The UK Tax and Accounting Podcast from I Hate Numbers:

Dividends is this week’s topic of I Hate Numbers.

In this podcast I am going to chat to you about the whys and what of dividends, plus the correct and legal way to pay yourself with dividends

If you are your own boss, there are two main business structures that you can have. You can either be a sole trader or a company.

In both cases you need to pay yourself, but no dividends if you are a sole trader. Listen to find out more.

Dividends are your company profits that you are paying yourself. Tax, or reducing tax plays a big part behind why owners pay themselves dividends. Company tax, personal tax and national insurance are all part of that balancing act in deciding how much you should take.

Add to this your personal tax situation, from basic rate taxpayer and beyond. You’ve a heady cocktail of thought processes going around. Your dividend will be part of your personal income, with tax rates being as low as 7.5% to a 38.1%, it’s all about tax status.

Tax is not the only thing to consider. Control plays a part in how much dividend you pay. If you’re the director, you decide when you pay your dividend. This could be a big deal when you’re looking to keep your personal income and tax bill to a modest level.

One thing often forgotten by company owners is that are rules governing how companies are run. It may seem like jobs worth talk, but there’d a sound reason to have these rules. Running your business through a company protects you. If things get messy your personal assets are protected. Any responsibility for company debt normally is your company's shoulders, not yours.

Above all, follow the required due legal process in paying yourself a dividend, otherwise it's illegal. You will not go to prison, it will be a civil offense. As a result, an illegal dividend will be classified as a director's loan, and that's a whole different rabbit hole.

• Firstly, prepare accounts showing that profit is being made. Profit is after all all your business expenses, including company tax.
• Have a board meeting, it could be at your kitchen table, but have a meeting.
• Pass a resolution as to what will be paid, and keep a record.
• Prepare a dividend voucher – we’re not talking Amazon voucher by the way

Grab a coffee, make yourself comfortable, sit back and listen.

I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode, contact me for help with Number love in your business .

• Understand what dividends are
• Appreciate why you pay yourself dividends
• How the dividend rules and regulations apply to you paying dividends
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

Links

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

In this week’s episode of ‘l Hate Numbers’ I am looking at Personal tax returns. More specifically the personal tax returns you need to complete in the United Kingdom.

Every year the tax office, shorthand HMRC want individual taxpayers to tell them what's been going. The principle is called self-assessment, where you tell HMRC what your income and gains, and calculate the tax owing or to be repaid. As a heads up, HMRC accepting your tax return doesn’t mean they agree with it.

In the United Kingdom the tax year for individuals is between the 6th of April and the following 5th of April, and we've got the Catholic church and Julius Caesar to blame for that.  Find out why, listen

Your tax return will include details of your income. Typically, salaries, income from property, self-employment income and pensions. It will also include details of capital transactions. So, if you’ve sold an investment property or the family antiques.

One date to understand is the income tax year. This doesn’t run on calendar years, but between 6th April and the following 5th April. Julius Caesar and the Catholic church are part of the reason, listen to find out more

Deadlines, payment dates, and getting an interest free loan via PAYE make an appearance in this episode.

There are an estimated 12 million personal tax returns that need to be completed for 2019-20, that’s an estimated 30% of the UK adult population.

Listen to the podcast to see if you’re one of the 30%

You’ve finished your tax return, and instead of a refund you see that you have money to pay. When should you do if you don’t have it?

I share my tips, spoiler alert, it involves ostriches and duvets.

Well, folks, that's a wrap. I hope you got some value from this podcast. I'd love it. If you could subscribe, tell your friends, your associates, your colleagues, about what a wonderful show this says until next week, have a great week.

Grab a coffee, make yourself comfortable, sit back and listen.

I love doing this podcast and sharing my love of Numbers with you. Contact us if you want to find out more.

• Understanding who must complete a personal tax return
• Knowing what goes into a personal tax return
• Finding out the key dates in the tax return calendar
• What to do if you haven’t got the money to pay your tax bill
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

There is a lot to be said for Artists and Businesses working together

Today's topic is about artists and businesses working together. Let me share three tips about how to get the best out of that working relationship

Artists working with business doesn't seem like a particularly good match. However, artists and businesses have a lot more in common, more than you may expect. As a point of order, by businesses I’m talking private commercial companies. Listen in to find out more

My inspiration for this podcast is being involved as a sponsor and a judge for the Emcees awards. I see it firsthand, the positive relationships that are built for businesses in terms of branding. Business get closer to their customers in terms of wider engagement. Artists actually help solve problems.

