I’m delighted to have been asked to write a contribution to Torchlight’s blog. An exchange of information wherever it takes place can often lead to mutual benefit for both parties. With this in mind, I’d like to post a few of my own thoughts about business start-ups, particularly for those of you who have never been in business or worked for yourselves previously.

As Business Development Partner at Gibson Booth in Barnsley, I see many ventures falter at the first hurdle, so if you’re thinking of setting up your own business, it’s a bit of a no brainer that I suggest you should start by discussing your plans with an experienced accountancy firm that can give you the help you need to get you up and running quickly. Their strong reputation and professional network can help ensure you deal with the right kind of people for your business.

The more forethought you can give to the job of running your business, the more likely you are to succeed. Your chosen adviser will help you plan your business and answer some of the questions you should consider, even before you start:
These may seem like simple questions but all too often new business owners can get carried away with their own enthusiasm and forget to do the basics. My advice would always be to seek appropriate professional advice as experience tells me this can save significant time, stress and money down the line. You are the expert in your field, let an expert help you.

As a rough guide, here are just a few questions to get you started:
• Is there a business?
• What do I want my business to look like?
• Have I got the right team in place?
• Have I considered the trading vehicle for the business?
• Are all appropriate registrations and service providers in place?
• Am I clear on the financial profile of the business and the funding requirement thereon?
• Do the finances available match my business needs?
• Do I need help raising finance for my business?
• Am I familiar with the legal requirements that will be placed on me as a business proprietor / owner / employer etc?
• Have I considered my earnings requirements and taxation implications?
• Have I considered how I can minimise my tax liability so that I keep more of what I earn?
• Have I got a realistic strategy in place?
• Have I considered the what if’s?

There are of course many other questions, we’ve only just scratched the surface here, but I’d love to hear about your business ideas and show you ways of helping you turn your dream into reality!

Next time we’ll look at why market research is imperative for start-ups!

It is easy to become so enthusiastic and wrapped up in your brilliant idea for a new business that you can lose your objectivity. Further, as a consequence of the recession there are many people who perceive that starting a business is the only available route to replacing income as a result of job loss.
For further details drop me a line or visit www.gibsonbooth.co.uk