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Running a physical office creates considerable expenditure in the budget of novice entrepreneurs. Sometimes, it is even an unnecessary luxury to entrepreneurs who have spent years in the market. However, just because you may be an employee or owner of an SME, it doesn’t necessarily require you to have a physical space to run and manage your business from. That's why many new business owners are turning up to virtual offices.The advances in technology and communication channels have enabled hundreds of people to work from home and to manage business in the comfort of their homes or other places, including parks and cafes. However, although this option can provide numerous benefits (especially in reducing costs and travel time), it also has some disadvantages. If it is not given to good use, it may result in an unprofessional image that can project the entrepreneur in a negative light to potential customers and investors.Purchasing a virtual office gets you a personalised telephone number and professional PA to answer your customers, handling correspondence and most importantly a business mail forwarding address. It is generally believed that being an SME or entrepreneur means you cannot have a first rate office, but thanks to this system, added value is implemented onto your business and can be achieved at very affordable prices.You can enjoy an hour of sleep and avoid morning traffic chaos and a more relaxed approach to your workplace attitude. In the past this was not possible, and you had to move every day to a fixed place to use computers, telephones and other office equipment to keep in touch with customers and employees, whereas today there are attractive alternatives to streamline your work routine.As a measure to better control costs, some companies have chosen to engage the services of a virtual office. The UK has not lagged behind in this trend, which is driven by the rapid development of the service sector and the dynamic growth of the economy.

Here are some advantages of having a virtual office:

1. Save up to 50 percent of the initial capital of consuming the rent of an office or remodelling an owned office. Therefore, it is ideal for start-ups.
2. Suits all budgets and professions. With flexible monthly payment plans, the virtual option is easy to manage and control.
3. It has a commercial address where you can receive mail and which can be printed on your cards or letters. It also has secretarial answering service under the name of your company which can link your calls to your phone or another phone.
4. When you have a work meeting, you’ll find all the necessary elements to provide a professional image as a boardroom, internet, projectors, coffee service and other amenities will be provided for.
5. It reduces operating costs because a secretary and cleaning staff, for example, are already included in the cost.
6. It will often have a beneficial location because regular virtual offices are located in the most important and strategic points of the city.
7. It gives you the ability to interact with other entrepreneurs and there will also be plenty of chances for you to form a strategic alliance with your virtual neighbours.

But like everything, there are also disadvantages:

Communication: While the tools of today are safe to make smooth communication, there is nothing faster than the conversation of person to person.Absolute dependence on internet: If the internet becomes disconnected for whatever reason, then it is practically impossible to work.Lack of meeting space: Sometimes it is necessary to have a place to meet with clients. This helps to improve the image of the company, at least in the eyes of the more traditional companies.These are some of the issues that come to mind broadly, however today’s climate means we must all adjust our financial belts and so a virtual office represents a major cost-cutting solution.Obviously not all projects can run through a virtual office, such as a mandatory video blog in need of a fixed place of work, at least for the recordings.

Hybrid Possibility

In conclusion, the virtual office is a good choice, although there is a third possibility which is a hybrid between the two possibilities. Here you gain the best of both models, i.e. have a physical office with a small workgroup and secondly, a distributed group. A computer model that comes to mind is to have all those responsible for areas installed in an office, so that each manages their team virtually. In that way, the corporation would be closely related and would be able to make decisions more quickly on the virtual model. As well as the commercial sector, you would be able to take steps in physical space, such as arranging meetings, organising actions, etc.

Will virtual offices take over how our office workforce operate? They are certainly on the increase, so the possibility of this is not out of the question. In addition to reducing and eliminating costs such as electricity, telephone and rent, a virtual office keeps employees happier and lets them decide when to start their workday and not have to face the traffic. A virtual office can generate savings of up to 60%, but for this service to prove successful, it is not recommended to completely eliminate a physical space.

How does it differ?

You have access to a business centre, which you can use as you require, whether it is a common lounge area as a business, or you can take a shared or a private office. The terms and requirements vary and are incredibly flexible. Obviously the price changes, but what you will have is the ability to work in a comfortable office space and not have your meetings or work time in an internet café. With the virtual option, you have freedom, the office chairs are not for you to stay in eight hours a day. Having access to network in a business centre is much safer, and the image you give to your customers is one of definite professionalism.

How does a virtual office work?

With a virtual office, you have a proper direction to take, because you can take all your business cards and your stationery to the business centre; you can also take this as an address for your correspondence referred to as a London mail forwarding address; you have someone to answer all your calls on behalf of your business; you get a private telephone number that is only yours, is not a switch, and that can respond the way you indicate and then spend all calls to anywhere, to your mobile phone, your home etc.Whatever way works for you to stay in touch with your customers can be achieved by having a virtual office. The hours of your office time are flexible. Want to work through the night? No problem, many virtual offices are available 24 hours a day.

