How to start your own business in West Sussex

by Feb 9, 2022Running a business

Fed up of working for someone else? You know what they say at this time of year: “new year, new start” – the same applies to starting a new business.

Perhaps you want to start a dog-walking business to get out more on the beautiful South Downs in 2022? Who can really blame you.

That’s not a bad idea, considering the amount of lockdown puppies bought in the last year. With more people returning to the office, they need walkies.

Whatever you want to do, there are opportunities for West Sussex’s visionary entrepreneurs to take advantage of this year.

So you have an idea to start a new business, but how do you get the ball rolling? Let Diamond Accounts take you through it.

Take a look at yourself

That might sound obvious but starting a business is a big deal. It requires a lot of hard work and often involves working long hours early on.

Look at your own strengths, weaknesses and skills, either to settle on a business idea or to give you an idea of what you can handle yourself.

What motivates you? It’s vital to know why you’re starting a new business so you can focus on ideas to help you get you where you want to go.

Ideally, you should have several motivating reasons. If it’s just the potential money you can make, you might be in for a shock as it can take time.

Create a business plan

Once you’ve settled on a business idea, the next step is to have a business plan – and this is something we can certainly help you with.

A business plan will outline your business’s objectives and go into detail on how you’re going to achieve them.

At Diamond, our startups service includes business plans, in which we look at your market competition, finances and projections.

We will give you a simple mission statement and provide you with clear objectives for your startup to hit in a realistic time frame.

Registering the business

The next step is for you to settle on a business structure. This decision will determine what taxes you’re liable to and your responsibilities.

If you’re going down the dog-walking route, for example, you might be best off operating as a sole trader or a limited company.

As a sole proprietor, your personal and business assets will be in the same bank account and you’ll be responsible for any debts.

Should you go down the company route, your personal and business assets will be separate, although you will have more legal obligations.

We are startup accountants

As accountants for startups, we know every element of starting a new business in West Sussex this year.

Whether you register as a sole trader or a limited company, we know all of the obligations for a tax and legal perspective.

We also promise to evaluate and update your business plans, factoring in cashflow projections, to keep your business on track with its goals.

If you have a burning desire to become your own, feel free to get in touch with us and start your journey today.

Want to talk instead?

We get it. At Diamond, we're talkers, too. If you've got a question about accountancy or want to explore an business idea with one of our expert advisers, call, email or message us now.