Tips & Advice

If we analyse the many business ventures that come and go, there always seem to be certain factors that represent failure and others that lead closer to success. If you want to know these factors or steps, here we present them briefly so you can apply them to start a successful business.

The 8 steps to start a successful business:

So you can lay down the path of success in your business, it is essential that from the beginning you take the appropriate steps. These are:1. See what you love: The first step in starting a successful business is to discover what you are passionate about, interested and motivated for, and it is also essential to develop skills and leadership. Many believe that the first thing is to choose the notion of entrepreneurship, but it is actually taking the decision to initiate and realise that idea into something real.2. Select something you're passionate about. Now it's time to think and realise the idea. To do this, choose the business opportunities that really interest you, because you will be willing to fight and work with motivation for these.3. Meet with more entrepreneurs: You can only achieve success, but as a team it is much simpler. So join other entrepreneurs who drive the same passion and energy that you have, and thus have more ideas to come out the project. Find people with complementary skills.4. Find and learn about your idea: To do this, it is essential to investigate successful companies that move in the industry in which you are interested in. Please review its origin and history and analyse its performance. You can learn a lot from them.5. Design your business. Use the data you got from the previous step and complement it with new ideas. Create a profitable model making clear what will be done in your business; how, with whom, for whom, and what resources they will use, etc.6. Make your budget: Now you know how your business works, you will know what needs to go. Now make your budget so you know how much money you need to put the idea in motion. Do not forget the details and get in touch with experts like Your Virtual Office London for more advice.7. Looking for funding: If you do not have enough money to start, look for ways to find it. While this is not so simple, you can choose to seek financing companies, government support programs, campaigns, investors, etc.8. Design a marketing plan: At this point you already have almost everything to start your business successfully. You just need to create your marketing strategy with which you can then promote it. Use different media, online and offline, and focus much of your energy on this.

Key elements to start a successful business:

With the above given steps you can create and secure your venture going on the right track. In any case you should be clear that there are three key elements that you must have to succeed: These are vision, patience and perseverance. It is these that tell you to get where you want and give you strength to do so.

Every business needs to know and understand successful accounting principles. Business accounting represents the intelligent and logical transactions and resources of a company. You need to be aware of some important accounting tips to help new companies.

Here are some recommendations that are linked to this fundamental discipline for the company.

1) The accounting is the main tool for the control of management. Keep hold of all accounting records for the company business. It aims to be a true reflection of the reality of a company.2) You can not do business if the basics of accounting are not known. Large corporate losses are caused by accounting distortions.3) Accounting is directly linked to the business; it reflects the business. It isn`t all just about numbers, though they need to be very well kept. Numbers must corroborate with that of the marketing strategies and tactics.4) No indiscretions on the accounting numbers. If accounting is the basis for the reality of their business and control its management, any falsehoods will lead to wrong decisions. Financial institutions are specialists in measuring risk and targeting unrealistic figures.5) It should avoid crossings with the accounting subsidies between companies of the same group and/or shareholders. Loans to shareholders should be very limited and carefully followed. It is vital that the shareholder is disciplined and "takes care of" your company, whilst avoiding mixing the petty cash in your own pocket. This is key to successful long-term.6) The accounts must be evaluated over time and by the industry. Compare data over several years and this will identify positive and negative trends of the business and print a dynamic assessment.Finally, keep in mind that the structure of industrial accounting is very different to that of a company, for example, in retail sales or services. For this reason, it is good to compare the financial statements of companies in the same sector and who are leading companies as well.Speak to our business accountant today, they specialise in small and new business start ups.

Follow these tips to keep records of your business:

• Do not complicate things. The simpler your records are, the less likely you are to make mistakes. It also decreases the time it takes to update your data.
• Update your data frequently. Be sure to update your records regularly so you will not miss anything.
• Do not forget the details. Include specific details about your business. It is important to keep track of all your business operations, even for small businesses.

