Start-Up Advice

Getting a good understanding of the whats, wheres, hows, whens and whos is just as important as anything else in the early days of a new business venture. And relying on what a guy at the pub said won’t carry much weight if things go wrong.

There are many areas that can be confusing or even just need some clarity including:

• the legal status of your business – should you be a sole trader, partnership or a company
• how to purchase those key assets – should you take hire purchase or contract hire
• how to obtain finance – will a lender consider me as a new business
• how to register and pay taxes – this is wholly dependent on your legal status

Furthermore, putting your thoughts into a business plan can give you something to monitor as you progress and is also regarded highly by banks and other key stakeholders.