Stephenson Smart are Chartered Accountants and Business Advisors. We have a wealth of experience and knowledge to share as business start up advice.

How we support with business start up advice

Embarking on a new business venture 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.
We can help you to formalise a business plan, research business financing options, decide what type of company to set up as and help you understand your tax, legal and insurance obligations.

New business start up advice – business plan and finance

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.
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.

Company type, taxes and legalities for a new business start up

The type of company you choose will be dependent on the nature of the business you intend to carry out. Options are: Sole Trader, Limited Company, Company Limited by Guarantee and Limited Liability Partnership (LLP).
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.
We are experts in business finances and how the tax system works. We would be honoured to join you on your journey into business and help you, every step of the way.

“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 have been providing accountancy services in East Anglia for over 100 years and support our many clients with an individual, professional service.

Please contact us if we can support you with business start up advice.