Working for Yourself - running a business, starting a company or being self-employed

Overview

Working for Yourself written by Roger Mason offers important advice and guidance which will help you reach your potential within business. The need for this book is high because many people are currently setting up their own business or thinking of doing so. Some of them are doing it because they want the freedom and lifestyle that comes with working for yourself.

Due to the current changes occurring within economies today, alternative career opportunities are often few and far between, and in some cases virtually non-existent. Your own business is almost always an option, and it is one that a lot of people are taking.

If you are considering setting up your own business, you certainly need information and some hard facts. This book will provide you with essential guidance in areas such as funding, tax, accounts and much more! You will also appreciate an insight into useful character traits and the attributes necessary for success, as well as such things as the advantages and disadvantages of working from home.

Contents

Chapter 1: Is Self-employment right for you?

• The advantages and disadvantages of self-employment
• Reasons for choosing self-employment
• Helpful character traits and attributes
• Can you afford to take the risk?
• The chances of success

Chapter 2: Leaving your present employer

• Details of useful contacts
• A good leaving
• Your employment contract and competing with your present employer
• Notice

Chapter 3: Some fundamental early decisions

• Buying an existing business
• Franchise
• To work from home or not to work from home?
• The most suitable legal form for your business

Chapter 4: Available advice and information

• Business Link
• Enterprise Agencies
• Accountants
• Solicitors
• Banks

Chapter 5: The business plan and break-even calculation

• What is a business plan?
• Should you prepare a business plan?
• Optimistic or pessimistic?
• Hints for the business plan
• The structure of your business plan
• Example of a business plan
• Break-even

Chapter 6: Funding the business

• Your own savings and assets
• Family and friends
• Bank
• The Prince’s Trust
• PRIME
• Royal British Legion
• Your pension fund
• Mortgages
• Asset financing
• Factoring and invoice discounting
• Grants
• Funding Circle

Chapter 7: Finding your customers

• Your existing contacts and old employer
• Website
• Social networking
• Leaflets, paper mailshots and electronic mailshots
• Advertising
• Networking
• Word of mouth
• Shows and exhibitions
• Shop windows
  

Chapter 8: Running the business

• Your computer
• Dealing with customer complaints
• Effective time management
• Bank account
• Managing cashflow
• Credit control

Chapter 9: Book-keeping and accounts

• Hints for your book-keeping system
• The end result
• Cash book
• Petty Cash Book
• Sales day book and sales ledger
• Purchase day book and purchase ledger
• Relationship with your own money
• VAT and payroll
• Bank reconciliation
• Accounts

Chapter 10: Dealing with Tax

• The requirement to register with HMRC
• The taxes that must be paid.
• National insurance
• Your self-assessment form
• Payment dates for tax due
• The need to have money available
• Expenses that can legitimately be set against income for tax purposes
• Value added tax

Author

Roger Mason

Roger Mason is a Chartered Secretary and a Chartered Certified Accountant, and a very experienced finance director and company secretary. His career has included periods with the Ford Motor Company and ITC Entertainment Ltd, as well as 14 years as Financial Director and Company Secretary of a leading greetings card company.

Roger now presents seminars on company law, the duties of directors, the duties of company secretaries and on financial topics. He has written 16 books. His books for Thorogood include The Company Secretary’s Desktop Guide, 501 Questions and Answers for Company Directors and Company Secretaries and The Complete Guide to Debt Recovery.