What are the advantages of a virtual office?

Many people do not realise that a virtual office in London may be the solution to their cost control. First, you cut all the fixed costs of having someone inside a building, and your employee is much happier because you simplify your mobility and can decide where to work from, (either home or virtual office.)Productivity increases when people are happy; about 70% of companies are planning to move to this way of working, because technology is making it not only achievable, but profitable and more enjoyable too.The companies will be able to save and give freedom to their employees; and in the past, another issue was that paper files, folders and documents had to reside from one fixed location. It was not possible to simply move the computer around, but now all that has changed and you can be connected at any time of day.

Tips for Managers

Managers do get a little afraid because they think the employee is going to stop working earlier or the employee will devote time to a longer lunch instead of working, but there are several tips to make the most of the service.The main mistake is that if the virtual office is not well managed, there comes a time when the employee may feel alienated and begin to have communication problems. To prevent this, you mustn’t handle everything by email, but pick up the phone, have weekly meetings, gather people from time to time, go and visit with respect, show that you trust them. The last thing they want is to feel like they are shirking their duties. Try to be very clear with the information because they often have no visual contact and so sometimes an indication can be misinterpreted. In summary, you must not fail to have a personal contact, even if they are virtual and/or mobile.

How will customers benefit?

What you’ll receive is a very professional looking office, at whatever size you require. So whether you need an entire floor, pretty pictures at customer reception, offices of different sizes for one person, or three to an entire team, with windows, without windows, rooms together or partitioned, the options are limitless.You’ll be able to give the customer a place to come the moment you sign the contract; you won’t have to worry about installing the Internet, hiring a secretary or telephone line because that will all be taken care of. Important details right down to the smaller particulars like being able to serve a cup of coffee, will all be arranged because when you start working in a virtual office there won’t be anything left to chance.And that's what will happen. Checking for the availability of rooms, a meeting space, office cleaning etc. All those details will be made for you so that your business will not be interrupted. The best way of summing up the service would be that your office will be managed, leaving you to manage your business.

For any business, the workplace is a key element and can make all the difference in the launch of a company.The economic crisis of 2008 changed the way businesses understand property rental services. There were many companies that had to cut staff. The space they had left was very large and it’s just not a viable option to continue paying, say 400 square metres for five employees.Therefore, the rent of offices, both physical and virtual, became alternatives for small and medium enterprises (SMEs) and companies in need of restructuring, against a background of uncertainty meant that they could not sign a five-year contract with a letting agent.

Virtual or physical?

There needn’t be a clash between traditional and virtual office. Instead, there should be an understanding of the needs of each company to know what your best option is.Virtual offices have gained ground, with estimates calculating a 20% growth in the segment in 2013.A virtual space can develop work from home or in a place not so corporate and a worker can stick with that model as long as the customer requires, in addition to the support of corporate image and fiscal direction.It is a simple product, very basic, which is uniquely affordable, especially to those that are just starting out in the business world.This is a solution in which the professional can work from home, but has a backup that consists of a phone line answered by an operator (receptionist), and also involves a corporate address for correspondence and meeting rooms to serve clients and presentations.You can do all this and remain within the space of a physical office (normally in a business centre) or a space allocated for the days that you need in a 24/7 format.There has been a huge growth in virtual, serviced office space springing up around the UK in the form of business centres. However, it is not always the beginners who are starting to see the advantages.Companies in information technology (IT) such as IBM, HP and Google are more willing to explore new ways to work alongside physical offices for rent, but also with flexibility for employees.Many of these large corporate companies explore ways of moving their various teams to business centres, so as not to affect productivity. Costs are kept low, and the teams can go about their business without distraction and report back when necessary.

When to seek offices?

Upon reaching more than 12 or 15 people growth, then perhaps it is time to seek the conventional space.That does not mean that companies do not reach more than 15 employees before seeking a conventional office though. Indeed, there are some customers with over 50 work units and remain virtual.As already stated, it can be a major transnational corporation, and with them they have an address, a local number and even a legal address. Another key factor in the election in the office rental is the time scale, be it short or long term.This factor depends on the financial decision you want the corporate run. It may be a company that is opening market and has an operation involving 50 people, but are still not certain how long they will stay for.

3 Keys your SME should know

Outsourced. This refers to a business delegating administrative activities for your SME. Thus, costs for services such as solicitors or accountants will be significantly reduced.Image. Do not underestimate the power of the corporate image for your SME. Whatever size of the business, the image speaks of responsibility, commitment and interest.Flexibility. The hours in the office does not purely mean productivity. We recommend finding ways to offer flexibility so that employees have a better quality of life and, therefore, lead more productive jobs.

