When someone thinks about starting a business the first thought is the cost. I have started businesses without a plan and others with a plan. For most at-home businesses owned and operated by one person, the main legal entity options are a sole proprietorship, Limited Liability Company (LLC), or an S-Corp. If your business has a taxable turnover of £85,000 or more, you will need to register for VAT.
For example, Rocket Internet built their multi-billion-dollar business by copying innovative business models from developed markets and taking them to less developed markets where they were the only company. This section covers the assets you will need, the pipeline you will need to set up and how to create a great customer service team.
As your business grows, you’ll create systems to save you time, find it’s easier to get new clients (yay, referrals!), and slowly feel like the boss you are. As you often incur expenses before the official launch of your business, make certain to create your business accounts in a timely manner.
If you’re thinking about, or already in the process of starting a new business you probably have many questions. If your business is likely to have more than £85,000 in annual sales, you will need to register for VAT This is a flat rate tax you must charge on top of any goods or services you sell.
Whether you’re starting your first or your third business, expect to make mistakes. But whichever way you choose to look at it, starting and operating a profitable business in any of these countries will not only be a tall order; it will be nearly impossible.