Include the following in your system for keeping records of your business:

• A business checking account to keep track of your business transactions.
• Your monthly income or how much you earn each month.
• Your monthly expenses. Record how you spend money every month.
• The inventory. It's important to keep a record with the value of stock, including all products and supplies.
• Keep tabs on your assets (depreciation schedule). Over time, your assets will be depreciated. You must keep track of changes in value.
• Control of income (income statement). This will help you calculate your gain or loss for a specified period. Learn how to prepare statements.
• Cash flow. Keep track of the ins and outs of cash to manage their finances.
• Balance sheet. This is important to calculate the net worth of your company.

Locate personal information in your business by talking to the sales staff, human resources, accounting and external service providers. This way you can get a complete overview. Each type of information has different types of risks.Pay particular attention to records of personally identifiable information: Security numbers, credit card information and general financial and other sensitive data. These are most commonly used by thieves to commit fraud or identity theft incurring data.If you found this blog helpful you can read more business tips and advice articles in our help section.

When talking about economic issues, one of the main problems in small businesses is financial planning. Knowing how to properly manage your resources and prepare for an emergency fund through hard times is key. It happens with many companies, when they start to go well forget to plan and lose sight of the risks encountered, especially in times like these when the economy is so volatile.

Here are some recommendations to make good use of your resources.

1 - Stick to a plan. Whenever you need to have a budget of income and expenses (outflows) for your business, it`s important to stick to your financial decisions. Inflation and exchange rate are indicators that will help to project clearly how your money is moving.2 - Know your territory. A good way to gain more knowledge on how to better manage money is to analyse some data on the sector in which you operate. Find out how much your sales activity decreased in the past and what the worst months were?3 - Clear accounts. Keep a daily record of your income and expenses. That flow of inputs and outputs is the basis for creating your strategy for administration. It allows you to plan your payments and, in turn, define your balance, i.e. what are the immediate debts and how much capital you have available to pay them off.However, there are other ideas that you can consider to multiply your resources, as long as you have made an assessment of what it means to start growing your business with a loan:- If it is a high-tech company you can turn to venture capital or angel investors.- If you have had a loan on microfinance, then there is the alternative of returning it to them, ensuring that the new line of business represents good yields.Your Virtual Office London can help your new business take off. We provide a range of services for the start up entrepreneur, from a mail forwarding address and telephone answering through to company formations services including a central office location and company incorporation. Our services and products have been designed to give you an edge of the competition.We understand when starting a new venture keeping overheads to a minimum is crucial if you are to really give success a good shot; that is why all Your Virtual Office London products have been made exceptionally affordable without lacking quality. We are proud of our service and have been helping thousands of businesses progress to become successful organisations.

It is a somewhat chastening fact that when you begin to realise how difficult it is to own a business, you must focus not only on the core business of the company but also towards those the financial rules.For most people, the word accounting can generate fear or concern and this feeling is probably stronger in the case of young entrepreneurs. Bad accounting in the short term cannot affect your business and you can, in time, correct the flaws. However, in the long run, you can risk being audited and lose control of the company, which would potentially result in large losses of money.According to Entrepreneur Magazine, to prevent this from happening, there are three unspoken rules to take better control of your new business` finances and accounting:

Start on the right foot:

In the same way you check your emails every day or do an inventory every week, start the same habits in the accounting of your business. Set yourself up notices or memos on a calendar monthly, or at least once a month, the frequency will depend on you. This way, the routine will become engrained and the finances will remain stable at all times.

Learn the accounting language:

Sometimes the biggest obstacle is the accounting terminology. This is because when we hear words like chart of accounts, more passive, active workbook; it`s easy to not understand completely. In these cases it is advisable to take some time to understand accounting basics and for this, the internet can be a very useful tool.