An upward trend

Working remotely, home-working or teleworking is becoming a massive trend. Being able to provide services virtually is offering so much flexibility, where before there was usually only one option. A Reuters-sponsored study says that 34% of employees surveyed would virtually work full time, and that 65% felt that this approach allowed them to have more control over their working lives. Businesses too felt that it was likely to enhance working conditions and operating costs vs. productivity, and therefore more and more companies would make use of this way of working.As with any project, there are elements that must be considered and the same survey points out: 62% of employees surveyed believed that they would feel socially isolated. 50% thought that the absence of face to face interaction could damage their likelihood of promotion. 53% believe that working from home might increase the possibility of family conflict by the imperceptible line between work and a private space. The survey was conducted among 11,283 people in 24 countries and their results are interesting. What do you think? Would you implement telework in your business?

Most consumers who make ​​purchases aren't considered to have made any ​​significant savings through promotions.The reason? Most of the "promotions" consisted of card payments consisting of months without interest. Only 0.6 percent of buyers saw more than 50 percent savings.Although implementing promotions that do not bring significant benefits to consumers in the short can attract and increase sales; in the long term there is the risk of negatively affecting the image of your company and thereby avoiding repurchases and struggling to generate loyalty.To solve this problem, the key is to create valuable to your target consumer promotions that also suit the demands of digital commerce. This is possible if you have the following considerations in mind:

Watch your advertising discounts

Avoid lying at all costs to your customers to communicate discounts and promotions that you offer them. If the advertising message is inconsistent with promotions that are on your site, the bounce rate or percentage of abandonment after seeing a single page will increase, hurting the metrics of your site in general.It also uses different and less saturated platforms to advertise your promotion channels. For online shops in particular, they are ideal for the generation and sale of coupons and discount codes. Psychologically, consumers are confident that a discount is a legitimate reduction of the original price. Coupons and discount codes help reinforce this idea and discourage bargain hunting in the shops of other competitors.

Focus on customer satisfaction

Although the success of your business will provide a great opportunity to increase the volume of sales of your business, making your customers a priority will need the implementation of certain tactics. When creating your plan of promotions, it establishes a final objective to meet and exceed the expectations of your target consumer.This approach could even provide your business profitability during the remainder of the year, for generating a truly valuable promotion; you will be promoting customer retention in the long term.

Offer valuable promotions and discounts

Offering mediocre consumer promotions can foster a negative image of your business; chances are, that you will be the victim of negative reviews by other means (such as social networking) and they can strongly influence the opinion of potential customers.However, it is not necessary for your company to go bankrupt in order to offer valued promotions. An offer is valuable when solving the problems, needs and interests of your target consumer. Based on your needs during your marketing campaign, analyse what your customers look for this time of year : what will Christmas shoppers want in advance, for example? Should you perform large volume purchases for the rest of year? Should you make the payment of the product or service you offer on deferred amounts? Finding discounts on specific products?To obtain accurate answers, it is best to create a poll. If your budget allows, you could conducted a market survey among a significant potential sample and repeat customers. You can also use free tools like social networks or surveys of users of your online store site. Remember to offer some type of incentive to encourage them to respond.

Align the deals with your products or services

Promotion offers benefits aligned to the consumer, the business and also complements the products or services you offer. In this regard, aligned promotions are those that provide an additional benefit to customer acquisitions as a reward. An example of these developments for success is the gifts on the purchase of goods or services and the payment of loyalty point’s programs and frequent purchases. In general, these developments do not incur high costs for businesses and also they generate a return of high investment.

Focus your promotions

Before making your promotions, you should know your customers in depth: their personality, interests and needs. One of the great advantages of online trading is the possibility of using Business Intelligence tools to obtain this information through the website of your shop and grouping the types of customers who visit and shop at your online store. This allows you to create personalised promotions, consistent with the interests of each type of customer, increasing the effectiveness of your promotions.Keeping in mind these points will help you choose promotions that will provide valuable benefits to your customers, which will result in a positive impact on your online store for the proper completion and, more importantly, in the long run.

A few decades ago, thoughts about the future imagined flying cars, androids, space suits and intergalactic travel. Today, thanks to the rapid development of technology, many of these things have come true; others not, but perhaps we are not as far away from seeing them materialise as we think.Therefore, it can be said that the only constant is change itself. This also applies to the way you work and the tools with which we now have to undertake and conduct business. For example in recent years, new, more efficiently run office models arose. This was to assimilate all these changes to meet the needs of users who sought to maximise their performance and make use of available resources.Currently, the lines that are leading the way in working spaces are interdisciplinary collaboration, mobility, connectivity, sustainability and real-time response. Also, gone are the cables to connect to the Internet, the outdated furniture and equipment such as fax, to make way for wireless connections, ergonomic furniture and tablets from where you can conduct business accounting to installing videoconferences and design prototypes.

