How to start up a business – advice from accountants

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As the provider of the business start up services Peterborough entrepreneurs trust, we’re ideally placed to give advice to those wanting to start their own business. Here are our top four tips, and how we can help you going forward.

Do your research

Before you proceed with your business idea, you need to do your research. While your family and friends have maybe all sworn that you have a brilliant product or service to offer, you need to do some really detailed research. Is there a gap in the market? What kind of prices are other businesses in the field offering? Are there going to be any other similar businesses in your immediate area? Once you have some answers, you can then move forward.

Put together a business plan

You need to put together a business plan if you are going to secure investment or a loan from the bank. The plan needs to contain objectives, strategies, sales, marketing and financial forecasts. The plan will help you to clarify your business idea, and spot potential problems and act before they develop. It will also help you to establish your goals, and keep track of your short and long-term progress. Putting together a plan isn’t as daunting as it sounds, and there is plenty of help out there if you’re struggling.

Work with a trusted accountant

Key to finding success as a small business in Peterborough is finding a great local accountant. Luckily for you, we are here to help. We’ll take on all the hard work of looking after your accounts so that you can grow your business. If you can’t decide between trading as a limited company or a sole trader, we’ll advise you on which is more suitable for you. We’ll also tell you how to keep accurate records – or keep them for you if you prefer. Finally, we will also ensure that every box is ticked and that you meet all of the necessary statutory requirements in all areas of your business.

See what financial help you qualify for

It’s also important to remember that there is funding for small businesses available from the Government. Some of these might not be advertised, so it’s worth digging around and enquiring to see if you can get the money that you need. The UK Government website lists a wide range of financial support for businesses, with different options available depending on region, number of employees, business stage, and industry. We’re familiar with a lot of the support provided to businesses in Peterborough, so will be able to provide advice on those if that is something that you are interested in pursuing.

Find out more today

To find out more about the business start up services Peterborough entrepreneurs recommend, please do get in touch with the team at Linda Carr Accountants today.

We believe that every business owner deserves time to talk about their idea and their goals, and we are on hand to help you realise your dreams and grow your business. So, give us a call today – and we will take things from there.

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