1Have you any money you can invest into your business?
Many new businesses use up more money than originally estimated in the early years, and need an injection of capital to enable growth. In the early days it can be difficult to get funding from external lenders so you might need to use your own savings.
2Are you aware of the legal requirements you have to comply with?
Almost all businesses require public liability insurance at the minimum, but you may also need to look into additional requirements around health and safety regulations, environmental impacts and various other licences and permits appropriate to your type of business.
3Have you a realistic idea about how much you will earn during your first year?
We find that many new business owners haven’t thought about this very much and live in hope that all will be well. It’s important to realise that there are future tax payments to fund as your profits increase.
4Have you considered ways of legally reducing your tax liability so you keep more of what you earn?
The first thing to consider is getting the business structure right – are you going to trade as a sole trader or partnership, or would you be better served using a limited company. There are many factors that determine the best answer and each business has to be considered based on individual circumstances. We can help you get this decision right.
5Have you considered if new technology can benefit your business?
Technological advances are appearing fast and you should try to be aware of any that affect your business.
6Have you decided if and how the internet can be used by your business?
Almost all businesses, whatever size, will benefit from a website or facebook business page. The days of searching for a business in the yellow pages books are long gone.