Rate good advice:

The chances are, if you spend a lot of time trying to find an error in your accounting, you will eventually find the solution. The reality is though, that you have a business to run and there is a degree of urgency about the declaration of taxes you must do both monthly and annually. There`s no need to worry though, there are many resources out there to help, such as those at Capital Office.Ultimately, the business of accounting is not as scary as you might think and can be more fun than it sounds. After all, it is what allows us to see the growth of our business.

Your Virtual Office London

If are thinking about starting a business, or if you have already taken the leap from idea to reality why don't you speak to an accountant? We have qualified accountants who are experienced in working with small and start up business. They are happy to help explain the requirements needed when you start a business, information is power and we can help get your business functioning correctly for a long and prosperous future.

Here are the three important stages of starting a new business:

Business Purpose

One of the initial steps to creating a new business is the business purpose. The owner should write a bit about the dream they have, for example maybe they want to start a business selling clothing for children from newborn to eight, etc. They should further describe here all they want for their business.

Type of Business

The second point to develop is the type of business, where there is added more detailed information about the business, including:

• The name you want to use
• The products or services that you offer
• The experience and knowledge you have regarding this type of business
• The trends of the industry in general
• Opportunities and threats for these businesses

Some of these issues can be answered for yourself and others should be investigated, perhaps through the Internet, library or media, chambers of commerce, associations and publications, preferably related to your type of business or industry. Once investigated and analysed, these points should give a good idea of the overall situation of your business within the economic, social and political environment.

Initial Idea

Every business plan is built around an idea that arises from the detection of a business opportunity. The emergence of the idea to start a business varies depending on the circumstances of each person / people. There are many factors that can lead a person to favour a particular business. In general, the factors that determine the choice of the idea are:Repeating others' experiences – this reflects new businesses, which frequently occurs in times of economic expansion.New business opportunities in freshly supplied markets, creating new or high growth rate.Technical knowledge about markets, sectors or businesses.An entrepreneur who has been employee or officer of another business that seeks independence.When an innovative product becomes known that is estimated to generate a successful market.When it comes to business or activities of low complexity that allow any person to become self-employed in such an activity.

How can Your Virtual Office London help?

Your Virtual Office London are leading experts in company formation and virtual office services. Small businesses and new start ups can greatly benefit from a virtual office service, our service enables a start up to appear more established through use of a prestigious mail forwarding address, a telephone answering service and a registered office address. Using these services can really help maximise your new business potential for succeeding, it is a well known fact that many businesses fail in the first year. Our service is designed to give your business the best possible chance of survival.Your Virtual Office London can also assist in forming a company, if you have started a business you may have become a sole trader however there may be tax advantages of becoming a Limited Company. If you would like to discuss this or any other points raised in the informative article please do get in touch with our expert team. We are always happy to help no matter how small or complex the question.

When it comes to a new company forming, everything points towards a realistic and well thought out business plan. However, there is another factors that should have your more attention, such as knowing who your customers are.This is because all your services and products offered need to be placed into context with who and where there is a need in the market for them. After all, those who need and can purchase the products or services that you offer are our potential customers. Without these customers (market) your business literally can not exist: it is they who will give life and movement to your company; they who with their purchases will give you the financial support to pay rent, salaries, expenses and something extra which will be your utility (gain).For these reasons you must be careful and respect your customers to continue purchasing products or services. It is also very important to know who they are, where they are, what they do, why they need these services or products, etc., because without this knowledge you cannot be efficient in your processes and marketing plans.Now, you will wonder how you will get to know your clients if you`ve not yet start your company. The truth is, that it is a little difficult, but if you want to succeed in your new business, you`ll will have to investigate and try to know your market before starting your business. For example, if you wanted to start a bakery, you would want to know what the expected consumption would be and who the potential customers are. Therefore, visit all the supermarkets in the area, talk to employees, owners, and customers about their thoughts on the produce, the quality, prices and sales volume.You may not always get the required information, but by applying a little common sense, you could project the possible sales during the year. Also, market research and checking out the competition can serve to create a list of prospects.Another tool you can use is information and statistics regarding market trends for your business. These can be found on the Internet, the census in libraries, publications at chambers of commerce, and especially in publications of associations and journals in the industry you choose.If you found this blog helpful you can read more interesting and insightful articles within our business blog.

