Running a business can be an extremely fulfilling experience, but it can also prove a significant challenge.
Many small businesses fail in the first essential stages, which is why it is essential to plan your venture carefully. You should start by including us in your initial planning. The more forethought you can give to the job of running your business, the more likely you are to succeed.
Before you begin, you'll need to consider questions such as:
While being your own boss certainly has its advantages, it also brings extra responsibilities and pressures, hard work and probably long hours, especially in the early stages of the business. There might also be an element of personal financial risk. To be successful, you will need dedication and determination.
You should define the main aims of your business proposition, including what you hope to achieve. This might include fulfilling a personal ambition, or providing a range of new services to a particular target market, as well as providing a financial return for your endeavours.
It can take time for new businesses to become established, and as a consequence many small businesses do not make significant profits in the first few years. Before you begin, make a realistic estimation of your expected profits, and the level of salary you expect to achieve.
What funds do you have to put into the business? Do you need help raising finance for initial investment and working capital?
We can help you to answer these questions and to clarify your business objectives.
But for personal, one-on-one advice, make sure you contact us.
If you are in the Lancashire area and are looking for support and advice from a team of professional accountants and business advisers, contact Coates & Co.