Business Growing Pains: The Money Bin

Eight years and nearly eight successful self-assessment tax returns. I’ll admit, it was a bit of a learning curve to start with. The terminology alone used by the HMRC is a hurdle the size of Everest. The text may as well have been hieroglyphics to any self-respecting new self-employed individual. Gradually, with the help of Google and business friends, over time this got easier to understand. Eventually I had a system in place where each years’ tax return was a doddle. So-to-speak. Paying back the tax, not so much, but at least I knew where I stood with the strange terms coined by the HMRC.

Enter 2017. This year, things needed to change due to the nature, gradual growing success and time availability for my business. I needed to open a business bank account, I needed to register for VAT, go on as a Limited Company and I needed to move my websites to a dedicated server. Lots to do in a short space of time. As it happened, I concluded that all-at-once was impossible – so I staggered the processes to ensure successful implementation.

But these hurdles, and more, have brought some serious drags in my time and energy as a business owner. Things that should be easier and things that are complicated immensely by big-dog-companies (who should have a responsibility to make easier for younger businesses). Sadly, its the aforementioned big-dog-compamnies that maintain and add-to stresses and obstacles for the underdogs. But if I can share my experiences to help others that may suffer the same obstacles – then perhaps this is all a little more worthwhile. And I’m starting with the biggest dog of all. The bank.

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Business Growing Pains Prologue

There’s no doubt in my mind that starting my own business was the right move for me after an eight-year stint selling asparagus to upper-class Sainsbury’s customers. I loved my time there, but it just didn’t utilise my skillset. In fact it leaned quite heavily upon putting me in a directly customer-facing environment. Somewhere I can’t say I thrive. That being said, let me strongly reiterate that I think jobs like this are highly respectable and even an essential part of life. I have far greater respect for people working in jobs like these, than those who wait around on the Income Support for the ‘perfect job’ to fall into their laps. I digress.

Customer one-to-one was the pain of my life back then. In my current line of work, there is very little face-to-face customer interaction. It’s beautifully suited to me. And usually, if there is customer face-to-face, they are genuinely nice people. Yup, the customer pains are long-since a thing of the past. But running a business brings new pains. And this month has been no exception. In fact, a combination of things led me to feel like a polar bear in a desert sand storm. Or, as Delboy once put it, like a turkey who just caught Bernard Matthews grinning at him.

I was amazed at how little down-to-earth advice was out there for Joe Sole Trader. And that’s why I’m writing a few posts about just some of the struggles I have had to battle. I’ve got a few lined up at the moment, each looking at one of the most frustrating times I’ve had in small business. Maybe there’ll be even more in the future. It’s a record for me. And perhaps, someone somewhere, won’t have to go through the slaughterhouse in quite the same manner I have.

As I draw towards the closing of a relatively profitable financial year for the business, I find myself straining to walk through a metaphorical swamp of jargon, fob-offs, technicalities and antiquated systems that can only be navigated by the ancient politicians who invented them (or folk who have been forced to waste far too long learning the language). It’s reminiscent of the pains I felt all those years ago of those frustrating snobs who didn’t want their Lemongrass sourced from Spain on political grounds.

I cannot believe how antiquated the business world is. We are living well into the second millennium and we are still at the mercy of a system built by people in the first one. I hope that these stories may help anyone that reaches the same stage I am now at. Warnings, really. What to expect. And how to avoid them.

So, on then, with my Business growing pains.

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The Time Travellers Life

I’m one for hindsight. I obsess over a situation where I have made a wrong choice or mistake. I think over how it should have gone or focus on my ridiculous actions. But I rarely look back at the right decisions, the right choices. And that is to my detriment. So this is just that. It’s a look back at one of the best courses of action to have occurred in my life. I nearly titled this post: “Never Familiar, Never Taken For Granted”, which would be an apt description too. ‘Big Slice of Meaningful Cheese’ would probably also work.

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