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]
For Small to Medium-Sized Enterprises (SMEs), the issue of late payments can mean the difference between survival or liquidation. The Department for Business & Trade estimates it costs the economy £11 billion annually, forcing 38 businesses to close their doors every day.
Manufacturers, importers, wholesalers and retailers are being warned that significant regulatory change is coming under the Deposit Return Scheme (DRS).
New research on companies claiming Research and Development (R&D) tax credits shows the value of tax relief support was £8.2 billion, an increase of 5%, while the number of R&D tax credit claims decreased by 17% for 2024-25.
Small businesses can now benefit from a new electricity-cost relief scheme that was launched on 1 October. Applications close on 30 November 2026.
New laws from the beginning of the month make it critical for companies that rely on subcontractors, agency staff or complex labour supply chains to review their compliance procedures to identify employees who do not have the right to work in the UK.
The annual report from the Administrative Burdens Advisory Board (ABAB) shows a slight improvement in HMRC’s performance but there is a rising concern over legislative burden and continued difficulties with communication channels.
A new consultation that proposes loosening the rules on company reporting standards could both benefit companies and give cause for concern.
Directors are being warned to verify their identities with Companies House or risk prosecution after the Insolvency Service secured its first convictions for these offences.
