Starting your own business is a process. It doesn’t just start overnight. A successful startup business requires introspection, planning, research, financing and a series of legal processes.
Here are some tips to help you make your startup business a success in 2018:
- Conduct market research – this will help you avoid making costly poor business decisions now and further down the track.
- Put together a well-written business plan – one of the most important things an entrepreneur or SME business owner must do when starting a new business or when planning for growth and succession
- Establish a business structure – This will impact how you set up and run your business, from the business name, to your liability, to how you file your taxes. Your specialist accountant and business adviser will also be able to assist with establishing the best structure to suit your business needs, as well as company formation and setting up VAT practices.
- Secure funding – The key for all businesses seeking funding, whether starting up or growing, is in choosing an adviser who understands the finance market and which banks/lenders offer what products.
- Choose the right location for your business – This is more than just choosing a building. The right location can make a huge impact on performance. Your business adviser will be able to assist in sourcing the right location for your startup business.
- Don’t do it alone – Choose an experienced accountant and business adviser who will partner with you now and throughout each stage of your business growth and development
If you are thinking of setting up your own business, a key initial step should be to discuss your plans with your business adviser who will give you the help you need and guide you in making the right decisions both now and for the future.
The more advance consideration you can give to the job of starting up your business, the more likely you are to succeed.
At Beavis Morgan, our start-up business experts and research & development (R&D) specialists are available to assist with setting up and running your business, as well as maximising the value of any potential R&D tax credit claims, giving you money back for innovation. Our team at BM Structured Finance is also available to source any funding required to enhance your immediate and long-term success.
Further reading for startups and SMEs: