Many people have ideas for businesses but whether they are commercially viable is the big question. 

Doing the necessary groundwork before commencement is vital to give your enterprise a chance to succeed. This includes the following: 

• Preparing a proper business plan which includes a financial forecast and a cash flow projection – this is a major step in the right direction. This will ascertain what capital is required at inception, what the on-going working capital requirement will be for say the first 18 to 24 months and whether there will be any borrowing requirements. 
• Carrying out research into the possible market for your product/services and having an in depth look at what your competitors are doing. 
• Carrying out business checks on your possible major customers and suppliers, to ensure that they are on a sound financial footing, are creditworthy and have a good track record.
• Ensuring that your goods/services are not in breach of copyright/trade mark laws 
• If you are going into business with another party putting a formal agreement in place such as a partnership agreement or a shareholders agreement. 
• If you are employing people ensuring that you are aware of the full employment law ramifications and that contracts of employment are put in place. 
• Making a decision on what business entity you will use such as a sole trader, a partnership, a limited liability partnership or a company. Each business entity has its advantages and disadvantages and great care has to be taken in choosing the right entity for your business. 
• Registering with HM Revenue and Customs and ensuring that you comply with all tax regulations.

We specialise in business start ups and a number of our existing clients have successful businesses that we have been involved in since inception.