African black woman starting new businessA study commissioned by Virgin Money asked 500 entrepreneurs what the hardest thing about setting up a new business is. Taking time off for holidays, working long hours and not having much disposable income came out on top, but struggling to keep accounts up to date and managing finances effectively also made it into the top 30 challenges.

Challenges of starting a new business

According to Virgin Money’s survey, entrepreneurs starting a business struggle the most with the following:

  1. Taking time off/holidays
  2. Working long hours
  3. Not having as much disposable income
  4. Striking a work-life balance
  5. Working weekends
  6. Getting customers
  7. Making a name for yourself and the business
  8. Never being able to switch off
  9. Spending time with family
  10. Ensuring accounts are up to date
  11. Completing admin
  12. Believing in yourself
  13. Taking work home
  14. Spending time with your partner
  15. Finding time for hobbies/other interests
  16. Managing finances more effectively
  17. Socialising with friends
  18. Having patience
  19. Staying motivated
  20. Finding/hiring employees
  21. Being able to deal with problems
  22. Being able to foresee problems
  23. Networking/meeting people
  24. Legal work
  25. Understanding jargon such as P&L, Net Profit, Gross profit etc.
  26. Writing up a five-year plan
  27. Dating/meeting new people
  28. Family/partner trusting you when you promise the venture would be a success
  29. Being more organised

Don’t be baffled by bureaucracy

Running your business is not easy, and at TaxAgility, we can at least help remove your accounting frustrations when you’re setting up a new business. In particular, the overly bureaucratic tax system can be confusing, and then there’s also the burden of general accountancy work such as bookkeeping and VAT returns. Our friendly, professional team can support you and free up your time, enabling you to focus on other important things, like your work-life balance.

Starting a business with TaxAgility

We have a team of small business accountants ready to support and work with you to evaluate your business plan, put the right financial structure in place, meet regulatory requirements and get your business up and running as quickly and as smoothly as possible. We can assess your financial requirements, provide advice on funding, and advise you on the most suitable structure for your business. And once you’re up and running, we’re happy to stay by your side to manage your finances and help your business grow.

For more information about starting a business with TaxAgility, check out our Accountants for Startups page.