Business start ups
Start up businesses start with an idea
There are two aspects to note. The idea carries the business momentum through its life cycle. The idea dictates the type of business structure best suited.
Sorting out the start up
The first consideration is the legal entity: sole trader, limited company, partnership, limited liability partnership.
Working on your own will need a sole trader or limited company structure. Working with others entails a choice of partnership, limited liability partnership or a limited company. Depending on what it is you want to achieve, we can advise on the best structure and banking requirements, and help you set it up with Companies House and HMRC.
Accounts systems, simple bookkeeping
All business newcomers will know that their first obligation to their business success is setting up robust accounting systems. These need not be sophisticated, but they must be expandable as the business expands, and support the type of invoicing and transaction recording necessary to produce the statutory accounting statements.
We can help set up these systems, and can take on initial bookkeeping, which we can hand over at a later time, or provide easy DIY templates and basic training. We’ll make sure you get a good start.
Plain business advice in plain language
Most fledgling businesses have very good ideas for a product or service, and also probably market knowledge and methods for market entry. Their knowledge about the more mundane aspects of business management is possibly less extensive.
We are on hand to answer questions and to guide the new business owner on the right choices for long-term success, explaining in clear language certain obligations and likely outcomes.
The business plan
Amid countless tasks and urgent decisions needing attention, the business plan is often overlooked. There are two purposes of the business plan: to help raise finance (banks require it) and to guide the business on a predetermined course of strategy and action. Banks say that funding is often denied on the back of weak business plans.
We work with our clients to draft a solid business plan that clearly states the business, its prospects, its history, details of the product or service, a marketing strategy, and financial analysis.