A new study has revealed that almost one third of UK entrepreneurs found the cost of starting up their business to be ‘higher than expected’.
The news highlights the importance of liaising with tax and business planning experts at the very earliest stage of forming your enterprise, in order to avoid running into unanticipated financial hiccups before your business has bounced into action.
Research from Lloyds Bank has suggested that the average small business start-up cost in the UK currently sits at around £12,601.
Their study found that property accounted for a quarter of all start-up costs, followed closely by spending on IT systems and transport.
Jo Harris, of Lloyds Bank, said: “When you’re starting up a new business, don’t rush into rash expenditure that you may later regret.
“Planning and research is essential, so spend wisely and keep costs low. The more you spend upfront, the more money you’ll have to generate in the crucial first months of being in business.”
If you are setting up a new firm and establishing yourself in the business world, it is important to seek specialist advice from tax and business advisers at the earliest possible stage, in order to effectively manage your spending and day-to-day costs, explore funding options and tax-efficient business structures, and find your feet on the pathway to success.
Wilson Wright are here to help. Our team can help you to set up your business from £350. For a free consultation about our services and support for start-up businesses, please contact us.
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