So, you’ve got a great business idea?
From an acorn mighty oak trees grow!
So you’ve got a great business idea. You know it’s got potential, and you owe it to yourself to pursue it. But where do you go from here?
This is the what we call the ‘acorn’ stage of your new venture, and it’s very important that you get the basics right now, so life and tax compliance is easier later down the line.
Before you jump in the deep end, its vital that you get as much advice and knowledge as you can to give your idea the best chance of success.
Turning that acorn into a great business
#1 Pick your idea well
At this point It doesn’t matter how good your idea is – unless there is a market need, it simply won’t work. Do your research, investigate your potential competitors and market, visualise what your ideal customer base. And then, pick the right moment to jump in – timing is key in business.
#2 Create your business plan
It doesn’t have to be a thesis; you simply need to show, on paper, that you’ve thought things through. It should describe the essential components of the business – including management structure, financials and objectives – and provide a clear roadmap to help you stay on track. If you want to go more in-depth, create a marketing strategy and an analysis on your competitors; think about operating procedures and future workforce needs. And write it all down on paper to make it real.
#3 Sort out your finances
How much funding will you need to generate revenue and reach profitability? Will you need to secure financing – from the bank, or from investors? They’ll all ask to see your business plan and roadmap to assess the viability of your business idea.
#4 Take care of the details
Running a company requires more than just an idea to thrive – or even to be compliant with legal regulations. You’ll need business banking and credit accounts, insurance, maybe even staff.
You’ll need to be registered correctly for VAT, PAYE, and other tax needs. And you’ll need to be legally set-up to be able to trade – this is where a qualified accountant or business advisor becomes key. It’s important that you seek professional advice to choose the right legal structure for your business, to file paperwork with Companies House, and to obtain any other licenses or permits that you may need to operate.
Beware the challenges ahead
Work with a business advice partner who can help you keep focus. ABS Accountancy can help with both set-up and planning, including:
- Legal structure and set-up, including advising on the best company type for your operations;
- Preparing your business plan;
- Tax registration, planning and paperwork