Best Time to Start a New BUsiness

[MarcusUK21]

I wondered from a HMRC accounting aspect is there a ideal time in the year to start a new business online? Are there benefits to starting at the start of the new tax year?

 

[Scalloway]

Are you going to be a sole trader?

 

[Ozzy]

I'm sure from an accounting perspective there might be, but from a personal perspective I would say if you're going to do it then just do it.
An accountant once said to me "Don't let the tax tail wag the dog" which mean't run your business properly and as you need to, not base your decisions on is that good for tax or not.

 

[Paul Kelly ICHYB]

The best time to start a business is when you are ready!

However, some people keep making excuses and putting it off!

 

[WaveJumper]

Or making sure they have got all their "ducks in a row" and rush in with no actual business plan or clear strategy.

 

[1st Formations]

We'd echo what everyone else is saying. The best time is when you're ready. From a limited company perspective (if that's the route you're looking to go down), it's worth remembering that you can always change your company's financial year once it has been formed. Best of luck!

 

[Deleted member 59730]

It is worth considering changing when you have started. It is surprising how many seasonal businesses have years with 2 Easters and none.

 

[MarcusUK21]

Thank you to everyone for replies. Some very good feedback.

 

[MarcusUK21]

The best time to start a business is when you are ready!

However, some people keep making excuses and putting it off!

Thanks Paul yes I have heard this too. Nerves or worried about ensuring they have covered themselves legally etc.

 

[MarcusUK21]

Are you going to be a sole trader?

I am Still undecided and can see benefits of both ST or Ltd.

 

[MarcusUK21]

We'd echo what everyone else is saying. The best time is when you're ready. From a limited company perspective (if that's the route you're looking to go down), it's worth remembering that you can always change your company's financial year once it has been formed. Best of luck!

Thanks.

 

[Scalloway]

Are you going to be a sole trader?

I am Still undecided and can see benefits of both ST or Ltd.

If you decide to form a limited company it makes little odds what date you start for tax purposes.

 

[ChrisGoodfellow]

@MarcusUK21 We just shared a guide to the steps you need to take to launch. Hopefully it's helpful -

New year, new business – why now is the perfect time to start up

New year. New start. New business? The start of the year is normally the most popular time to launch a business in the UK. If you’re thinking of taking the leap, now could be the perfect moment. The start of the year is consistently the most...

www.ukbusinessforums.co.uk

 

[Trapbarn]

The best time has little to do with actual dates or time of the year unless it is a highly seasonal business like selling ice cream from mobile outlets.

The only time to start operations is when....
1. Market research indicates potential.
2. Proper cost analysis of products/service has been undertaken.
3. All overhead costs have been quantified.
4. Marketing plan has been fully evaluated and costed.
5. Accounting system researched and planned.
6. Potential recruits identified.
7. Commitment has been indicated by potential customers.
8. Learn from the way other similar businesses operate.

That's just for starters because even us old stagers learn new tricks every day. Business is always changing. Those that don start properly or can't keep up they jut disappear

 

[SEODEV#338055]

The best time to launch a business is when

1. there is significant demand
2. there is a supply of goods or services
3. you can meet the demand by supplying the goods or services

Sadly this is often during a crisis

 

[BustersDogs]

I read Duncan Bannatyne's book, and the only thing I remember was him saying the best time to start a business is NOW.

 

[Ozzy]

I read Duncan Bannatyne's book

I did too, found it one of the better if not the best books from any of the dragons IMHO. I enjoyed the story, and yes the best time is "Now"

 

[Mark T Jones]

I read Duncan Bannatyne's book, and the only thing I remember was him saying the best time to start a business is NOW.

Kind of...

If it's relatively low cost / straight forward then it probably works.

If it's high capex & high risk (eg restaurant) I'd suggest the answer is 'after you've done a lot of research'.