Thinking of starting up your own business?

 

Running your own business can be immensely rewarding, in fact in the UK over half a million new businesses start every year. There are a few things you will need to do to get started.....

Research!

  • Who are your competitors?
  • Where are they based?
  • What do they offer their customers?
  • How will you compete?
  • How will your offer compare in terms of price, content, convenience?

 

Millions Dollar Question: Will your business support you?

Produce a marketing plan

  • How will you win customers?
  • What advertising and promotion will you do?
  • Will you sell through your website?
  • Produce a sales forecast for at least the first two years.

 

Then a business plan

  • Identify the resources you will need and the cost.
  • Establish realistic timescales to achieve business milestones.

 

A good business plan will help persuade financial providers that you are professional and take financial planning seriously.

 

Will you be a Sole Trader, Partnership or Limited Company? - Each format has different implications for tax, ownership and responsibility.

 

You may have some questions on practical issues

  • Who do I need to notify? eg HMRC, Companies House and the Local Council?
  • What accounting records are required?
  • Should I use accounting software?
  • Can I start my business working from home?
  • What happens if I use my own vehicle?

 

One vital question you must ask yourself: "Will I require finance to get the business started?"

This may seem daunting at first; however we have many years of experience in helping businesses get started. We can walk you through the process and offer helpful advice and support along the way. To arrange a free consultation with one of our accountants do not hesitate to call 01603 720424 or email Eileen at eileen@hornbeam-accountancy.co.uk.