookkeeper.

A professional bookkeeper will allow you to avoid the hassle and stress of having to deal with finances on your own. Not only will your bookkeeper ensure you can keep track of your expenses and incoming cash effectively, but they’ll also be able to give you advice on how to reduce your tax expenses and improve your financial standing long-term.

With a good knowledge of taxes, where to find support, and a little help from a good bookkeeper in York, you can start running a successful business in no time.