| Business Start Up |
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Before you set up a new business there are many things you must consider. These things cut across a range of categories and issues that help you understand the scope of knowledge and understanding that you must gain if you are to get your business started on the right footing
These categories include:
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About You
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Is your business simple or complex |
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How much research do you need to do |
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How do you know it will be viable |
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Many budding entrepreneurs try to bring their to reality without carrying the necessary research that will determine the viability |
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Marketing & Research
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Can you prepare a marketing strategy / business plan |
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Do you know your competitors |
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What makes you special that people will buy from you |
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Will you need a customer database |
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Do you have the resources and expertise |
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Will you trade on the Internet |
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Systems Development & Processes
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Do you need formal systems now or can you survive with an informal approach to get you started |
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Will you processes be integrated to establish a firm foundation for consistent product or service quality |
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Finance & Accounting
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Have you really established a true costing for establishing and running your business |
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Do you have the resources for the necessary investment |
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Can you generate a cashflow forecast to help you with this |
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Are you confident that you can repay any borrowings |
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Do you have the necessary skills to develop a business plan and a cash flow forecast. |
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Premises & People
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Do you accommodation for staff, plan and machinery |
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Where might these premises be |
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Do you need good vehicular access to the site |
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Do you need to be close to a Motorway |
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Will you employ people from the start |
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How will you develop their skills |
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Can you afford salaries that will retain them |
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Will you be able to manage your staff effectively and resolve disputes |
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Regulation and Compliance
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Will your business be faced with industry regulation eg Financial Services |
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Health & safety and Employment requirements |
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Do you formal agreements with partners or fellow directors |
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Are you familiar with all the Inland Revenue registrations and requirements |
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At Business Transitions, our experienced advisers can provide you with the necessary support that will enable you to position your new business so that many of the initial dilemmas can be understood and overcome before they become real problems, which can damage the potential of the business and cause failure.
Don’t let this happen to you!
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