Financial advice is available Dundee-wide for start-ups, freelancers, and sole traders! One of the biggest mistakes that start-ups make is failing to hire a qualified team of accountants – and instead, they try to take on the task themselves. This is usually because they don’t feel they have the money and resources to employ a professional financial advisor, however, this can be more costly in the long-term and prevent your company from reaching its potential.
A financial advisor in Dundee will alert you to any tax breaks you may be eligible for and they will also make sure that your books are kept up-to-date, and that reports are generated and analysed – offering you the chance to identify opportunities for growth. The value they can add to your start-up is more than worth the initial expense!
But what other common start-up mistakes do you need to avoid?
One of the biggest mistakes new business owners make is miscalculating (or not calculating) their cash burn. Your burn rate is the amount of capital you go through per month and if not managed correctly, can prevent you from achieving your goals.
Another common mistake new businesses make is expanding and hiring too quickly. After all, one of the biggest expenses for any business is its people. You need to think about ways to save money on staffing in order to keep your costs manageable. Too many members of staff can be a massive drain on your funds.
Other financial errors to avoid include miscalculating the break-even point, mispricing products or services and even underestimating start-up costs.
To make sure you do not make any financial mishaps when you start your own business, seek professional financial advice from Dundee’s MMG Chartered Accountants. We have helped many businesses throughout Scotland and we have an excellent reputation in the industry. Discover more at https://mmgca.co.uk.