Starting a new business? 3 things to take care of first
If you are thinking of starting up a new business, it makes sense to plan for it properly. This can often be easier said than done, however, particularly if you have never owned your own company before. The key thing is to remain calm and make a list of crucial things you must do when first starting out. This will help you feel more in control and less overwhelmed. But what are the 3 vital tasks to take care of when you first get going?
Create a strong business plan
The first move to make when starting a business is to draw up a strong business plan. Take time to investigate the sector you plan to operate in, firm up details of your new business and work out other key details like costs and growth forecasts. It also gives you chance to perform some market research around your product/services. Creating a plan like this will allow you to see if your new business is likely to succeed and there is a demand for what you offer.
Decide on structure
When it comes to business start-ups & company formation, this is a critical task. Without a properly structured business, you will not be able to trade. But where should you begin? In very simple terms, it boils down to deciding whether you will be a sole trader, partnership, limited company or limited liability company. If you are unsure which type of company structure is best to choose, you should seek professional advice.
Register the business
It is also crucial to register your business with HMRC. Some types of businesses will also need to register with Companies House. Registering a business makes your new venture official and involves completing paperwork on your new company to submit. It is often wise to seek help from a professional accountant with this.
Let Taxcare Accountancy help
As certified accountants and business advisors, we can help with business start-ups and company formation. In addition, we can help you draw up a robust business plan and forecast cash flow and business strategy. Get in touch at [email protected] today for more details.