Looking For Advice As I Start A Business

[ElleLo]

Hello Everyone,

As I start my own business, I'm gathering information on bookkeeping services, specifically for business owners on the autism spectrum, and I thought I'd ask if anyone here has five minutes to help me out.

If business owners and would-be owners could help provide some insight into some of the below questions, I'd be most grateful.

1. What kind of business do you own, or would you like to own?
2. Are there financial services you need that you have been unable to obtain?
3. As an owner, do you feel like you can do your own bookkeeping, or will you hire someone?
4. Do you find business finances difficult to navigate due to the language?
5. What other concerns do you have about you business finances?

Any and all help you can provide would be appreciated.

Thanks

 

[clg114]

1: I own a small repair business. I repair electric vehicles, batteries and battery chargers.
2: No. I have been offered varies financial services and turned them down because I like to work with the money that I have. This is possible with a small business.
3: I do all of my own bookkeeping. Again, because it is a small business.
4: No, because it is my language.
5: No concerns because I am the only employee and everything is simple.

The way that I do things would not work as well in a bigger business or if you have employees. In this case you should have a good bookkeeper. Good luck with you business.

 

[Judge]

1: I own a small repair business. I repair electric vehicles, batteries and battery chargers.
2: No. I have been offered varies financial services and turned them down because I like to work with the money that I have. This is possible with a small business.
3: I do all of my own bookkeeping. Again, because it is a small business.
4: No, because it is my language.
5: No concerns because I am the only employee and everything is simple.

The way that I do things would not work as well in a bigger business or if you have employees. In this case you should have a good bookkeeper. Good luck with you business.

There ya go. Words to live by if you own a small business.

To keep it simple, within your budget and above all, keep it within your control. Core issues that best answer the OP's question, IMO.

With an understanding that most new ventures have about a three-year window to either succeed or fail. Where as a new venture will likely cost you much more in business insurance costs until you get beyond that three-year point in time.

 

[tducey]

Never have owned my own business but I wish you all the best as you start your business. Maybe you could go to people you know or in the community who own a business for advice. Good luck.

 

[Judge]

Another good financial benchmark to opening a new venture is to be sufficiently capitalized so that you can operate at an anticipated loss for at least three consecutive years.

 

[RedOrangeYellow]

I owned and managed a small hotel for the last 6 years, which I started from scratch, an empty decrepit building. I sold it a month ago so I'll chime in.

1. 17 room small hotel
2. no, we had an accountant, and I did the bookkeeping.
3. I taught myself the books and it ended up being one of my favourite parts of the job (decorating was the best bit though, by far)
4. No but it did involve a lot of self directed learning first.
5. There was a lot I didn't know, I would have benefitted from some formal accounting education. I always felt our accountant wasn't telling me all the good stuff, like where we could claim more.

I will say though, in the grand scheme of things, bookkeepers are not expensive if it isn't something you enjoy doing. They can do in ten minutes what it would take you hours if you sit there hating it. Focus on what you enjoy and what you're good at and outsource the things you're not good at. It took me a long time to learn this, I tried to do everything for too long and ended up burnt out by the end. Good luck!