Firstly, banish preconceptions, on both sides. Go into this with an open mind, but don’t leave your brains behind. Don’t abandon due diligence and your business brain.

Secondly, set objectives from the outset . So both parties know when they're winning. When you set objectives and goals you know, where you want to get to. Artists and private commercial businesses need to clearly define the aims and outcomes, the expectations of working together.

Having that clarity, having clear expectations from the beginning will enable you to keep track toward your success.

Thirdly, monitor. Monitor what you're doing. Monitor for success, for both parties. Once you define the nature of your relationship, your objectives and goals, make sure that you measure progress. It’s great for accountability, measuring progress so you actually know you're going on the right path.

And in most things in business relationships, it's about solving somebody's problem, about solving somebody's pain.

Grab a coffee, make yourself comfortable, sit back and listen. Click the link if you want to find out more, or contact us to see where we can help .

I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode.

• Understanding why preconceptions aren’t good for your business
• Knowing the benefits of setting objectives and goals
• Why monitoring your success is a positive thing for your working partnership
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

Links

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

What has Planning your Arts Event got to do with business? Well, arts and businesses share a lot in common. There are differences, but also common ground between artists and private businesses. nevertheless.

Artists are full of creativity and energy, delivering inspiring work for their audiences This is no different for your business, except you may use the term customers, and not audiences

In this week’s podcast episode of ‘l Hate Numbers’ I share 4 tips into how arts businesses plan their events. Lots of parallels and takeaways for your business.

Planning in the arts is crucial, lessons to learn from the world of business and vice versa. Success in the arts and the business world is down to planning.

Planning in the arts is like planning for any type of business. What's the first thing you've got to do? You have got to

✅Set yourself a goal

✅Get your house in order

✅Figure out where you're going and how you are going to get there.

When planning an arts event, get the story straight. Think about the type and shape of the event. What do you want your audience to experience? No numbers at this stage, just the story says from the here to the eventual event happening.

Make a shopping list of what you need to plan, rehearse, and deliver your event. Include artists, venue, marketing assets, people, skills. Think of the event in stages, the beginning, the middle and the end.

Work backwards from the actual event. There are several weeks, several months’ worth of activity, energy and enthusiasm going into making it happen.

Let us get down to the actual money side of things. One key and critical document is cash flow. Produce this as quickly and as early as you can. What does that require in terms of money going out in cash terms? Not just the amounts, but when it happens, timing s everything

Revisit and read your cash story. What does it show? Now is your time to make some powerful decisions with your powerful insights. Remember, at this stage, you're not reducing their ambition. You are not modifying your story yet. You are waiting to see what the cash flow story looks like.

Artist or otherwise, you cannot do it on your own. Collaborate, delegate, outsource. Find the experts in the field that will help you deliver an excellent event. And typically plan, think about the execution, but do not lose the passion and the actual event itself. That's what is driving you forward.

Grab a coffee, make yourself comfortable, sit back and listen to this episode on Planning your Arts Event.

I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode, contact me for help with Number love in your business.

In This Episode

• Learn what we can apply from Planning your Arts Event
• Appreciate the benefit of creating an event story
• How the events story helps write the financial story
• Collaboration and co-operation Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

Links

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Working together with others on your business is good for your well being, growth and bottom line. Don't forget that making money separates a hobby from a business.

In this week’s episode of ‘l Hate Numbers’ I share four reasons why you should work with others. This episode was inspired from building and launching our Business Growth Club. I used the word our, because it’s me and my friend and colleague Dr Joe North who went from idea to launch on this.

TLAF sums this up. TLAF, love a mnemonic, don't you, stands for

✅Team

✅Learning

✅Accountability

✅Frequency

Many businesses work on their Business Growth in isolation. You staff team, whatever their motivation and talent will not be invested in your business as you are. To be fair, you should not expect them to, it’s not their business, they do not have the financial equity or ownership.

Work with others who have a similar mindset to yourself. Communication, collaboration, bouncing around ideas are great ways to learn and grow.

If you think that you know everything in business, that there's nothing more to learn, then you are wrong. Everybody has experiences to share. Everybody can learn from the successes and mistakes of others. And this all helps us and helps you in your own business development,

Having the right people in your support network gives you a group of accountability coaches and friends. Once you've committed to something, you've told somebody you're going to do it, you’re under a bit of pressure, you're committed, but it's powerful to have a bunch of people who are in a similar situation to yourself, making you accountable.

