Chris Goad, partner Stephenson Smart Chartered Accountants and Business Advisors offers some business start up advice.
Business Start Up Advice
Longer days and the promise of Spring bring with them a feeling of new beginnings. This is a fitting time to think about setting up and running a business.
You may have a great idea that you are considering turning into a business but feel concerned about your lack of knowledge over what is needed and how it can be afforded.
Our advice is to always start with a business plan. It’s essential in guiding you in establishing and growing your venture and it can be a good way of planning targets and goals and looking at how much investment you are going to require.
Business Start Up Finance
You can look at two types of business finance – debt or equity.
Debt essentially means you borrow the money to set up a business in the form of a loan, whereas equity relates to selling an ownership interest in your business. This sort of sale takes many forms, such as the admitting of a partner.
A grant is also achievable. There are many on the market that you can apply for depending on what your business is and how big it is.
Type of Business Start Up
One of the most important aspects of setting up a business is deciding which type is right for you.
It might be that you wish to become a sole trader, limited company, company limited by guarantee or a limited liability partnership.
The type you choose will be dependent on a number of factors. Your tax position needs to be considered alongside the nature of the business you wish to run.
Compliance
It is important to consider how the business complies with tax, legislation and insurance requirements, which are imposed by various authorities, as well as understand how to keep the accounting records in order and make sure all self-assessment returns are completed on time.
At Stephenson Smart we support many clients who have independent and small businesses.
“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. He’s also been so supportive throughout Covid and the different claims available to me.
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
We guide our clients through the appropriate registrations, cash flow forecasts and provided performance updates, and pride ourselves on our personal approach to nurture exciting and new ventures in a cost-effective way.
Our dedicated business start-up team are always happy to help, so get in touch.
Related pages: Business Start Ups
Profile: Chris Goad BFP FCA
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