MOST COMMON NEW BUSINESS MISTAKES (2021 EDITION)

If you are starting a new business in 2021, there are some common mistakes new owners make. In this video Dan runs you through his experiences of working with new owners, and some tips to avoid making the common mistakes.
Topics include:
Making sure you have enough money
Planning for start up costs
Survival income
How long does it take to get paid
How long does it take to get customers
Why the internet isn’t a magic wand
Planning for tax
Knowing your offering
… and more!
If you have any questions on this, please comment below.
You can see more about what we get up to on the following:
LinkedIn (Dan): / danheelan
Instagram (Dan): / danheelan
Podcast: heelanhub.co.uk The HeelanHub Podcast, a show for small business owners.
Join our mailing list for tax tips at: www.heelanassociates.co.uk
Instagram (Company): / teamheelan
Facebook (Company): / heelanassoci. .
Twitter (Company): / heelanassocs
Web: www.heelanasso...
Call: 02392 240040 Email: [e-mail]
#accounting #businessaccounting #startups #cashflow #tax

[@danielleboyd3070]

Excellent content. I have been binge watching your videos. Thank you.

[@HeelanAssociates]

Glad you found them useful!

[@gnothiseauton8684]

🙏 I find the videos of “top mistakes” or “what not to do” are the most useful.The information you provide is invaluable- appreciate it- stay safe

[@HeelanAssociates]

Glad you like them!

[@samrowe9395]

Loving these vids Dan - can you do one on making a loss at the end of the tax year as a self employed person & what to do about that?

[@HeelanAssociates]

Yes that’s a great topic, we will add to the list.

[@franallison9823]

Hi. I've only just found your channel and it will be really helpful to me. I work in the NHS and could retire in about 2 years time. I'm considering a 'side hustle' that I can start now and expand once I'm retired and have more time. Your videos are going to prove very useful. I'm currently binge watching and just skipping those that don't currently apply (eg. Ltd companies / VAT - as I'm only going to be working in a small way). I've saved loads to re-watch later. Thanks for putting this information together in such a straightforward way.

[@HeelanAssociates]

Hi Fran, Really glad you found them useful! Good luck with binge watch, it's no Tiger King/Squid Game but hopefully more useful :- ) D

[@89tonstar]

You talk a little to fast.

[@HeelanAssociates]

Or you listen too slow? 😄 but yes this is known, thanks for watching.

[@maxuser8624]

Hi, I am going to open an IT LTD company in the UK, I know from experience that I will quickly exceed the VAT registration threshold. I will be the main shareholder and director. I have a question - in the case of VAT registration - should I have to live in the UK (does the director have to be a resident, live in UK, have a UK physical address of residence and be full UK tax resident)? Do you support companies with a profile like mine + VAT registrations etc. (IT)?

[@HeelanAssociates]

Hi Max, This one is probably too difficult to answer in a comment because we'd have follow up questions, but in short yes it *can* be difficult for non tax resident to get VAT reg. Sadly we don't take engagements where the owners aren't in the UK or the company doesn't have a physical presence here, as we don't feel we add as much value to those situations as we'd like.

[@yasinnabi]

I love your contents and thanks for sharing

[@HeelanAssociates]

Pleased you enjoy! Thanks for watching

[@lesterrobinson3169]

Love your videos they are so informative. But could you do more about Covid and relevant stuff, help available, ideas and tips. As I say just a suggestion and does not detract from your great material.

[@HeelanAssociates]

We actually tried to do more non covid stuff, as it felt like for a while it was all we were doing! But I'm sure we can fit in a re cap on whats about now. Do you have any specific things you'd like covered?

[@flaxmansinsuranceadvice4605]

We have just launched a 3 part series on BI Insurance and one of those is COVID specific on the Flaxmans channel.

[@jakeyg6546]

I appreciate this video. I have been doing a ecommerce business since last year and learnt a lot (also made a few hunder sales which is exciting) . This year i want to do it correctly by having the correct measures in place. Im still confused on all the legal side of stuff though. Do you have any recommendations on videos to watch or any one in your agency to call for help on this? Many thanks, Jacob.

[@HeelanAssociates]

Hey Jacob, congrats on the new business. If it’s tax legal / accounting yes our team can help , we have various services that are designed for this. If you drop us an email we can get you booked in for a discussion. Info @ heelanassociates.co .uk

[@jakeyg6546]

@@HeelanAssociates great, thank you.

[@flaxmansinsuranceadvice4605]

For advice and tips on business interruption insurance we have just launched a 3 part series on the Flaxmans Channel.

[@zainabmt4110]

Thanks for this. Your videos are super helpful 💯

[@HeelanAssociates]

Glad it was helpful!

[@howardhendrix9702]

Quality videos. Wish I was watching all this stuff a year or so ago haha

[@HeelanAssociates]

Glad you found them helpful!

[@ijazahmed8934]

Dear little suggestion. You chew the words and seem too quick as your train would be missing. Please speak at the speed of bbc or any other professional speed standard. Frankly speaking it is annoying to watch you as it looks you are simply in hurry but want to distribute the charity in spare time of you. Hope you pay heed to my suggestion. Thanks 🥀

[@HeelanAssociates]

Hey, thanks for taking the time to feedback what you'd like to see improved. I'm sure you won't be the last person to mention the speed Dan speaks, but we will pass on your comments as we are always looking to improve. Not being a trained speaker, I'm sure you can appreciate we all have things we can improve on. Hopefully you got some value from the vid regardless. KR HA Team

[@ijazahmed8934]

What a swift response. Many thanks. Kindly note these videos are watched by acca students as well around the globe. I must appreciate the contents clarity of words is required especially for those who are native English speaker. Having said i am grateful that you took my suggestion very positively. ❤️💐🌷

[@makememoriescakes]

@@ijazahmed8934 Just a quick tip, you can slow down the playback speed in the settings, this is what I do when watching KZbin videos in different languages, hope that helps.

[@HJay]

I”m happy with the speed of Dan’s speech. I’m busy and there are so many videos I need to watch! You can slow down the speed of KZbin videos in settings 👍🏻