• First step: the design

Thinking of the future office, your mind travels to places like Google's corporate headquarters. There, employees have the flexibility to work in different areas, according to their personal taste and at their own pace. Although the concept sounds great, not all small businesses or start-ups have a place or budget to replicate the same practises. However, this is no excuse to not be part of the new trend of work.The main, but not exclusive basis should be the design. This refers to more than just furniture. The design of the physical space of every business is not limited to the aesthetics. It should be part of the branding. Positioning your brand is crucial for innovative companies and the design is a large part of a greater message, a constant reminder of who they are and what they represent.Moreover, space has the ability to stimulate conversation, cooperation and creativity. The first important concept in traditional office change came with the creation of the cubicles in 1967. The idea was to isolate workers and create fewer distractions, promoting a more practical, modular space. At that time, it was almost revolutionary, but today is somewhat outdated and limiting.Cubicles, as with many models to which we are accustomed to, are changing or disappearing. Hierarchies and confined spaces will soon be a part of the past. Companies are rethinking the way they grow a community and the context provided for interpersonal connections; the result can be seen in the design of space.Experts agree that transparency should be the key element that defines the new design of offices. For almost all sectors, (except traditional) formality is no longer a priority, which is reflected in the layout. By incorporating walls and glass doors and open spaces, used by any employee regardless of their position, barriers are broken and the flow of ideas is increased. Similarly, open minds are encouraged.This trend also extends to areas designed for customers such as reception or meeting rooms. The detachment between different areas within a company is long gone. Customers value the access to ideas; a traditional lobby evokes nothing.

• Culture Change

Business owners and entrepreneurs have a challenge and also an opportunity to improve their practices, achieve higher growth rates and even save money. For this, it is essential to keep in mind that the concept of the future office does not refer exclusively to the design of space or adding more gadgets as work tools or the latest technology.Yes, more and more companies, especially start-ups are more aware of the individual needs of their employees, because some people work best in private spaces, others prefer to live together and exchange ideas or those who work best when operating from home . An alternative to foster a collaborative work environment are centres of co-working. This is a group of people who do not necessarily work for the same company or project, but share the space, infrastructure and resources.On the other hand, there are virtual offices, which consist of business centres usually located in major corporate areas of cities. In return for a membership and a monthly payment (or contracted service), the user has sales management, package delivery management, a virtual receptionist and secretary, local phone number, mail forwarding address, access to a boardroom, among other features.

• Tailored solutions

Besides co-working spaces and virtual offices that can represent considerable savings in rent and equipment, entrepreneurs also have at their disposal a range of solutions designed to solve many of their basic needs for communication, administration, data storage in the cloud collection systems and mobile cards, among others. The good news is that these providers want their customers to maximise their time and resources, offering flexible schedules and options to order.Before deciding what services to hire, analyse what the requirements of your business are. For example, if you want to be in constant contact with your customers and suppliers, but it is not always possible to be aware of the phone, then perhaps hire a receptionist. This solution allows a fixed number, which can be answered from a landline, mobile and Skype. It operates through the purchase of credits according to user needs.Another key point is to have a permanent Internet connection. To do this, it is best to hire a mobile data plan that you can use on your laptop, tablet or smartphone. Also make use of cloud solutions to always have access to your information and used tools like Google Docs that give you the opportunity to work together remotely and in real time. Just remember to protect your computers with antivirus and firewalls.Also, caring for the environment is not a fad, but a fundamental part of any business strategy. Soon you will notice that in addition to reducing the impact on the planet, it is also a way to save money and attract more customers. Therefore, a good measure is to reduce the amount of paper you use. How to do this? Through the software PrintEco , the format of your impressions are more efficient. It even encourages the use of alternative means of transport such as cycling, installing racks in your workplace or, hires shipping services messaging through bikes.

What is a virtual office?

A virtual office is a space where you can conduct similar activities to those of a physical office. A virtual office often consists of a business mail forwarding address, telephone answering and modern meeting room space. The relationship between people is electronic, performing the work without being in a physical office. The work is done wherever and whenever the person may be connected to the network.Companies that use a virtual office are those seeking a low-risk solution as opposed to investing in a conventional office. Perhaps they want to try new products or service ideas, seek to establish a commercial presence in the place of establishment of the provider, improve their corporate image or seek business support services such as answering service, among others.

What are the advantages and disadvantages of a virtual office?

As in all things, the virtual office is no exception and has advantages and disadvantages that must be taken into account when considering if it is a viable option to conduct your business and entrepreneurship from.

