Business Income - Basics for Business Owners
As a small business owner or start-up founder in the UK, understanding basic financial principles is essential for managing expenses, setting goals, and ensuring business growth.Do You Need to Be an Accountant? No, but understanding how money flows in and out of your business helps you make smarter decisions and achieve long-term success.What Is Business Income? Income in business isn’t just sales or profit—it has several layers:Sales/Revenue (after VAT)(-) Variable Costs (e.g. materials, direct
How to ensure your business thrives in its initial years?
How to ensure your business thrives in its initial years? Starting your first year in business can be both exciting and overwhelming. You might be expecting to make profits within a couple of months. While it's great to be ambitious, the money game teaches us the importance of being realistic. You might achieve profitability quickly, or it might take longer. But what about your expenses until that time?Understanding Business Expenses A business typically incurs two types of expenses:1. Variable Costs –