They will encourage you., keep you on track, and ask you questions. It may sound like being in school where you are expected to hand in your homework. But it's all there done in terms of making you move your business, going forward. Accountability also makes you more responsible.

Having a regular catch up with your group reminds of what your commitments are. You are reminded of what your tasks are, what you must do. This frequency of meeting up is a great opportunity to reflect on where your progress is taking you. How you are doing against the objectives you’ve set yourself. Make small adjustments if you need to.

Business owners work in isolation. Working together on your business includes catching up with your peers. Check out how others are doing, checking your progress and their progress. Once a week, typically is enough to keep you on track. It is not overwhelming. It's not over time consuming and therefore your time commitment is not stretched.

Grab a coffee, make yourself comfortable, sit back and listen.  Click the link if you want to find out more about Our Business Growth Club

I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode, contact me for help with Number love in your business .

In This Episode

• Understanding why working with others is good for your business
• Knowing the benefits of continual learning
• Why accountability is a positive thing for you and your business
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

Links

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

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You may be thinking, Do KPIs mater? Absolutely, they are a big deal. If you are in business, you need to understand what is going on.

This week's episode is about measuring your performance, making judgements, and getting opinions. From the cradle to the grave we make judgements, we express opinions, we tell people what we think, we act, we behave from the cradle to the grave.

That does not stop when you run your business, does it matter what people say? Does it matter what their opinions are, how they behave, what their actions are. Should we care? Absolutely yes you should care. If you're in your business, whatever that business is, whatever shape or size your business is, to survive, thrive, and prosper, then it's absolutely critical that you get a gauge that you measure all those interactions with your suppliers, your employees, and more particularly your customers.

Well, they matter for several reasons.

They are a framework to measure your businesses performance

• You become more accountable
• The truth is revealed about how your business performance
• KPIs help give you actionable ways to achieve your business goals
• Making judgments, adjustments and staying on track.

It is said that you cannot manage what you cannot measure. You measure what is important for your business. Do not use measures for somebody else's business, but important for you.

Remember that every business is different, with a different shape and goal. Consider what is important for your business to succeed.

Typically, this could be gross margins by product or overall, cash flows, and efficiencies. However, do not just measure financial stuff. Take a balanced approach in your business and look at the entire ecosystem.

Customer and employee satisfaction are critical. Customer feedback and staff retention are 2 useful KPIs.

Pick four to six KPIs that matter help you reach your Northern star, your end goals.

The managing is just as important as the measuring. If you don’t do anything with the data, there’s no point having it. Once you have the information, you can act on it. Having the information enables you to drill down and learn more. Ask questions of the numbers, and decide based on it.

There are lots of different types of software out there to help you manage KPIs, but you might do just as well with a spreadsheet or your own Google dashboard.

Whatever kind of business you have – service, manufacturing, sales, solopreneur – KPIs matter.

Grab a coffee, make yourself comfortable, sit back and listen. If you want to join out business growth club then click the link to find out more.

I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting!

In This Episode

• Understanding what Key Performance Indicators, KPIs are
• Knowing what KPIs to use for your business
• Looking at how to use KPIs
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Get in touch with us to find out more about the Business Growth Club.  For more business and finance, news, advice and tips, don’t forget to watch our weekly broadcasts.

Building Your Business Growth Road Map is highly recommended in any business situation. This could for business growth, pivoting, or sustainability. William Hurley said this about ideas. Ideas are cheap, It is building them into profitable companies that is hard ideas. I like insects. Many are born, but few live to maturity.

In this week’s episode of ‘l Hate Numbers’ I talk about the why, the what and the how of building your own business growth map.

Your business road map, a plan under any other name is invaluable and gives you

• Accountability
• Plans minimise risk
• They give you direction
• Focus becomes a watchword
• Easier to achieve your objectives

Don’t delude yourself into thinking that what’s in your head is good enough, not having a road map means that you're forever chasing your tail.

Your business road map converts your ideas into something more meaningful. The purpose is to get you to your end destination, the destination that you choose.

Brain dumps are the start part of the process. Imagine tipping out the ideas and thoughts in your brain, however chaotic, however unstructured. That is the start of the process, you can use that brain dump to generate content.

Your business road map includes several elements.

• Your mission, your reasons for being
• End destination, your Northern Star where you want to end up
• Measures to monitor your progress
• Customers: Doing a 360-degree audit of your client base
• Your They can't be, and shouldn’t be avoided
• The vital ingredient to make your road map come to life and be achievable

You need perseverance and tenacity. There is going to be time just when it's going to be quite lonely. It doesn't feel to be working. And there's going to be times of elation.

