Planning, implementing and managing your own business start-up is an extremely exciting and scary prospect for almost every new business owner. It doesn’t matter how many times you’ve ran a business before, planning a new start-up is both thrilling and daunting at the same time.
There are thousands of businesses in York, so you won’t be alone if you’re planning a business start-up within the area! Before you do so, there are a number of things you should consider and have in place well in advance. Below you’ll find some of the most important factors in relation to this, so you have an idea of what needs to be established beforehand.
Have You Got a Business Plan in Place?
Every new company or organisation should have a business plan in place. This is a fundamental element of your overall business strategy and will be used for a number of reasons. First and foremost, if you are to obtain any finance you must have a business plan in place. In truth, without one, your company will lack direction and will fail to have any KPIs for you to work towards. A business plan will structure your plans and should provide a clear pathway to achieving your goals.
Choose an Appropriate Business Structure
Are you a sole trader or a limited company? Perhaps you are a partnership instead? The correct legal structure is vital as it carries many tax implications moving forward. There are numerous avenues of advice available online that will help you decide which is the best way to go. However, the best people to ask are your accountants as they will possess experienced knowledge on the subject and can accurately advise the structure that suits your start-up best.
Certified Accountancy Service
This brings us on nicely to your choice of accountant. Unless you are a qualified accountant yourself we always recommend that you seek the services of an experienced and competent professional. This will ensure your start-up’s finances are looked after and managed by someone who is skilled and qualified in the trade. You should always select an accountancy service that is regulated by a professional body here in the UK.
Chartered accountants represent the crème-de-la-crème of the accountancy world, providing highly-skilled experts recognised by the UK government. These professionals have completed a higher-level of qualification in the field of accountancy and will have all the aptitudes required to ensure your business start-up in York has the best chance of survival.
Here at Franks Accountants we offer a tailored and personal service to guarantee focused and individual results. We’ve been helping small business start-ups realise their ambitions in the city of York for some years now. Click here to see if we can help you too!
Get Your Branding Right!
Last but not least we believe it is incredibly important to get your branding spot on! You need to choose a name and a logo that represents who you are, what your customers want and the service you provide. Good luck!