21st October, 2022, Chris Goad
Embarking on a new business start up is both an exciting and a challenging task, which carries with it an element of risk. Key decisions need to be made, and there are many factors to consider. Partner, Chris Goad, highlights some of the key areas.
Business Plan
A business plan is an essential document that will guide you in establishing and growing your new venture; helping you focus your thoughts, providing you with targets and goals as well as giving you an indication of your cash requirements.
Finance
Business financing can take two forms: debt or equity. Debt means borrowing money. Loans may come from family, friends, banks, other financial institutions, or professional investors. Equity relates to selling an ownership interest in your business. Such a sale can take many forms, such as the admitting of a partner or, if you are in a company, issuing of additional shares to investors.
Getting a grant is also an option. There are many different small business and start-up grants available depending on where your business is based, how large it is and what you do.
Taxes, legalities, and insurance
A significant task for a new business owner is ensuring that the business complies with the extensive tax, legislation and insurance requirements that are imposed by various authorities. To avoid problems, penalties and - in some cases - legal action, it is important to understand your obligations.
“Chris has been brilliant. I can literally send him a text with a quick question, and he is always so helpful. With each start-up I have worked on Chris has guided me through the process and helped me with the business model. I haven’t had the need to worry about anything because I know Chris is always at the end of the phone with an answer.”
Sean Brown, owner, Cambridgeshire Hair and Beauty.
Stephenson Smart are specialist business start-up advisors. We can guide you through the decision-making processes, help you make the appropriate registrations, assist with cash flow forecasts and offer regular updates to enable you to monitor the performance of your business. Please get in touch if we can support you on your new business start-up journey.
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