A 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. Dealing with the admin
8. Making a name for yourself and the business
9. Never being able to switch off
10. Spending time with family
11. Ensuring accounts are up to date
12. Completing admin
13. Believing in yourself
14. Taking work home
15. Spending time with your partner
16. Finding time for hobbies/other interests
17. Managing finances more effectively
18. Socialising with friends
19. Having patience
20. Staying motivated
21. Finding/hiring employees
22. Being able to deal with problems
23. Being able to foresee problems
24. Networking/meeting people
25. Legal work
26. Understanding jargon such as P&L, Net Profit, Gross profit etc.
27. Writing up a five-year plan
28. Dating/meeting new people
29. Family/partner trusting you when you promise the venture would be a success
30. Being more organised
Don’t be baffled by bureaucracy
Running your business is not easy, and at Tax Agility, 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 Tax Agility
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 Tax Agility, check out our Accountants for Startups page.