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Starting your own business is equal parts thrilling and terrifying. It’s the rush of finally doing something on your own terms, your vision, your rules. Financial mistakes don’t usually announce themselves with sirens. They slip in quietly, unnoticed, until you’re wondering where the money went and why the numbers don’t add up.
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It’s tempting to wing it. You think you’ll just “see how it goes” and make adjustments along the way. Hoping it’ll work out financially isn’t a plan. Before anything kicks off, sit down and figure out what it’s all going to cost. Then double it. Not just the obvious things like a laptop or some branding help. Think bigger. Insurance. Software. That accountant you’ll probably need when the receipts start piling up in a shoebox. And yes, plan for the unexpected stuff too—because unexpected stuff will happen.
If you’re using your personal bank card to buy stock or pay for ad campaigns, you’re not alone. Most of us start that way. But it gets messy, fast. You’ll lose track of what belongs to you and what belongs to the business, and when tax season rolls around? You’ll wish you hadn’t. Open a business account. Keep it clean. It’s not about being fancy. It’s about staying sane.
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Nobody starts a business because they love tax paperwork. But taxes are real and unforgiving. Miss a payment or file something late, and it’s not just a slap on the wrist—it’s fines, penalties, letters from HMRC. You don’t need to be an expert. Just know your responsibilities. Register properly. Get help if you’re not sure. Using tools like vat return software can be a lifesaver—it takes a lot of the guesswork out of the equation. Less stress, fewer mistakes, and more time to do the stuff you actually care about.
You can be doing everything right and still run out of money. That’s the maddening part. You’re making sales, but the cash isn’t in your account when you need it. Rent’s due. Your supplier wants paying. That one client is ghosting you after promising they’d pay last week. It’s exhausting. Managing cash flow isn’t about spreadsheets. It’s about timing, awareness, and not assuming that next month will magically be better.
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There’s no badge of honour for doing every single thing yourself. Just burnout. If finances aren’t your thing, that’s okay. Most people don’t get into business because they’re passionate about forecasting or tax codes. Find someone who is. A part-time bookkeeper. A mate who’s good with numbers. An accountant who’ll explain things without the jargon. It’s not weakness—it’s wisdom.
No one starts out knowing it all. You’re going to make mistakes—that’s just part of it. But the avoidable ones? Those are the ones that sting the most. Handle your money like it matters, because it does. Not for the sake of profit, but so you can keep doing the thing you love—without panic, without guesswork, without losing sleep at 2 a.m. over an invoice that hasn’t been paid.
If you found this post useful you might like to read these post about Graphic Design Inspiration.
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