• The advantages of a virtual office

A virtual office has several advantages for a company. Among them are:-The savings for installation. Allow savings due to employees working from home.-Work will be more productive in times of contagious illness in the workplace that prevent the transfer of employees. The same applies for employees who would normally commute or use public transport in times of traffic jams, break downs or strikes. All these scenarios are averted because they will be working in their homes without being affected.-Benefits people with mobility difficulties, as they can perform work from the home.-Less installation cost. Companies do not have to have an office with as much space as some workers are elsewhere other than the main office. This reduces the cost of rent and expansion of a common office.-Less cost of equipment. The companies, instead of providing office equipment to each worker, can share much of the equipment.-Formal Network of communication. Because of the need to stay informed and receive instructions, companies are giving more attention to have a communication network, thereby leading to the development of better communication among workers.-Social Contribution. The virtual office allows companies to hire workers who otherwise would have no job opportunities, whether disabled, elderly or parents with young children. This also includes high-value employees geographically located away from the offices of the company.-The Virtual office provides a great opportunity to increase the activities of a company, and thus their productivity while reducing costs.

• The disadvantages of a virtual office

The virtual office also has disadvantages and it is important to know these to consider the risks:-A company that uses virtual office should make sure to provide its employees with the necessary for them to work from home tools. Also, it is important to have an efficient control from established offices and ensure closely monitored telephone calls of employees working remotely. It is important to maintain meetings in order to promote communication and motivation are conducted to carry out the activities.-Sensation of isolation. Having no contact continuously with the other employees of the company, means that they may lose the feeling of being part of a team.-Fear of job loss, decay in the mood, family tension. These disadvantages can bring related motivational and psychological aspects, which is why companies should pay special attention to both the stage of selecting candidates to work as teleworkers (workers in virtual offices), and to support activities, feedback, motivation and communication.

How do you work in a virtual office?

The way you work in a virtual office is very similar to that of a physical office. However, it is important to maintain the following activities:-You must have an address and in turn be responsible for the area, to report on this every day about what each person has worked on in the respective area to which they belong through an activity report.-To keep up with a selection of work and more importantly, meet the objectives and tasks set.-To be engaged in the work involving initiative.-To control the pace of work.-The worker must be connected wherever you are to maintain communication with the central office. In this mode it is known as telecommuting.-There's a person taking on the role of the correspondence, faxes, e-mails, phone calls and visits to call attention.

What characteristics should the personnel working in a virtual office have?

Some of the most important features that personnel working for a virtual office should be:-Responsibility and maturity-Ability to organise-To use initiative-Have a suitable atmosphere and work area at home-Professional temperament-Ability to communicate-Adaptability

What activities are most fit a virtual office?

The activities that most fit a virtual office are:-Sales-Consultancy-Accounting And billing-Software development- Computer Programming-Work Publishers-Journalism and advertising-Teaching and training-MarketingThe virtual office is a step ahead in the use of technology and is definitely an option for the future of business, an alternative for those who have to travel constantly to close agreements. As a result, work and communication becomes more effective.

The world's capital of technology start-ups teach that we must learn to rely on instinct.Successful executives are never guided by the interns. If you want to learn to be the best in a discipline, you must approach the experts. When it comes to successful business, connoisseurs are in the technology industry.The project has gained strength worldwide, but its centre of excellence remains, without doubt, in Silicon Valley. The capital of innovation with regards to investment start-ups created legendary companies such as Apple, Cisco, Facebook, Google, and Intel.Everyday companies like PayPal, Netflix, Uber, Tesla, and Airbnb challenge the status quo, transforming old industries and changing the lives of people in profound ways.If you are interested in establishing, growing, and running a start-up, the best advice you can take is to talk to experts. Here are some lessons to be gained from Silicon Valley.

1.Software is eating the world.

Marc Andreessen, co-founder of Netscape, said it best: the programs are transforming the competitive environment in almost every industry on the planet. The lesson for all to learn when managing start-up programs is to find a partner that you can program.

2.There are no working hours.

If you want to succeed as an entrepreneur, you must be prepared to be aware of your business 24 hours a day, seven days a week. This is the main reason why you should love what you do. Otherwise, you will not survive the brutal schedules, workloads, and the challenges of building a real business.

3.No man is alone.

Steve Jobs and Steve Wozniak of Apple, Andy Grove and Gordon Moore of Intel—the world of technology is full of stories of powerful partners and large workgroups. The Solopreneurs rarely achieve the same level of success. You need to support and encourage your partners.

4.You cannot grow without capital.

A common mistake many start-ups and SMEs make is running out of cash. Like many companies, Facebook, WhatsApp, and Alibaba began with little money but soon needed investment to grow. Remember this equation: Passion + investment = start-up founders. Trying to grow your business without enough money, will quickly kill off your ambitions.

5.No one will do anything for you.

You may have a great idea but have zero chance of success unless you get up, get to work, and get your product into the hands of people.

6.The customer experience is sacred.

Consumer satisfaction generates commitment and traction. That is what prompted the growth of Tivo, Uber, and iPhone. It is also where many business opportunities arise. Mac became a successful product thanks to its graphical interface, and the Netscape browser is responsible for the initial success of the Internet.