When you incorporate a company for the first time many different addresses are required by Companies House, many of our customers do come to us for clarification. In this article we describe the differences between the registered office address, directors service address, and shareholders address.

What is a registered office address?

The registered office address is a legal requirement from companies house. The address is used by Companies House and HMRC to send official statutory post and documents. The address appears on public record, anyone can search and find this address. The address for many new companies is usually the home residential address as they company has not yet started trading in a commercial property.

What is our registered office address service?

Our service allows you to register an official business address in a prestigious central London location, based in the heart of finance and business district. This will be your companies registered office address. Of course this has many benefits when compared to using your registered office address. One is that the address is private, you do not have to disclose your residential address. Many people prefer to keep their home address of public record for obvious reasons, one mainly is that is prevents unwanted callers turning up un announced when you least expect them.

What is a director`s service address?

The director`s service address is the official address of the director. Again similar to the registered office it`s the address is used by HMRC and Companies House to send official statutory post and documents. Again similar to the registered office, the address is on public record and is searchable. Unlike the registered office address the address can be an address situated in any country across the globe. The address can be the same as the registered office address; however it must not be a PO Box address.

What is our director service address?

Our director`s service address allows you to use our prominent London address in City Road as the director`s service address. Using our address service can help protect your residential address, again like the registered office service, removing your home address from public records can prevent unwanted callers and junk mail. It also helps you look more professional, creating a corporate image that can help increase your businesses profitability.

What is the shareholders correspondence address?

A shareholder is legally required to provide a correspondence address for each of the shareholders, each shareholders address will appear on the public record. The address can be the same as the registered office address and it doesn`t have to be the residential address of the shareholder.You will need to provide a correspondence address for each of the first shareholders (often called subscribers) in a newly formed company. For each shareholder correspondence address, it`s worth noting that:

Why choose Your Virtual Office London?

Your Virtual Office London have been providing professional business services for over 30 years. From company formation to supplementary services such as the mentioned address services, we really do understand the need of the modern business. Enhancing your business image whilst retaining privacy is key to the modern business owner, we have developed packages at an affordable price which is obtainable on any level of earnings. If you would like to discuss your businesses circumstances we will be able to help provide a tailored solution, we have an experienced expert team ready to take your call.

For accountants who are responsible for project formulation, financial statements are the corollary of their work and the culmination of their efforts. For entrepreneurs and managers of businesses, this allows them to take actions and decisions they deem appropriate for the proper conduct of the business.This situation can be summarised in the financial statements, whereby they record the financial results for the integrated management of business that the organisation runs. This information is of interest to various sectors, such as:- The owners and / or shareholders and those fully interested in knowing the results of the economic entity.- The directors and officers are interested in the excellent conduct of the business, to know if you are meeting the objectives established.- Administration: To guarantee the proper administration of the institution in accordance with its goals and objectives.- Supervisors and control bodies: Those that manage audited financial statements give credibility to your financial information.- Government bodies: Interested in the financial statements that are audited by aspects of formality and regulation.- Workers : As a means of feeling security in their employment.- Suppliers and creditors: Because they are interested in liquidity and fairness of the financial statements.- Investors: Because they will be able to analyse, to invest or not to invest in certain types of business.- To the general public: To know whether a particular organisation has a good picture of trade, if there are good services, products and whether they have quality.Under this perspective, the audit of the financial statements involves an examination of the financial statements of its operations holistically, including media, economic, administrative, financial / accounting, legal, environmental etc. An established, well respected company such as thecheapaccountant.co.uk can help with this aspect.Due to the above, the financial audit should not only aim at the verification of the accounting record, but also the detailed examination of the actions of the organisation, areas, processes, licenses, operations, records and support in a responsible manner to be as efficient as possible.In that way a financial audit process requires consideration of, among others, the following:- Understand the organisation, policy, regulations, structure, processes, financial reporting and accounting handbook with your chart of accounts.- Prepare guidelines, programs or questionnaires for an audit and internal control and other working papers, based on the representative account.- Know the computer applications that manage the organisation, especially accounting and finance.- Review the different accounts assigned to the financial statements, considering the accounting, financial, administrative, legal, economic, environmental or otherwise. Determine for each of them, the cause, effect and impact as well.- Translate in technical working papers, supported and objective manner, each of the findings, to be considered in drafting the final review report.With respect to internal control you should:- Evaluate the quality of information systems and media in the accounting process.- Check profiles of who will be able and responsible for handling and recording of accounting functional areas.- Verify proper handling of correspondence and memory of the organisation file.- To verify the existence of control processes that perform the accounting area of dependencies and other sources of accounting information.- Monitor an Improvement Plan,Another insightful blog post produced by Your Virtual Office London.

