Essential start-up business advice for new business owners
When you are a start-up business, the difference between success and failure can be getting the right business advice at the beginning of your journey.
There are so many things to consider before embarking on your journey to save yourself time, stress and money further down the line.
Good start-up business advice should include:
- Assessing the financial viability of purchasing a business
- Deciding upon the best legal structure for your business
- The legalities and technicalities of buying a business property
- Pricing your products and services to maximise profitability
- Putting together a business plan and cash flow forecast to support any applications for finance.
- Choosing a suitable accounting system to keep track of the finances
- Understanding the figures in your accounts to help make informed business decisions in the future.
- Understanding the most tax-efficient ways of taking money out of your business when you need to.
- How to take on a partner or shareholder
- Planning for the end game. Are you setting your business up to sell or pass on to the next generation when you retire?
And the list could go on!
The danger of not getting advice
Too many new business owners get overwhelmed at the outset and end up making rushed or badly informed decisions which they later come to regret. One way to help ensure business success is to take the advice of an experience, accredited business advisor.
Choosing who to use for start-up business advice
A good business advisor will have travelled the journey before you and will be able to share their experience and knowledge whilst also being able to empathise with you as a business owner.
There are numerous benefits to taking advice from experienced and qualified business advisors when starting a business. These include, but are not limited to:
- The expert knowledge and experience they provide
- Their help in any decision-making process from a neutral standpoint
- The time they will save you in researching answers for yourself
- Their valuable feedback and recommendations
- Their access to resources and other industry experts
- Their discretion in any ideas you share with them
At Maynard Johns, we have trained and qualified mentors and advisors in our team who are able to work with you.
Get in touch now for an informal chat about how we can help you on the road to business success.