7.Your first thought is not sacred.

Companies do not always achieve success with their first business idea. Twitter was invented as an alternative product of start-up Odeo. Furthermore, the market research of the internet was highly fragmented when Google decided to take a gamble on AdWords in October 2000. That was what gave them financial success, not the search engine itself.

8. Differentiate or Die.

There is a popular belief that it is easier to make quick business on the Internet with mobile platforms. Sure, the web has equalled the ground, but not just for you. It also improved the chances of other entrepreneurs, so the competition is brutal. Today more than ever, your product must be better than the other options on the market if you want to succeed.

9.Trust your instincts.

Every start-up should focus on one priority at a time. First is to demonstrate the concept, then launch the product, win the audience's attention, and begin to grow. Of course, you must raise capital on the fly, but you must also learn to focus and say no when necessary. That said, when the right opportunity arises, you should be able to recognise and to know how to say yes when necessary.How can you tell the difference between times when you have to slow down and when you must move forward? You have to learn to trust your gut. Behind the success of each start-up is a founding member or two who had the courage to face the unknown and take the leap. That is the essence of a Silicon Valley-style venture.

Are you good to start your new digital journey?You have already decided to undertake a business project and believe that the digital platform offers the best possibilities for your project. Once you have defined your business model, what are the next steps?Here we discuss the keys that every entrepreneur should keep in mind to start and consolidate its digital business.

• Innovate, but do not venture too far 'out there'

In a highly competitive environment like this, it might seem that innovation is the ultimate goal of any product or service. However, every innovation should start from a real market need. Take for example, a company aiming to meet the high demand for wedding tables of virtual gifts, but who choose to put a spin on their project: Instead, they base it on a model of crowdfunding, or collective financing. Thus, the guests bring a certain amount of money, and at the end of the collection, the couple receives cash instead of gifts. Many brides or grooms do not like the idea of asking for money from guests and prefer to do it through a website that disguises the situation. That's where the real innovation lies.

• Find Funding

Starting a business, albeit through a digital medium, can be a strong investment that includes software development, site design, promotional campaigns on social networks, formation expenses, and hosting. There are currently several options for funding for technology start-ups, including crowdfunding and Venture Capital.

• Attend events as they cross your path

For financial support, creators are recommended to attend partnerships that invest in similar start-up industries. Here you can meet up with representatives and begin to go to other relevant networking events organised in several cities across the UK. You never know who might be interested in your project and potentially provide you with funding for your marketing campaign as well as support for the design of your site.

• Promote yourself with friends, family and everyone you know

At first, a digital business must earn the trust of the people, and this is only possible through word of mouth.At the dawn of a project, friends and family will play a very important role: they will test your product or service, you will be offered feedback, and if they are satisfied with the result, they will share with their own circle. Thus, they will become your main promotional vehicle.In launching your website, you can offer promotions to your friends. They then can recommend the service to their own friends and gradually widen the circle.

• Remove the idea that everyone will do everything

Of course, there must be a definition of roles. At first, it is more likely that all team members have to do everything—solve technical issues, oversee accounting matters, answer emails, attend events, and deal with customers.At this stage, the small amount of partners still do everything. But the idea is that as the project takes shape, you can distribute responsibilities.

• Hire an accountant

Save money whenever possible, but never in administrative matters. It is the foundation of any business, and if not handled with all the care it deserves, could bring down the whole project. If you have no knowledge of accounting, hire an accountant to keep a thorough check of the revenues and expenditures of the company, as well as tax payments.

• Earn the trust of the people

This is one of the great challenges of the emerging business and especially of technology start-ups. Most consumers trust department stores and established businesses. Why would they give their money to a stranger? The strategy is, again, going to family and friends to recommend the business, thus forming a chain of trust.

• Looking closeness with your customers

A digital business requires a large investment of time and effort to build a close relationship with customers. It is important that, while face to face is never seen, you make them feel that behind the screen there are people of flesh and blood. Find a way to personalise the experience of your website to give them confidence in your brand.

• Lean on digital tools

One of the great benefits of digital business is that can be managed from anywhere. It can also be a double-edged sword if you are not well organised with tasks and not communicating with the rest of the team.Digital tools are a must for every entrepreneur who works from home. What are the basics? Dropbox for file sharing, Evernote to organise your tasks, and Slack to keep in touch are all very good starters.

• Forms partnerships with affiliates in your area

Detect the authorities of your country, the so-called influencers, and approach them to establish alliances and expand the prestige of your brand. Perhaps create an affiliate program that benefits both parties. Contact all those associated with your area of industry —in short, people who are in the middle—and offer them to work for you. Give them a code and, if they recommend you to their clients, give them a percentage of profits. So everyone wins.

