Running A New Business – Ten Top Tips

The exciting (and sometimes daunting) reality of running your own business has finally begun. Even after all your planning, there are still countless challenges to juggle – from finances and staffing to marketing, branding, and search engine optimisation (SEO). To help, we’ve pulled together ten of the most important tips for navigating your startup journey.

1. Be flexible

Almost no business plan survives first contact with the real world unchanged. Markets shift, costs creep up, customers behave differently than expected – and you may need to adapt.

If something isn’t working, don’t cling to it because of the time, money, or effort already invested. Instead, focus on what is most financially viable now and in the future. Agility can be the difference between survival and failure.

2. Manage your finances

It’s wise to build a financial cushion, as many businesses don’t cover their costs in the early stages. Income often lags behind what you earned as an employee, so plan realistically. Check your credit rating and keep it healthy.

Ask for deposits before starting work, and ensure materials are paid for upfront. For higher-risk customers, consider requesting full or split (50:50) payment terms.

Remember: if your turnover exceeds £90,000, you must register for VAT (though some sectors such as financial services, property, education, and healthcare are exempt).

• Sole traders: can use a personal account, but a separate one is strongly advised.
• Limited companies: must open a business bank account.

3. Forecasting

A breakeven analysis will help sharpen your pricing, cash flow planning, and financial goals.

Prepare monthly cash flow forecasts showing projected income and expenses, so you can plan for obligations like rent, wages, and loan repayments. This will also highlight late-paying clients and allow you to prepare for dips in income or spikes in costs.

A simple spreadsheet can do the job – break income down by source and total it at the bottom of each monthly column.

4. Accounting packages & payment processors

Making Tax Digital (MTD) already applies to VAT-registered businesses and will extend to some sole traders and landlords from April 2026. It requires digital record-keeping and approved accounting software.

Choose an accounting package suited to your needs, and if you take card payments, invest in a handheld payment processor. Shop around – there are many competitive options.

5. Staff and payroll

Many startups begin as one-person operations but eventually grow to hire staff.

• The National Living Wage is £12.21/hour for those aged 21+.
• Employers also pay 15% National Insurance and pension contributions.
• Legal right-to-work checks are mandatory; DBS checks may be appropriate depending on your sector.

You’ll need:

• A contract of employment (required if staff work for you more than a month).
• Employer registration with HMRC (before your first payday).
• Payroll software (HMRC lists approved options, some free link).
• Employer’s liability insurance (a legal requi

6. Marketing and branding

Word-of-mouth is powerful, but most businesses need a broader marketing strategy. Build a brand identity that reflects your values and differentiates you from competitors.

Research your target audience and tailor your messaging to them. A “beta phase” – offering discounted or free products/services – can provide valuable feedback and help build a customer base.

Consistency is key: your branding should align across social media, advertising, your website, and in-person experiences. Avoid overpromising – deliver on what you say.

7. Google Ads and SEO

Search advertising is the UK’s biggest ad channel, worth £16.9bn out of £42.6bn in 2024. Google Ads is central to this.

• Google Ads: You bid on keywords. If your bid matches or exceeds the threshold, your ad appears. You pay when someone clicks (or in some cases, views).
• SEO: Optimising your website so it ranks well in organic search results. It’s a long-term investment requiring expertise. If search visibility will be critical for your business, learn the basics or hire an expert.

⚠ Many business owners waste money on poorly managed ad campaigns – invest time and effort to get it right.

8. Find a mentor

Learning from someone more experienced can accelerate your progress. If you don’t already know someone willing to help, try:

• British Business Bank (mentoring with loans)
• Mentorsme.co.uk
• Association of Business Mentors

9. Social media and reviews

Customer reviews and testimonials can make or break a young business. Encourage clients to post on Google, Trustpilot, or industry-specific platforms. Friends and family can help at the start – provided their feedback is honest.

Create social accounts where your target audience is most active (LinkedIn, Facebook, Instagram, YouTube). Share updates, wins, and useful content regularly – ideally at least once a week. Use photos and videos to increase engagement.

10. Tax and expenses

Tax treatment depends on your business structure:

• Sole traders: Pay income tax on profits after allowable expenses.
  • 20% up to £50,270
  • 40% above that
• Limited companies: Pay 19% corporation tax. Directors may take dividends (8.75% basic rate, 33.75% higher rate).

Choosing the right structure can save you money, so seek advice. Filing tax returns and meeting reporting obligations can also be complex – outsourcing to an accountant often pays for itself.

For tailored advice on setting up or running your business, contact Finsbury Robinson. We are a full-service tax, accountancy and business advisory firm. Our experienced team is here to help on 020 8858 4303 or at info@finsburyrobinson.co.uk