By Alex I Black
The constraints and problems that have arisen in the past year due to the credit crunch have affected all of us: There comes a time when the majority of people want to take the plunge.
But where do you start?
Firstly the product, make sure you have a unique offering, in these times the price is essential. Everyone is looking for a bargain!
Remember you need to create a bulletproof business plan.
Company Description
Product or Service
Market Analysis
Strategy & Implementation
Management Team
Financial Plan
Executive Summary.
Further info on the bbc website:
news.bbc.co.uk/1/hi/business/2943252.stm
Obviously a good accountant is essential, not only can they take a lot of administration away from you but also provide invaluable advice, albeit for a fee! You have to bear in mind that one of the threats to your steady cash flow is the taxman. You need to make sure you are saving a proportion of your profit to pay the taxes at the end of the year.
The Institute of Chartered Accountants is s good place to start looking for a professional accountant and advice:
www.icaew.com
You also need to build up a good rapport with your bank manager; setting up business accounts with overdraft facilities is paramount while trying to establish a business. Most banks such as Natwest still require a personal guarantee, even for a limited company.
Corporate Promotion
The look and tone of your business are the crux of how you are perceived by your clients. Companies such as http://www.sbsplinter.com have been created to help newly started businesses. Offering professional logo designs, letterheads and website for a very reasonable price.
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