Only the owners of a company limited by shares are legally allowed to remove profits made by the business.Even after this, certain steps must be followed. This is because of the separate legal identity of companies limited by shares. This implies that unless the profits are disbursed to shareholders and directors, the money belongs to the company.You can remove all company gains as pay for director; however, it is smarter tax-wise to take out smaller pays and make up whatever remains of your wage as shareholder profits. The most ideal approach to do this is to take a pay up to your Personal Allowance, which is free from taxation. This will likewise guarantee you save your entitlement to state benefits and pension.You can offer profits to yourself, based on pro-rata in connection to the rate of organisation shares you possess, whether that is full, half or any percentage. This can be carried out as much as needed, so far the firm still has enough held-up post-tax net income. On the off chance that there are no remaining profits after settling these bills, you can't share out profits in form of dividends. If this is disregarded and you go ahead to issue out dividends, you could attract serious legal action from the HMRC. On the other hand, even if your company is experiencing a loss in its business transactions, you could still pay salaries because this is regarded as an expense an must be settled.

Step 1: Declaring dividends

The balance sheet has to be printed out, covering periods from when the interests will be disbursed.Dividends come in 2 forms – interim and final. Interim refers to the dividends that are to be settled at intervals and this is done all through the year. Note that it is dependent on whether the company has profits or dividends to be distributed. On the other hand, final dividend refers to the profits disbursed on a yearly basis. Both must be paid at a period that doesn’t exceed nine months after the company closes it’s annual books. This date is popularly referred to as Accounting Reference Date (ARD).Organisation executives must hold an executive meeting to authoritatively "announce" interim profits. This must be done, even if you alone are the shareholder and director of the company – it appears to be completely irrational; however, it is a legal obligation that must be done.Shareholders must pass an ordinary resolution in writing or at a general meeting to show their consent, before the final dividend is issued.It is advisable to have a copy of profit and loss records as well as the balance sheet for the period for which the dividend is to be shared. This will guarantee that profit disbursement doesn’t go beyond the profit made by the company.

Step 2: Working out dividend payments

The gross profit is the whole you will incorporate into your Self-Assessment tax returns.In the event that your organisation has any extra gains after settling liabilities, expenses and taxes, you are permitted to issue these profits to shareholders based on their rate of shares possession.For instance, if you own half of the shares of your firm, you are entitled to half of the profits made. If £2,000 was made as profit by your company, you are entitled to £1,000.A 10% notional tax is applicable to this dividend because 20% of the profits must have been deducted as corporation tax. This gross dividend will then be reported self-assessment every year, notwithstanding your wage as a director as well as any other sort of income.To compute the tax payable on profits, you are to find the product of 0.9 and your net income. This will then equate to the gross income, credit tax of 10% inclusive. Your Self-Assessment tax return will include this gross profit. It is from this that personal tax liability and aggregate yearly income can be calculated.Case study: a gross dividend of £1,111.11 is gotten by computing the net profit of 0.9 x £1,000 (10% tax credit equates £11). You will get net £1,000 profit from the organisation, yet this will be equal to £1,111.11 when you are working out your yearly tax obligation to cover the organisation has officially paid on these money. You will be taxed 2 times if the notional tax credit is disregarded. Firstly as corporation tax and secondly as Income Tax.

Step 3: Issuing dividend vouchers

A profit voucher is a receipt that gives the critical insights about the profit.For every profit an organisation shares, a profit voucher must be made and offered to the shareholder. This voucher is in some cases called 'dividend counterfoil'. It is not an uncommon sort of document, it’s essentially a sheet of paper or an e-document usually pegged with electronic mails. This document contains information about profits such as:

• Company name
• Registration number of the details.
• Issuance Date
• Name and address of receiving shareholder
• Class of Share
• The figure of the dividend being received by the shareholder
• Tax credit figure
• Authorising officer’s signature

How often can I issue dividends?

You can issue profits as often as you want: every day, week after week, month to month or yearly.You can offer profits as frequently as you want – day by day, week by week, month to month, bi-monthly, quarterly, bi-yearly, or every year – so far the organisation has adequate held-up profits to do such. Because of the required paperwork for the profits, interim dividends are often recommended by most accountants because the records will be easier to maintain; more so, because it coincides with VAT payments. You must understand that you can issue it every week if you are cut out for the work involved.Then again, you may feel the need to issue profits on a yearly basis at the conclusion of each tax year or sporadically all through the tax year just when your organisation gains a specific level. It's totally at your digression.Profits give an amazing chance for efficient planning of tax. You can defer the sharing of profit to the next year, which is helpful on the off chance that you need to keep your wage inside of the essential tax rate, or you intend work for one year and take time off the next year.

You have an idea that excites you?

