Deciding to take the plunge and to start your own business, is a huge step for most people.
A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. No-one can guarantee your success, we can help you avoid some of the common mistakes that many new small business owners make when starting their new venture.
SOME OF THE AREAS IN WHICH WE CAN ASSIST:
- Preparing an initial business plan to clarify your marketing, management, and financial plans
- Determining your start-up capital needs
- Identifying sources of start-up capital and backup sources, if needed
- Evaluating and quantifying your borrowing power, so you know how much money you can get your hands on, if needed
- Identifying business risks and plans to alleviate them
- Devising a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability, should you need to relocate
- Selecting the right accounting software by evaluating your budget, needs and hardware
- Preparing a budget and cash flow forecast to estimate your working capital needs for the first few years. Unplanned cash requirements are the greatest cause of early business failures.
- Establishing invoicing and collection processes to maximise your cash flow
- Establishing procedures to monitor and control costs
- Advising on a home office to optimise your tax position
- Registration for VAT, payroll and other statutory requirements
- Payroll preparation and payroll tax filing when you have employees
- Complying with employment laws to avoid penalties and unhappy employees
- Identifying your business insurance needs
- Developing a partnership agreement. This is an extremely important document for all new partnerships and will help prevent financial trauma in the future.
- Developing a business continuity plan in case of unforeseen disasters
Consulting us early can make all the difference between success and failure in your new business.