Undoubtedly, one of the keys to invest successfully is to have a vision for the future. Having clear decisions to be taken with regard to long-term financial investments becomes vital, in order to achieve the desired results in investments and profits, after all, investment is the result of careful analysis.Generally, the goals are achieved by determining how far away the investment horizon is. But why is it so important to establish a horizon? Very simple. Establishing what the long-term investment is (5 years, 10 years, 15 years) has a great importance, since it directly influences the investment strategy. Generally, long-term investments allow investors to take more risk when investing.A clear example is the investment in gold , and that despite the ups and downs that occur in the market, the long-term trend is always upward, so that it always comes as a great way to invest safely long term and is profitable for your money. The key to any long-term investment is that it will ensure future financial security.

Here are just some key elements to successful investing:

1. Get control of your expenses before investing - Pay off your credit card debts and other high interest rates as fast loans or mini-credit is something unavoidable before you even think about starting to invest. If you get some extra income, I dedicate it to pay your debts and thus bring the moment you can start investing. Learn to cut your expenses and a little short in one of your unnecessary purchases to get away with your debts as soon as possible.2. If you're going to invest, do it - Once you have your financial house in order, no debt, and a good emergency fund set up , start investing.First start with simple investments in which you feel confident and let it rest there money for a while to see how you react to the ups and downs of profitability. Do not sell quickly to take short-term profits or bands to avoid big losses. Wait until you actually have a good reason to change your portfolio.3. Do not forget risk - Do not put all your money in one place. Make sure you have invested in at least a couple of different assets. Especially, do not put all your money into risky investments such as a large number of shares of small cap companies.4. Begin preparing for retirement. Your first objective should be to prepare to invest for retirement. If you have not started yet, do it now. Do not hesitate for a second, even if you do not know 100% what you are doing or exactly how you want to invest - invest your money in an index fund.5. Stop worrying about how to invest and just do it. Whether you later modify your investment for improving, then so be it, but do not get caught in the paralysis of the investment and become stagnant.6. Be sensitive to your impressions. If your gut tells you it's a bad investment, stop putting new money into the asset for a while.If after your instinct keeps saying it's bad, even long after you stop investing, move your money to another investment. Do not just keep putting money into something that does not work for you.7. Make sure you have the ego at the door. Do not ever think you're a great investor. The moment you think you are, your wallet will fall apart.8. If everyone invests in something, do not follow them. If you see that everyone is investing in the same asset, then it means that something is trending, but will not last, so you should be as far away from that kind of investment as possible.Your Virtual Office London are experts in helping businesses become more successful. We provide virtual office services including a prime mail forwarding address in London, telephone answering and registered office address. If you would also like advice about investing we have an accountant who is always on hand to help with professional advice.