Summary

  • Bookkeeping is an important part of your work. Accurate, up-to-the-minute books are vital for future business planning and looking at ways of improving performance.
  • You are legally required to keep a record of all your business expenditure and income.
  • Make sure that you choose the correct trading identity to begin with.
  • When submitting your quotes and estimates, make sure you include a paragraph covering your payment terms, for example: Payment in full is due on completion of the work and can be made by either cash or cheque.
  • Deciding to employ staff is one of the biggest business decisions you're likely to make. Be careful in the early days that you don't expand too quickly. Far better for you to be so busy that you are turning work away rather than struggling to find work and having to pay staff for doing nothing.
  • As an employer you have certain legal duties and responsibilities for your staff. Make sure you're fully familiar with them and that anyone you do employ has a written contract of employment.
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