Starting a new business can be a daunting prospect and with so many questions to ask it is imperative that you get the right advice from the outset. Any bad advice could be expensive and potentially damaging to your future business prospects.
It is important to ensure that you have thought things out properly and have put in place a business plan, which is a crucial road map of what type of business you want and how you hope to get there. As part of the business plan, you should put in place a cash flow forecast to predict future incomings and outgoings to ensure that the business is a financially feasible idea and if there are any funding gaps they can be identified early on so that you can plan how you can plug the gaps.
Other important factors that need to be considered are as follows:
- Do you need capital to start up, if so, where are you going to get the funds from?
- What business structure are you going to use? Sole trader, partnership or limited company?
- Do you need business premises?
- What about staff, will you need to employ people?
Where we can help:
Business Planning
Getting Finance
Managing Your Cashflow
Bookkeeping
Accounts
Taxes and all the paperwork
VAT & PAYE Registration
Payroll
IT and Online Accounting Systems Can Help You Keep Focus