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[W509]What Is New Business

by Sandy Reed, San

When I was dealing with these situations, taking the time to nurture my spirit and build belief in myself saved me. Taking time for whatever inspires you is a requirement for a new home based business owner. When you feel inspired, you're tapping into something bigger than any problems you may have on your plate. Taking the time to do what inspires you, creates breathing room so you can see your challenges from a fresh perspective.

Have you heard the story about The Blind Men and the Elephant? Three blind men decided they wanted to know what an elephant felt like, since they couldn't see one. When a merchant with a herd of elephants came along, he overheard them talking and offered to let them touch one of his elephants. The merchant led each man individually to different parts of the elephant. One man touched the forelegs, one touched the trunk, and one touched the tail.

Later the three men talked about their experience. Each one had a very different perspective. One said it must resemble two big trees. The second one said it was similar to a snake, long and round, and very strong. The third one said it was like a straw fan swinging back and forth to give a breeze, but not so big or well made.

The moral to this story is, how can anyone know what's true until they can see the whole picture? We are like the three blind men, we don't know the whole picture.

When we started our home business, I couldn't see the whole picture. But I knew other people had built successful home businesses. I knew there was a way that I could do it too, if I stayed plugged into the energy and knowledge of those that had already been successful. I knew this energy would give me the inspiration and ideas I needed each step of the way. Where do those ideas come from? That is a question we each must answer for ourselves. In my case, I listened and took action when I received inspiration, and eventually I began to see the whole picture come into focus.

What is your source of inspiration? Maybe it's a good book, a walk to clear your head, gardening, petting your dog, or talking to your coach. You have your own unique way of opening your mind, so that just the right ideas can present themselves to you. The key is to honor and act on those inspirations, so they will keep coming!

My question for you is ? what inspires you?

Starting a new business but not sure what kind of organisation umbrella you choose for your business? There are many options, like sole trader, partnerships, limited liability partnerships and limited companies either private or public. Each type of organisation has its own characteristics, i.e. how many people will be involved in the organisation, how the organisation is funded, the tax and accounting implications and who is responsible for the organisation and to what degree.

The choice you make will be determined by what your requirements are and which type of organisation structure fits best to your needs both present and future. The characteristics of two of the most common organisations types are listed below.

Sole Trader ? Is a one owner setup and is the easiest way to start trading, typically includes carpenters, plumbers etc. You don't have to inform company's house, you only need to let the taxman know of your intentions.
You may employ one or more people, but you will be responsible for their PAYE, tax and national insurance contributions to the revenue. The individual and the sole trader are treated as the same legal entity and hence the liability is unlimited i.e. you will be personally liable for debts you incur in the process of running your business. Ensure you have insurance to cover liabilities other wise you could loose a lot if things went wrong. Your business and personal income will be taken hand in hand and you will pay income tax and national insurance on all profits. You may be able to offset any losses against tax on other income. Many people start out as sole traders then upgrade into private limited companies.

Limited Companies ? One or more shareholders who contribute the capital to finance the company. Directors run the company on behalf of the shareholders. The directors may also be shareholders and may also be employees of the company receiving salary. Limited companies are subject to corporation tax on profits, which can be distributed to shareholders as dividends. The company has to be registered with company's house and there is more red tape involved in terms of submitting accounts and other documents. The company is treated as a legal entity and hence liability, debt incurred in the process of the company trading is limited as far as the company assets in respect to the directors and shareholders, who will have no personal liability. The company may employ one or more people and will be responsible for their PAYE, tax and national insurance contributions to the revenue. Private limited companies are controlled by smaller numbers of shareholders and are typically smaller in size. Public limited companies are normally bigger companies listed on the stock market with the general public also owning shares in the company.

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Both Sandy Reed & Cme are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Sandy Reed has sinced written about articles on various topics from Home Improvement Contractor, Health and Finances. Sandy Reed, Certified Life Coach, ex-corporate manager, and small business owner, is the coach to call for support when you’re ready to break out of the corporate rat race, and create a life of personal control, freedom, and flexibility. Visit her w. Sandy Reed's top article generates over 74000 views. to your Favourites.

Cme has sinced written about articles on various topics from Advertising Guide, Management and Business Cards. , ,. Cme's top article generates over 22200 views. to your Favourites.