You've talked to friends and family, and you're even thinking about the possibility of quitting your job to become an entrepreneur. You are about to establish your company, but you need to achieve success with capital. You cannot invest all the money yourself.Your natural inclination is to go out and seek funding as quickly as possible to take advantage of the momentum of your business. That level of passion and enthusiasm is admirable, but if you start looking for financing before you are ready, you could waste time and become disappointed.Before seeking financing, either by an angel investor, venture capital, or platform crowdfunding, you should make sure you meet the following requirements.

• Have a complete business plan

This is the first item on the list because it is by far the most important. Without a business plan, you cannot have a business. It is the foundation on which your company must be based. You can have multiple points that will list below, but the important thing is to present a summary of what your business and how you plan to make money with it.

• Market research

This is the verifiable information that demonstrates the validity of your idea. Without it, your concept can only be good in theory. You may have to pay for this information or do research yourself, but you need a real number based to meet your growth potential.

• Financial Models

This should be a natural part of your business plan, so you should not underestimate the level of detail that some investors require in this section. You need spreadsheets with projected costs, acquisitions, profit margins, growth rates, and payback time. This is proof that your business actually can make money.

• Plans for one, three and five years

Do not focus exclusively on how to start a business. You need to project what growth in the early years. Most investors seek long-term solutions.

• Leads

Market research must prove that there is a theoretical customer base for your idea, but potential consumers move you toward financing. Investors are more interested in your product or service if you can gather several testimonies from prototype customers.

• Real Skill

You also need to make sure you can personally handle the early growth of your business. It's okay if you have industry experience, but if you're new, you should be sure to receive the necessary training. Study and prepare.

• Investment exciting

Potential investors like when you yourself have invested your business. Gather some money from your savings and recruit your family and friends to show investors that you already have some financial support.

• A mark

Typically, your brand must market your business before financing. However, a strong brand can sell the potential and character of your business. It is a demonstration of identity that can help present your idea.

• A goal

Before leaving to seek financing, you need to know exactly how much money you need and why. There is a big difference between saying, "I need money for my idea," and, "I need £4,000 for equipment, £1,000 for marketing and £2,000 for the first batch of products." The second idea shows a plan that you know exactly where the money will go.

• Reward

Last but not least, you must have a clear idea of when participants could expect a return on their investment. For platform crowdfunding, it can mean examples of products or rewards for different levels of investment.No matter if you need a point or two on the list, make sure you have most of these requirements before leaving to seek financing. If your idea resonates with people, you will have no problem getting the capital you need.

10 Strong Businesses in Economic Crises

I do not want to be alarmist, but even a stable economy may face times of lean. The world is surfing great uncertainties in this area today.The truth is that real entrepreneurs do not fear changing economic situations. However, they should be more careful when choosing their type of businesses. Constant consumption usually better withstands financial shock during a recession.Here's a list of industries and businesses that you can consider.

• Alcohol

Most companies built around beer and wine can avoid moments of crisis. The most expensive drinks tend to suffer, but the average price of spirits remains.This is due to a basic principle: people do not leave a real habit only because the outlook has darkened. If they really like, they will continue watching football with a cold beer. Consider a convenience store or a distributor.

• Cosmetics

It is much easier to enter the beauty industry than to sell alcohol. When the going gets tough, makeup may encourage many people. No matter what the reason, cosmetics support recessions well. There are many ways to get into the business, from distribution catalogues like Mary Kay or selling products online.

• Cinemas

Movie tickets tend to thrive in hard times. It is difficult to compete with large chains, as they have the rights to the most important premieres, but why not consider a room specialising in independent films that combines them with dinner? This can be successful in a small town.

• Healthcare

Healthcare is an industry that is very difficult to get into. However, it is also true that the Baby Boomers are nearing retirement and may be a growing market. Look for fresh ideas, but remember to stick to health laws in your country.

• Specialised food stores

Today there are many food trends and specialty food stores can become very popular in certain markets. For example, you can create a line of vegan products and sell them online with home delivery.

• Sweets and desserts

In the same way that people do not stop drinking because there is an economic crisis, they do not abandon things they like to eat. A few years ago, when the UK was in a sharp economic downturn, cupcakes became popular. You can combine this idea with the former or try sugar-free, vegan, or gluten-free desserts.

• Repair Shops

When the economy is in lean, people do not buy microwave ovens, refrigerators, or new cars; they repair what they already have. Check items in your local market that are not covered.

• Charity Shops and Flea Markets

In the same way that no new things are purchased during recessions, many people visit charity shops or flea markets looking for deals. Look for offers or specialise in retro items.

• Funeral services

Funeral services are sought even in the worst financial times. Even in the worst economic crises, there are two certainties: death and taxes.

• Tax Services

Good accountants know their way in difficult circumstances. In these times, people seek to preserve every pound they can, while the Treasury seeks to maintain order in taxes. This creates ideal conditions for tax advisory services.