I have a commercial idea, but I've never set up a business before, where do I start?
Date of Issue: 11 June 2007
Business
in Practice
A regular column of general business advice brought to you
by
Bates Weston, business advisors and chartered accountants.
Wayne Thomas is the Business Development
Director at Bates Weston, and has extensive experience in
providing a full range of advisory services to new business
ventures. |
 |
Question:
I have a commercial idea, but I’ve never set up
a business before, where do I start?
Answer:
It is imperative that you begin with your business plan. This
plan plots the route to your success and needs to show that there
is a market for your product/service, how your product/service
will be different from your competitors, and that you can reach
that market profitably.
With your concept and projections now on paper, you must turn
the concept into a reality. The process can seem very complex,
but if you choose an experienced professional advisor, they can
help you to make the right decisions for the long term.
Areas to consider are:
- Selecting a legal entity for your business
- Business and Personal Taxation
- Cash planning and forecasting
- Obtaining Credit and Finance for your business
- Insurance
You should also give consideration to your IT requirements, Employment
Law and staffing issues and even your retirement plans.
The decisions you take at this point will affect your company’s
tax position, and your own personal liabilities, as well as facilitating
your long term plan, be that early retirement at 45 or global
expansion! It is vital that your advisor spends time understanding
what your future plans are personally as well as for your business.
When choosing your business advisor, ask around, speak to friends
and family and business acquaintances, as a personal recommendation
is always a good starting point. Take a look at company websites,
and take advantage of the free initial consultations many companies
offer to New Business Start Up’s.
Take your time with this decision, if you get this right, this
advisor will become your long term business partner, and will
play a significant role in helping your new business to succeed.
If you would like to speak to our New Business Advisors, please
contact Wayne Thomas:
Email: waynet@batesweston.co.uk
or telephone 01332 365855
|
