I started as a sole trader whilst at uni, now running a Ltd with 5 employees plus myself. No business education, I did a chemistry degree. The hardest thing is hiring, training and managing staff. The finances aren’t so difficult. Once we went Ltd I got an accountant and read up on the HMRC about vat etc, took some time to wrap my head around but my account is super helpful, so I fire any questions his way just to be sure i understand correctly. Other than that, I’d say managing cash flow, avoiding getting excited about the money in the bank because it’s easy to forget that some of that will be advance pay for services not yet delivered and staff still have to be paid. But I’m getting the hang of it now, 1.5 years into being Ltd. My own money I had sorted before then and I did my own self employed tax returns for years so that helped.
I’m in the dog walking business 😊
I started as a sole trader whilst at uni, now running a Ltd with 5 employees plus myself. No business education, I did a chemistry degree. The hardest thing is hiring, training and managing staff. The finances aren’t so difficult. Once we went Ltd I got an accountant and read up on the HMRC about vat etc, took some time to wrap my head around but my account is super helpful, so I fire any questions his way just to be sure i understand correctly. Other than that, I’d say managing cash flow, avoiding getting excited about the money in the bank because it’s easy to forget that some of that will be advance pay for services not yet delivered and staff still have to be paid. But I’m getting the hang of it now, 1.5 years into being Ltd. My own money I had sorted before then and I did my own self employed tax returns for years so that helped. I’m in the dog walking business 😊