Many people have ideas for businesses but whether they are commercially viable is the big question.
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 credit worthy and have a good track record.
- Ensuring that your goods/services are not in breach of copyright/trade mark laws.
- Putting a formal agreement in place such as a partnership agreement or a shareholders agreement if you are going into business with another party.
- 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.
- Using the right software and cloud based systems to help control and manage your business is vitally important.
- Registering with HM Revenue and Customs and ensuring that you comply with all tax regulations.
We specialise in business startups and a number of our existing clients have successful businesses that we have been involved in since inception.
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