Starting a business – avoid being one in every two that will fail
Starting a business is never easy. Recent statistics suggest approximately one in ten startups fail in the first year, and by year 5 less than half have survived. It’s never too soon (or too late!) to ask an accountant for advice when starting a business, and before starting up is best. For example, it’s not always best to start off as a company, and you could be missing out on a potential tax refund by assuming it is.
Good advice early on can save tax, accountants fees, and quite a few headaches. Not to mention helping you survive the first year, then year two and so on. A couple of the main reasons cited for startup failures are overspending on advertising, and getting the pricing wrong. So it’s crucial that you have a good pricing strategy and that you have, and stick to, a realistic budget. Of course you will need accurate bookkeeping records from the start to help monitor the spending against the budget, and online accounting is ideal for that. As we help many different types of business, our experience can also help you check there are no flaws or missed opportunities in your plan.
Many of our clients received our free advice and free help to setup a self employed business or company, and register it with HMRC. We even setup and train our clients on online accounting for free. Our range of business startup helpsheets below are written in plain english to help you start a business successfully. If you have any questions please contact us. We are happy to advise anyone looking to start a business, or have already done so.
Business Startup Guides
Go to our Resources page, Business Centre, Business Helpsheets, Business Startup Helpsheets, to find the following business startup pages:
The advantages of choosing a franchise, what to look out for when choosing one and the legal aspects to consider.
- How to Get a Grant
From the realities of getting a grant, how to get one and the pitfalls to avoid.
- How to Raise Finance
A review of all the main ways you can do it and get your bank to say YES
- The 5 Key Qualities Needed to Succeed in Business
Find out what helps make a successful entrepreneur.
- Top Tips to Consider When Starting a Business
The main things to consider when starting up.
- Which Business Structure Should You Use?
A comparison of sole traders, partnerships, Limited Companies and Limited Liability Partnerships.
- Writing a Business Plan
How to do it and a checklist of what to include.