Updated: Dec 15, 2019
I came across an article in the magazine Inside Success in their section Hot Topic which bears the title "What Does Brexit Mean For Young People Of Next Generation?" which prick my curiosity as in its introductory question a sentence stick out "Britain stands at a societal crossroads with uncertainty over its political and economic future."
What was interesting in this article which mainly focuses on younger people at University and expressed concern over employment, housing, and education post Brexit. This growing concern is not innate to younger people but it is also in the mind of older people who experience similar worries as employment security, housing and education just as well as the younger generation.
When a big event such as Brexit is about to happen people will usually be affected by the decision made by the government and changes will inevitably occur and turn the economy upside down and the economy mighty deep downward for a while because of the sudden change and climbs up again due to the demand for services and products as the law of supply state that the quantity of good supplied rises as the market price rises, and falls as the price falls. Conversely, the law of demand says that the quantity of a good demanded falls as the price rises and increases as the price falls. It's usually what happened when life-changing events such as Brexit happened.
Instead of focusing on the unknown one needs to prepare themselves for the what-if it does happen as preparation is the key to elevation. The government of the UK has published on their website the step to prepare your business for the eventuality of Brexit which is scheduled to happen on January 31st, 2020 should the Brexit plan is accepted and approved.
And if you own your business already be the SMART one and start to do your PESTEL analysis or a PEST analysis as the pest is about to arrive therefore start planning for the sustainability of your business through time do not wait until Brexit happens to start your plan the time is NOW.
Start Your Own Business Now - Do not wait for Brexit
The benefit of starting your own business is immense first of all if you are in the UK there is no age limit to be a Sole Trader meaning you can start a business on your own and start providing your products or services to your community or online as you chose to do so under your business name or use your own family name and it is totally free to set up.
Another benefit is you are making your own income by selling your products or services either online or in the community.
You are responsible and accountable for your business meaning all its profits and all its debt and the debts as well as the profit is not separated from you as you are a sole trader and the same apply if you start a business with a friend or family you become an ordinary partnership business meaning that you have someone to help you make business decision as opposed to you making them on your own.
When you start a business you are replying to the demand for products or services and provide a service to people your customers by supplying what they need at the right price for what you are selling.
You can choose which business structure you want, startup as a Sole Trader, Limited company, or a partnership. It can be a daunting decision but really it is simple when you are decided you exactly know how you want to start and what structure you want for your business.
You can choose which business position you want your business to take in the marketplace meaning setting up as a cost leadership business (cheap or in the middle) or as a differentiation business meaning your business is expensive due to the excellent quality of good it provides. This needs to be decided from the start of your business and it will determine your customer niche too.
You can move away from becoming a Sole Trader or an Ordinary Partnership by decided straight off to be a Limited company (LTD), Limited Partnership (LP) or Limited Liability Partnership(LLP). These company types come with their own benefits.
When you are an LTD or LP your company name is separated from you and it is an entity. You are not responsible for the company debt and the company profit belongs to the company. You become the director of your company and you draw a salary from the company income to pay you and your staff if you have any as you can start a limited company without staff and acquire staff as you grow.
When you start as an LLP the benefit is that your partner's misconduct is not your responsibility, therefore you are not accountable for any mister mina one do. Your partnership is an entity meaning the business name is separated from its partners as well as the profit, the debt and one of you or two or three of you can be a director in the company. The partners draw a salary from the company profit to pay themselves and any staff if any. You can start an LLP without staff and acquire staff as you grow.
When you decide to be any type of limited companies you need to pay a setup fee at first and later a yearly fee administration fee to the government.
In the UK you have three months to declare your business name to the government for tax purposes. If you do not declare your trading activities within three months you can be penalised by the HMRC and liable to tax evasion it not worth it as when you just start you are usually tax-free because you need to exceed your personal allowance which currently £12,500 up until April 2021 meaning until your turnover for the year reach £12,501 you are not liable to pay taxes.
However, if you earn above £12501 you start paying taxes on the amount over, which is your profit as you would also have to declare all your expenses associated with the running of your business only.
You can use our business calculators to see how it works mainly Lucy (our profit and loss account yearly calculator) and Lucky (our weekly wages or income calculator) they both require you to put all your business income and expenses then they will tell you if you are liable to taxes or not after having deducted personal allowance and expenses.
You will need a certain amount of funding to startup your business, the amount you need to invest in the startup of your business depends on the structure of your business, products or services and type of business you want to set up.
You do not have to set up your business on your own, there is plenty of supporting organisation which can support you start up including Girlfridayz limited.
We are the expert and can help you start up and to demonstrate our expertise we just got accreditated on the 25/10/19 by the Department of Work and Pension (DWP) in the UK to provide support to people who want to start their business with a Business Plan completion using our own business plan template and starting your business online (designing your website and business advice) through the Jobcentre scheme which helps you start up your own business and give you funding.
Hence, we work with the public sector (South and North London Jobcentre) and the private sector.
Do you see there is nothing to be worried about with regard to Brexit and what might happen but what you need to be is proactive and not wasting time as the help is there to support you start a business right NOW