Before starting up a business, most entrepreneurs are most worried about everything pertaining to taxes, SKAT, moms (VAT), accounting and other things that the state imposes on all businesses.
For the vast majority of start-ups, this work is actually not so difficult.
If you follow these 5 easy steps when setting up your business, 95% of your administrative challenges will be taken care of.
You should always:
If you want to make it really easy on yourself, hire a bookkeeper or accountant to do the work for you.
Certain industries have to manage more of the administration than other industries, e.g., the food industry, where there are many rules concerning hygiene.
As part of managing your business, you need to make an operating budget. This
budget shows your expectations for the year, expectations for how much revenue
youâ€™ll get as well as all the expenses you expect.
When you create accounting reports, you can then compare them with your budget. If you earned less than you expected, you can clearly see where the challenge lies and what you can do about it.
What does not destroy me, makes me stronger.
– Friedrich Nietzsche, 1844-1900