Whether you run a tiny business or niche business, it’s important to stand out from the crowd and lets people know exactly what you do and what you stand for. There is enough evidence now to know that most people are prepared to pay more for ethically-made products or services, so don’t be shy about shouting out your ethics, as it will stand you in good stead for the future.
Read The Magic of Tiny Business, a wonderful book by a Canadian woman who runs an eco-friendly bag company. Staying small in a sea of big businesses is a great way to focus on doing what you love well, and keeping your costs down, which in turn leads to higher profits. You also get to run a business where you can factor in self-care, never miss the school run and get weekends off!
Another good book is The $100 Startup. Like the title suggests, the author interviews 50 people who have built successful businesses from the ground-up, by keeping costs low and expectations realistic. Here’s a quote we love by author Chris Guillebeau:
When you were a kid and wanted to do something your parents or teachers didn’t like, you may have heard the question: ‘If everyone else jumped off a bridge, would you?’ The idea is that it’s not good to do something stupid, even if everyone else does it. It’s not bad advice.
Then you grow up and suddenly the tables are turned. People start expecting you to behave exactly as they do. If you don’t conform to their expectations, some of them get confused or even irritated. It’s almost as if they are asking ‘Hey, everyone else is jumping off the bridge. Why aren’t you?’
Simple living blogger Courtney Carver downsized her life when diagnosed with MS, and has earned a good living online for years writing books and courses, while keeping her business purposely simple and small. She has a great post on how to ‘curb busyness’ that you may find helpful. In a nutshell, she writes that ‘busy work’ is very different from ‘good work’.
Good work is when you are doing something useful to help others. Busy work is when you are simply ‘going through the motions’ by constantly checking emails, attending meetings for things you don’t are about and attending meetings and luncheons.
Because you think it makes you look good, even though you don’t enjoy it (nor often like the people you’re sharing dinner with). Take a life laundry, and swap busy work for good work! And it will free up more time, to do ‘no work!’
How to Set Up a Simple Business Account
Ethical business accounts use money invested to do good for people and the environment. By not investing in harmful activities like pollution or unfair trade. Small businesses that care, often choose ethical business accounts, and this also often helps them gain more customers.
If you wish to donate a portion of income to charity, set up a company giving account at Charities Aid Foundation (this takes care of Gift Aid, and all donations are anonymous, if you tick the box.
Most major banks invest in polluting activities (and often in arms, which is not what you want in the current political climate). Small businesses that care, often inspire people to shop with them too. They help businesses do good while earning trust and respect. Also read up on help for debt.
Like personal current accounts, good business accounts will be covered by the Financial Services Compensation Scheme up to a certain amount (check before opening an account). And in most cases, you can use each bank’s easy switching service.
Just hand your details over and they’ll do all the switching of accounts (with direct debits and standing orders etc) for you. Takes no more than 10 minutes.
Firstly, verify your identity. This will make it simpler for everything in life. A full passport (read photo rules, there is help for disabled people) is the best form of ID, major post offices can make appointments for you to go in and they will fill in the form for you, take photos with a smartphone and send it all off, with less chance of rejection.
A full birth certificate is also good, and a full driving licence a good optional extra, but not enough on its own.
Citizen Card is good to prove age and identity, and you can also use it as voter ID, entering pubs and clubs, buying age-restricted goods and taking domestic flights. Post Office Pass Card is a good alternative, which requires no existing ID and is Home-office approved.
Online Business Accounts (app-based)
If you’re good with your phone, app-based accounts tend to be the simplest to open, and easier to be accepted in today’s tough political climate.
Starling offers a free digital business account, and is used by over 500,000 UK businesses already. It offers fast 24/7 help via app, phone or email and has no monthly fees or UK payment charges.
Monzo again has over 500,000 customers, due to its ease of use. Apply online or download the app. 92% of business accounts, are opened the same day.
Tide lets you open a free business current account in minutes. The account includes simple payment solutions, built-in accounting and a dedicated savings account that earns you interest on your business savings.
Anna lets you open a UK business account with sort code in minutes, if you have ID to hand. Co-workers get their own ANNA debit card with a set spending limit and the app automatically sorts expenses. You can create ‘pots’ to save for taxes and salaries, and transfer money in or out – or set automatic top-ups and recurring payments.
Reliance Bank (helps homeless people)
If you prefer a more ‘traditional’ bank account that you can use on the high street with participating banks (you can also bank online), Reliance Bank gives up to 75% of profits to the Salvation Army (so profits help homeless people). Over the last 15 years, it has donated over £8 million to projects, both in the UK and abroad.
Business Banks that Help Communities
Unity Trust Bank offers current and savings accounts to help businesses that help communities. It has operated for nearly 40 years to help organisations prosper and contribute to economic, social and environmental change.
It’s not good to get loans if you don’t need them. But Co-operative & Community Finance offer help for people setting up co-ops and social enterprises. The programs include lending for community pubs, charities and community energy schemes.
Where to Find Affordable Tax Help
If you feel like the ducks above when your tax return comes round, don’t worry. There is a lot of affordable help for you out there, if you can’t afford a personal tax consultant. One of the best ways to get tax help without spending a penny is through free tax preparation services.
TaxAid offers a free helpline to help with problems, if you are on a low income. Just call during office hours on weekdays. There is also a helpline for voluntary advisors, to get help for clients. The service is for people on less than £20,000 a year, to ensure you are only paying the right amount.
Tax Help for Older People also offers free help, this time for people over 60 on incomes of less than £20,000 a year. It has over 420 volunteers and a national call centre, and can also help you to pay less tax, if you are on a pension. You can call them, or use their web enquiry form.
Contact the government website to check your tax code.
Low-Cost Paid Services
If you don’t qualify for free help, Tax Scouts offers affordable low-cost help to do tax returns on your behalf. It offers three services (depending on type of company – dormant, active or VAT-registered).
And you are then directed to one of their accredited accountants, to file your tax return to HMRC in 48 hours. You can also use their fixed fee service to sort out tax problems. The site also offers free simple book-keeping tools.
Don’t overlook community organisations and non-profits as valuable resources for tax help. Many of these groups offer free workshops and assistance. These organisations can often connect you with trained volunteers who understand local tax laws and can make the process less intimidating.
