Many people have ideas for businesses but whether they are commercially viable is the big question.
Many people have ideas for businesses but whether they are commercially viable is the big question.
Doing the necessary groundwork before commencement is vital to give your enterprise a chance to succeed. This includes the following:
- Preparing a proper business plan which includes a financial forecast and a cash flow projection – this is a major step in the right direction. This will ascertain what capital is required at inception, what the on-going working capital requirement will be for say the first 18 to 24 months and whether there will be any borrowing requirements.
- Carrying out research into the possible market for your product/services and having an in depth look at what your competitors are doing.
- Carrying out business checks on your possible major customers and suppliers, to ensure that they are on a sound financial footing, are credit worthy and have a good track record.
- Ensuring that your goods/services are not in breach of copyright/trade mark laws.
- Putting a formal agreement in place such as a partnership agreement or a shareholders agreement if you are going into business with another party.
- If you are employing people ensuring that you are aware of the full employment law ramifications and that contracts of employment are put in place.
- Making a decision on what business entity you will use such as a sole trader, a partnership, a limited liability partnership or a company. Each business entity has its advantages and disadvantages and great care has to be taken in choosing the right entity for your business.
- Using the right software and cloud based systems to help control and manage your business is vitally important.
- Registering with HM Revenue and Customs and ensuring that you comply with all tax regulations.
We specialise in business startups and a number of our existing clients have successful businesses that we have been involved in since inception.
Latest news from [Company name]
The government has announced a temporary reduced rate of VAT for children’s meals in restaurants and family leisure activities over the summer.
Companies House and the Intellectual Property Office (IPO) are asking businesses to take special care of misleading requests for payment sent by fraudulent organisations.
Following its mention in the King’s Speech, the Small Business Protections Bill has now been put before Parliament.
Official figures from the Office for National Statistics (ONS) show that the unemployment rate in the three months to March 2026 has risen to 5% from 4.9%.
Originally proposed in last autumn’s Budget, HM Revenue & Customs (HMRC) have introduced a targeted advance assurance service for Research and Development (R&D) tax relief claims. The service, which is a pilot, aims to provide businesses with clarity on complex or high-risk areas before they make a claim.
A major police offensive was announced last week that will tackle dodgy shops linked to organised crime. Rogue high street businesses will face raids, closures and cash seizures.
Incorrect advice provided by Artificial Intelligence (AI) and other websites is contributing to a growing trend of late VAT return filing and payment.
Most businesses don’t need big ideas or complicated plans to improve profit. In practice, profits will usually increase by tightening up a few everyday things and being more deliberate about how time and effort are applied.