It is not easy achieving business growth. It's like turning up at the gym and hoping those abs will just appear.

Grab a coffee, make yourself comfortable, sit back and listen. If you want to join out business growth club then click the link to find out more.

I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting!

In This Episode

• Understanding why you need a Business Growth Road Map
• Knowing what your Business Growth Road Map contains
• How to build your Business Growth Road Map
• Looking at Numbers and Leadership
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Get in touch with us to find out more about the Business Growth Club.  For more business and finance, news, advice and tips, don’t forget to watch our weekly broadcasts.

VAT or Value Added Tax is this week topic of I Hate Numbers. In the UK alone VAT raises £136.6 billion. This is approximately £4,800 for each household, 17% of the total UK tax take.

The majority of countries have VAT or sales taxes, so VAT is a big deal.

In this episode we are going to look at what VAT actually is. What's the role of a business that's involved in VAT? How does VAT affect your prices? We may even volunteer to be VAT registered and be involved in the system. 

VAT is a tax that's charged on taxable supplies of goods and services, by a taxable person, during the course of a business. Forget the language of sales and purchases, it's all about supplies! 

The episode looks at what a supply is and describes the three types of supply:

1. Exempt supplies
2. Outside of the scope of VAT. 
3. Taxable supply 

Taxable supplies and then broken down even further into two subheadings. 

These are taxable, but the rate is zero! Typically children's clothing, newspapers, most food and medicine. 

This is the catch all category. Anything that is not exempt, outside of the scope of VAT, or Zero-rated is a Standard rated supply. The headline UK rate is 20%  

A taxable person is a business that is required to be registered for VAT. So, what do the legislators mean by "required to be registered"? There are two forms of registration. 

Based on values of supplies. That is the right type of supply. Once you are registered for VAT, your role is effectively an unpaid tax collector and administrator. You have a responsibility, not by choice, but one that's imposed on you. Charge VAT correctly, keep the relevant records and collect the VAT from your customers.. 

If you do not follow the rules, then you will be fined, get penalties and at worst you can be prosecuted. 

It sounds crazy. Why would a business wish to volunteer ti be an unpaid tax collector and administration. Get it wrong and you could be fined, pay penalties and interest.. 

Have a listen to the episode to find out more about voluntary VAT registration.

So in summary VAT quite a scary tax. You are the tax collector, the administrator, and if you are selling largely B to C, then VAT will represent a price hike for your customer. But also, VAT represents an improvement in your profit trajectory in your business direction. So look at that as a positive. 

Value Added Tax impacts you business and you. Listen to this podcast episode, learn about more about how Value Added tax affects your business.

Grab a drink, make yourself comfortable, sit back and listen.

I love doing this podcast and sharing my love of Numbers with you. Check out the links below to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, commenting, and acting!

Get in touch with us to find out more about VAT.  For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers.

Pro Active Resolutions

The Numbers Crew – Here to help you!

Freedom is something that everyone looks forward to when self-employed. More time for yourself, live life on your own terms.

However, just like the business and financial risks, there are personal and lifestyle risks associated with self-employment.

Now do bear with us here, we aren’t talking about risk to put people off self-employment. We just want you to be aware of the risks so that you can manage them and take advantage of what lies ahead. So let's get into it!

We will be covering three main topics in this episode

• Personal and Emotional risk
• Lifestyle implications
• Practical suggestion to manage time and risk

One of these suggestions involves you being the key employee in your business. Sounds a bit odd, but have a listen and find out more

There are many when self-employed. These include

There is no such thing as a job for life when you are employed. Your employer may not want to see you go, but you may wish to move on. When you are self-employed you appreciate that no customer is forever. Keep in mind that theres no certainty here. So always be on the lookout to create resources and business opportunities in case things start to dry up!

Make sure that you plan for that career and personal development and make sure that you're on top of your game in your business.

Feeling passionate about your business is a good thing but is not the most important. Just because you love something does not necessarily mean that it should be converted into a business. 

Instead, research your business idea, check its viability and make sure there's a sufficient number of people out there that have got a problem that you are looking to solve.  Feeling passionate is important, but passion doesn't pay the bills.

I myself am victim to this. This can mean putting off tasks that you don't enjoy, and we're talking about tasks that are absolutely critical for your business. This can sink a business faster than anything else!

If it's a task such as getting a quote out to a client, picking up that phone, updating your accounts and records to get them off to the tax authorities. You must make sure that you prioritise and know that you can't afford to waste time on unimportant tasks while those critical ones pile up.

