Are you thinking of starting your own business?
The team here at GW & Co Accountants know this is a daunting task but once you do take the plunge it can be very rewarding. When starting a business, it is of the utmost importance to take the time to plan and prepare so that you will be able to take advantage of the many opportunities available to you and so you do not encounter any pitfalls. Having an experienced accountant on hand to help you with the set-up is vital and can help you in many aspects of the set-up.
GW & Co have put a list together of five essential things you must consider to ensure success as you are setting up your new business and taking those next steps.
Business Plan
Creating a business plan is absolutely the first step in any successful startup venture. This plan will serve as a roadmap for the business, outlining your objectives, strategies, and goals for the future. An accountant can help to create a financial plan for the business, which will provide a detailed analysis of any potential investments, revenue streams, and expenses. This information will be essential for the success of the business, and having a good accountant onside can provide invaluable assistance.
Capital
Once you have created a business plan, you will need to obtain capital to fund the venture. Do not worry if you are unsure how to secure capital. An accountant can provide advice on how to best obtain the capital needed to start the business, as well as provide assistance in preparing any necessary loan applications. An accountant can also provide guidance on the best way to manage the finances of the startup, helping to ensure that your new business is financially sound.
Business Structure
Choosing the right business structure is an important step in any startup venture. An accountant can help to evaluate the various structures available, such as sole proprietorship, partnership, limited liability company, and limited company or C.I.C, and provide advice on which is best suited for your particular situation.
Registration
Once you have established the business structure, you will need to register the business with the applicable government agencies. If you are unsure, an accountant can provide assistance in navigating the registration process, ensuring that all required documents are filed correctly and on time and therefore avoiding any penalties.
Permits and Licences
Depending on the type of business you are starting, you may need to obtain certain permits and licences. An accountant can provide advice on the types of licences and permits needed and can help to expedite the process of obtaining them.
Setting up a business is hard work but it does not have to be as daunting as you think. If you follow these steps and ensure you have a professional accountant onside to guide you, your business will have every chance of success.
The team and GW and Co Accountants are an experienced team of professionals who are ready and willing to work with you to ensure the success of your new business. We can provide invaluable advice and guidance on financial matters, helping to ensure that the business is on the right track and help you to avoid any penalties or pitfalls.
If you would like to know more about how we can assist you in setting up your
new business. Please don’t hesitate to contact our team and we will be happy to
answer any questions you may have.
