Fenn & Co -Starting A Business

Accountants, Tax Advisers And Business Consultants

STARTING A BUSINESS

It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts. Whatever the reason, a number of dangers exist. Probably the greatest concern is the possibility of business failure.

In order to make your business a success there are a number of key factors which should be considered:-

Ø Do you have the commitment?

Ø Do you have the skills?

Ø Is there a market for your product or service?

It is also important to look at the proposed structure for the business:-

Ø Sole trader

Ø Partnership

Ø Company

Ø Limited partnership

The structure of the business will depend on factors such as the number of people involved, tax implications, method of financing and legal reasons.

Once the above building blocks have been established then it is time to develop further your basic business plan. The business plan is the key to success. If you need finance, no bank manager will lend money without a sensible plan. Your plan should provide a thorough examination of the way in which the business will commence and develop. It should describe the business, product or service, market, mode of operation, capital requirements and projected financial results.

We can provide professional advice and help as to the structure of the business, developing your business plan and all other related issues involved in the starting of a new business venture.

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