The steps taken in starting a business will vary depending on the size and complexity of your plans, from the individual who wishes to commence a Sandwich Delivery to the group of people who wish to develop, manufacture and distribute a major product. But if the business is to succeed, various questions must be asked and steps taken, no matter what the size.
Firstly, a business plan must be created. For the smallest type of business this can be achieved informally with, perhaps, little outside help. But for ventures of any substance, the services of an accountant should be obtained, to help prepare the financial aspects of this business plan.
Such a business plan will typically include sections on:
- Brief resume of the business and its aims,
- Structure and legal status of the business,
- Product details,
- Marketing plans,
- Financial projections,
- Finance requirements,
As well as assisting with the above, we can also provide book-keeping, tax and general business and finance advice, to help with your new business.
Business plans are most often required to support a lending application to a bank, from a new business. Our experience of how bank managers interpret these applications, and of what criteria they are looking for, will allow us to de-mystify this process for you and to boost your chances of making a successful application, first time. Based on second guessing the risk the banks will associate with your proposal, we shall also be able to advise you on the optimum combination of interest rate, bank charges, life assurance and personal guarantees that you should expect to negotiate with your manager.