Now has never been a better time to start your own business. The road to entrepreneurship is fraught with worries and concerns. After identifying your market and completing the market research so as to be sure that you are comfortable that your business is feasible you will need to begin planning.
Your business plan is very important, without it your businesses direction may be affected and as your time gets harder to manage you need to be sure that you are sticking to the goals that you had intended to achieve. It is without doubt one of the most important things you should ever complete, and it doesn’t stop there! It should be reviewed, analysed and updated regularly in response to changing conditions, circumstances and finances. This is an ideal time to involve your advisers and draw on their knowledge and take their advice of finance options, business structures (sole-trader v limited company), book keeping systems, taxes, insurances, legal contracts etc.
The most important thing you can do is stay in control of your business from the beginning and one of the biggest mistakes we see is that new owners do not understand the importance of managing the finances of their new business. It isn’t entirely their fault, as they may be new to business and find themselves being torn between time, cash-flow restrictions and business decisions. Without the correct structures in place from the start you may not be in control of your statutory obligations, your finances or your business, and sadly many small businesses do not survive.
We would love to partner you and your business to success, so let us start helping you today.