Archives: December 23, 2018

Startup businesses enjoyed a resurgence in 2019, according to the annual Simply Business Start-up Index, which shows the first rise in annual growth since the start of the recession in 2008. 

The research finds:

• A 3% increase in UK startups like this one in 2019
• A 19% increase in businesses started by retirement-age entrepreneurs
• Entrepreneurship no longer confined to London with strong regional growth reported

Jason Stockwood, CEO of Simply Business, commented: “Our results suggest that Government initiatives such as Start-up Britain have inspired would-be entrepreneurs to make their business dreams a reality. It’s now crucial that this support and encouragement continues into 2012 so these fledgling businesses can fulfil their potential.”

Jason Stockwood added: “With ever increasing life expectancy and more flexibility around retirement, it’s interesting that those in the 60 plus age bracket are considering a second career as an entrepreneur. Starting a business can be hugely rewarding at any age and those with so much experience behind them are in a fantastic position to make it a success.

“It is also encouraging to see London is no longer monopolising entrepreneurism and other regions are giving the capital a run for its money. This trend will hopefully continue as aspiring business owners see success stories springing up around them.”

Research in the first month of the New Year points to record levels of new businesses being created and high optimism amongst small business owners. Will this confidence convert into international trade and expansion? Enterprise Nation founder, Emma Jones, hopes so! 

Here, she offers four steps to going global in 2018 and announces a series of events with DHL and Regus that will help you along the way. 

This will be a good year to grow sales and Go Global. A sizeable opportunity is opening up with growth in markets beyond the Eurozone where more people are going online and wanting to buy British-made products and services.

Here’s how to make the most of it: 

1. Know your product/service – this sounds like a basic starting point but what I mean by this is focus on your niche. Clearly define the look/feel and cost of your product so you know exactly how to position it in new markets and where to promote it. 

2. Look beyond the Eurozone – in late 2011, the HSBC Trade Forecast predicted that world trade will grow by 73% in the next 15 years, with forecasts showing Egypt, India, Vietnam, Indonesia, China and Brazil to be the international powerhouses that will drive growth.

The music industry isn’t something you’d immediately think of when it comes to inspiration for running your own business but pop groups have been dealing with the taxman on a personal basis since the days of rock ’n’ roll. And, in a world with competition at its heart, the likes of Radiohead, The Beatles and – yikes! – The Spice Girls can teach us all a few lessons about staying ahead, as well as how to gloriously mess everything up.

Remember the value of good marketing – The Spice Girls

Take five vaguely talented young women, throw in some catchy tunes and add in an instantly memorable catchphrase (“Girl power!”) and suddenly you have a pop phenomenon. When Smash Hits gave them all nicknames (“Posh”, “Ginger”, “Sporty”,  “Baby” and “Scary”, of course) and Geri wore that union jack dress, the project was complete. Cue two years of global success and careers that are still going today.

The lesson: No matter how good your product is, if you’re not marketing yourself and telling people exactly what you’re about there’s a good chance you’ll fail.

Treat your fans well – Radiohead

Free downloads, secret gigs, social media interaction, a band that plays at the biggest festivals – being a Radiohead fan means you feel truly valued by the band you love. The band even gave their fans the chance to download an album for free, though many people paid for it anyway. Why? Because they felt real loyalty to the Radiohead brand. And that’s a legacy that will last decades.

Now you can change your VAT accounting method from cash basis to standard VAT accounting.  As your business grows, HMRC requires you to use standard VAT accounting to report your VAT.

(Available in Essentials and Plus only)

VAT > To Do List > VAT Accounts > Change Basis

Purchase Orders

We’ve added purchase orders to help you keep track of what you’ve ordered and what you’ve received (available in Plus only).

Here are a few things you can do with purchase orders:

• Email a purchase order directly to a supplier
• Copy it to a bill, cheque, cash or credit card transaction
• Create a template for recurring purchase orders
• Track open orders by supplier or product and service

Company > Preferences > Suppliers & Purchases > Purchase Orders

Not using QuickBooks online yet? Try it now for free.