1. Plan for growth
Once your business is established and you’re making a profit on the products and services you sell to customers, you may want to start thinking about how to grow.
Many businesses think of growth in terms of increased sales, but it’s also important to focus on how to maintain or improve your profitability.
Things you can do to help grow your business include:
- looking into ways of increasing your sales, both to existing customers and new customers
- improving your products and services by researching and testing changes with your customers
- developing new products and services, and selling them to new or existing markets
- taking on staff or training your current staff, including working with apprentices and mentors
- looking for additional sources of funding, such as bringing in new investors
- thinking about selling your products or services online
- work with a business mentor, who can help you think about how to do all of these things
As your business grows
You must register for VAT if your VAT taxable turnover reaches more than £85,000.
You may also find that a different legal structure is more suitable as your business grows.
Contact the business support helpline in your area for help and advice on starting or growing your business.