Starting a business is tough and getting it off the ground can be a long hard slog! Whether you are just beginning or have already taken the first steps and want to keep everything on track, we can help lead you to success with our knowledge and expertise on all aspects that need consideration.
Your business plan is the key to success. In order to raise finance, no bank manager will lend money without a well structured and considered plan. It will also help keep the business focussed on objectives and highlight any potential weaknesses in the business. The main areas of consideration are:
A summary of your plans and how you intend to put them into action.
- Description and Objectives
A description of your business, its objectives and how you will achieve them. Include a background of your business, how long you have been developing the idea and experience gained so far.
- Personnel / Staffing / Expertise
The skills and expertise of key personnel should be detailed, including skilled consultants. Are there any weaknesses and how are they overcome?
- Product / Service / Pricing Policy
Details of the product/services and the Unique Selling Point. Include what your business can offer that your competition does not.
Include production methods and operation practices as well as details about premises and equipment requirements.
Here you should include details of your marketing plan, target markets, overview of your competitors, likely market share and potential for growth.
- Financial Forecasts and Budgets
This part details your plan in the form of numbers. You should include your projected forecast and key assumptions as well as a cashflow forecast, profit and loss and balance sheet.
- Financial Requirements
The financial forecast and cashflow will highlight what finance your business needs. Details of how much, where it will come from, what it will be used for and how the repayments will be made.
- Future Updates
Your plan should be regularly updated and used as a tool in order to help montitor and measure performance.
The structure best for you in terms of legal and tax requirements will depend on your personal situation and your plans for the future. Your main options are:
- Sole Trader
- Limited Company
- Limited Liability Partnership
We can talk you through your options and help you decide on a suitable business structure.
Customers and Credit Control
If your customers fail to pay you, commencing legal action can be a long, drawn out and costly process. Your cashflow is like to be under pressure if your customers do not pay on time, therefore, ensuring that they do will help you to manage your business easier.
Get to know your customers and obtain their details. Agree terms in writing and ensure you have the right to apply late payment charges. Raise your invoices promptly and accurately and ensure they are VAT compliant.
In order to make a business a success other considerations are:
- Books and record keeping
- Tax (Corporate, income, VAT, national insurance)
- Employing and paying others
- Raising Finance
- Sources of Finance
We, at Argyle Accounting, can help with all aspects of starting up your own business. Call or message us today and we can start the journey together.
Follow us on Facebook
Browse our practice areas to find out more about how we can help you.