Starting up a business in an economy that is still, somewhat volatile is no easy task which is why it is important that, whatever the size of your new business venture and whatever the industry; you have the right backing from trusted financial specialists that can help you get off to the best start possible.
For a start-up business owner there are a lot of things to consider and a lot of points to tick off however there are some, basic issues that must be taken into account. From the legal set up of a company to getting finances sorted; there are several crucial steps to consider that can make all the difference to a business and ensure that your start-up is on the right path to success.
Below I have put together what I believe to be the main points to consider for start-up businesses…
- Business Plan- Having a solid, approved plan is place is essential for any business, whatever the size. From knowing the purpose of your business, the aims and goals, how it will reach them, the competition your business will face and how it attempts to triumph, to your own personal experiences and how you will put them to good use- a business plan is the first building block that will need to be put into place.
- Company Formation and Registration- It is important to ensure that, before anything your company is legally established and registered in the UK. For those who have not yet done this, it may be best to seek advice from a financial specialist.
- Strategic Planning- For any start-up business, having effective goals in place is essential which is where strategic planning comes in. Setting realistic goals into place and planning where your business will go and how it will get there is one of the safest ways to get started.
- Financial Support- Having the right accountant in place is crucial and although many may consider accountancy services to be an unnecessary cost they are anything but. There are many accountants who offer a range of services at a fixed fee rate; ensuring that from the get go, your business finances are taken care of, without any extensive charge.
- There are several areas of accounting that will benefit numerous start-up businesses, the most crucial being bookkeeping that will ensure your business complies with the legal requirements it faces- ensuring that all financial records including expenses and incoming and outgoing expenditures are accurately recorded.
- There are also Payroll issues you will need to deal with, ensuring that all employees are not only correctly paid but all tax deductions are appropriately completed; if you are new to employee payroll then again, an accountant can be a great support.
The above are a few of the basic points that I believe any and all start-up business owners will need to take into account when attempting to get their business off on to the right foot however there are many more intricacies involved that should not be overlooked.