To ask what you wish you knew when starting a business?

[Smellyoldowls22]

I've just started a business.

I would love to know what advice you'd give someone just starting out, tips, stuff you wish you'd known before kicking off.

Brief outline: It's a baby related product, things will get busy in about a month, I have 2 kids 8 and 5 months.
I so want to make this a success and make a proper life for my family.

That there is no time off, especially in the first two years, if you want to make a success of it. It will / should absorb you completely.

if the business survives that period it becomes so so much easier

Also a good accountant is worth her weight in gold.

Be strict with your time and don't constantly be "on call".

Set office hours and learn to ignore messages outside of those times - IME clients think nothing of messaging you at 6am or midnight, but don't feel like you have to respond. Set up an out-of-office response and use it.

See, I think this is the opposite.

It absolutely should NOT absorb you completely. It's unhealthy and unsustainable to be totally consumed by your work.

Set money aside for tax! Our decorator had gone self employed the year before doing our house. He'd never done a self assessment before and couldn't understand he needed to save the tax to pay all at once, and then every 6 months with one payment in advance (I think). Anyway, make sure you don't count takings as profit, even in your head, I think it's an easy trap to fall into as daft as it sounds.

Plan ahead and have a strategy to save you wasting money

Be strict with yourself about recording all income & expenditure & keeping you receipts organised!

One third (at least) must be put aside for taxes & NI