1 Buying a business
“Buying an existing business can be less risky than creating one from
scratch. If the business has customers, it has income. Risk is also
easier to assess because you can calculate costs, turnover and profit –
and thereby predict cashflow”
Emilie Corbille of www.daltonsbusiness.com
2 Setting up a limited company
“If you want to form a new company, you must send Companies House
your registration fee plus a memorandum of association, articles of
association and a completed IN01 form, which details the company’s
registered office and the names and addresses of its directors (and
company secretary, if applicable)”
Andrew Millet of Wisteria Formations
3 Tax for the self-employed
“By putting away some money from your earnings each month – say, 25
per cent of your gross earnings – you should have more than enough money
in the bank to take care of your tax bills”
James R McBrearty of www.taxhelp.uk.com
4 Market research for start-ups
“Even if you believe you have an excellent idea for a business, you
mustn’t allow yourself to get fooled into a false sense of optimism.
Test it thoroughly by doing some basic market research. Only then can
you move forward on any sound basis”
Start-up author Kevin Duncan
5 Calculating start-up costs
“You should minimise your start-up costs because then you’ll stand a
better chance of surviving that crucial first year. Also, it’s a good
discipline to get into from day one. In business, you must keep your
costs as low as possible – and avoid buying things you don’t need”
Martin Dunne of Sayers Butterworth chartered accountants
6 Effective cashflow management
“The old saying ‘turnover is vanity, profit sanity and cash reality’
remains true. Businesses go bust in the long term through lack of
profit, but in the short term, they fail because they don’t have enough
cash to pay their bills on demand. Cashflow is the lifeblood of any
business”
Chartered Accountant Howard S Hackney
7 Supplier contracts
“Having a written contract clearly sets out the roles and
responsibilities of both parties, which is helpful when it comes to
monitoring the relationship’s success. It can also act as proof if a
supplier’s performance falls short”
Marie Kell of Andrew Jackson solicitors
8 Complying with environmental legislation
“The onus is on the business to ensure staff comply with legislation.
An act of omission by an employee is likely to have consequences for
the business. In some circumstances, directors may even be personally
liable.
The consequences can be drastic”
Kevin Turnbull of Muckle LLP Solicitors
9 PR for start-ups
“Editorial is regarded as more believable than an advert. I’ve read
that it’s 50 per cent easier to sell to someone who has read positive
things about your business, products or services. And such publicity is
usually no cost or low cost. Even if you have to pay someone to do your
PR, gaining one piece of coverage per month can be much cheaper than
advertising”
Jane Lee of IT PR specialist Dexterity
10 Setting up a home-based business
“It’s low cost and therefore less risky, because there aren’t any
expensive premises overheads. You can also claim for a percentage of
your domestic bills, for lighting, heating, telephone calls, etc. A home
office means no commute, so you save money and time, too”
Emma Jones of Enterprise Nation
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