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.....
- 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 firstname.lastname@example.org.