Obviously, all tasks need to be done, but prioritisation helps. If you haven't got the time, think about investing some, energy and money in bringing on somebody on board to help you out.

Looking back over my 25 plus years of being self-employed, one thing that I can say is that lifestyle is severely impacted both in positive and negative terms. From here on out your lifestyle will not be that of an employee.

Your working hours are going to be slightly different. When I say slightly I mean a lot more.

Most of us starting out won't have an office space to go to. We'd typically start in a spare room in our house. As for myself, I started my business in my back bedroom.

In the early stages of your business, big office space are not a critical need. Eventually, when things pick up, you can move out of that back bedroom, as I did myself. Though I must say, homeworking does bring its own challenges and risks as well as some potential rewards. Pyjama working certainly does have its attractions!

Some tips I can share with you on lifestyle. Consider having two computer log-ins on your PC or laptop, One is for your business and one for social. Consider applying the same have to your mobile numbers, and remember to turn that phone off. it's a lesson that I am slowly learning myself.

You might not necessarily do a nine to five, but give yourself a start and end time every day. Schedule breaks, arrange network meetings at breaks or at lunch. Project manage your own workflow plan to maximize your work hours.

My decision 25 years ago to make that leap into self-employment is one that I don't regret. It's had its highs and lows, I've made mistakes, I've had risks that I've not anticipated. Would I change it? Not one bit.

Would I change how I did that? Possibly. 

Keep in mind that where you are in your business cycle and where you are in life is a result of those hazards you've experienced. I wish you well in your businesses. 

Listen to this podcast episode, and learn about more about your future self-employed challenges.

Grab a drink, make yourself comfortable, sit back and listen.

I love doing this podcast and sharing my love of Numbers with you. Check out the links below to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, commenting, and acting!

• Personal and lifestyle risks of self-employment
• Workload management
• Risk registers
• Work-life balance
• Lifestyle tips for self-employment

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Being your own boss has a good ring to it, but there are Risks of self-employment.

Making that transition to being self-employed is what millions dream about. It's filled with excitement, nerves, and a whole host of other emotions.

I still remember clearly making that transition over 25 years ago. It was good decision for me, not without its mistakes, successes, highs, and lows.

In this episode of I Hate Numbers I am going to run through 10 financial and business risks you are likely to face on your self-employment journey. Buckle up!

If you have an idea of your business future, a plan, and the challenges and actions then you have choices. You can figure what you need to do to minimise risk and maximise opportunities. Avoiding bankruptcy becomes a lot easier!

Here is a flavour of some of those business risks, more are covered in the podcast.

Number one is the structure that you choose for your business. Main choices come down to sole trader vs. limited company.  We've dived deeper into this in our last podcasts Have a listen and get up to speed.

Who knows what lies ahead ? Certainly, the current pandemic has shown how life can be turned upside down .

Cash flow is what keeps you going and enables you to survive and thrive . Put money aside for those times when things are slow, don’t stop marketing, hustling, and selling.

In the early days of your business money is not going to be plentiful.

When you become self-employed, you don't have the benefit of holiday entitlement, sick pay, or pension schemes. You must take care of all that, you are solely responsible for earning your living. No work, no money, at least in the early stages of your self-employment. Insurance may help.

At some point when you might be slowing down or when you want to change direction in your life, you need to have funds built up to sustain yourself.  Pensions, savings, whatever your choice, think and act now.

A personal survival budget, with your business budget are recommended.

Working capital is the money that you need for the day to day business operation and activities. Imagine your business as a beautiful car. The car won't get you anywhere without fuel into the tank to make it run, to make it operate.

Your working capital is the fuel that will keep your business going so that you reach your destination. Poor working capital means your business will be running hand to mouth, and on the edge of stopping!

Even if you run a business from home with a simple laptop at your kitchen table, you need to make sure you've got money to pay those ongoing bills.

Here are just some of the risks involved with your self-employment start-up, and ongoing. Have a listen to the rest of this podcast episode to learn about more challenges that lay ahead.

Grab a drink, make yourself comfortable, sit back and listen.

I love doing this podcast and sharing my love of Numbers with you. Check out the links below to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, commenting, and acting!

Next week I'm going to be looking at the personal and lifestyle risks that you have when you're your own boss. Stay tuned!

• Preparing yourself for self-employment.
• Understanding the risks involved with going out on your own.
• Managing your personal and business finances.
• Understanding what you need to sustain your business.

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

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https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/