A Cumbria-based accountancy firm has launched a checklist of five important questions aspiring entrepreneurs need to consider before starting their own business.
Saint & Co Chartered Accountants has devised the five points as a practical guide designed to help start-up businesses build strong foundations for long-term success.
According to Saint & Co Partner, Lindsay Farrer, the highlighted questions need answering with conviction and confidence before people take the plunge, particularly in challenging economic climates.
The five questions which feature on the checklist are:
- Will you make enough money to sustain a full-time business?
- What is your motivation to running the business?
- What competition is there?
- What grants and funding are available?
- Have you made a Business Plan, financial forecast, understood potential tax obligations, etc?
Lindsay said: “Starting your own business is a life-changing decision and is something which needs careful planning to make sure that you’re going to succeed. There are various reasons why people want to own their own company, but those reasons have to be financially viable, and the terms have to be right for them and their families.
“The first place to start is producing a Business Plan and financial forecasts because whatever the motivation to starting the business, you need to crunch the numbers and ensure that it will make enough money. You may love what you do, but if it’s not making profit, it’s ultimately an expensive hobby.
“It’s also key to figure out how you’re going to fund the launch and subsequent operation of the business. There is help out there through start-up grants and loans, but the most difficult thing in this regard is finding them so having someone who can signpost you to these can often be vital.
“By taking the time to answer these five questions honestly, aspiring business owners can gain a much clearer understanding of the opportunities and challenges ahead. It allows them to identify potential risks, strengthen their plans and put themselves in the best possible position to succeed.”
The checklist has been devised by Saint & Co due to a rise in requests for assistance from potential start-up businesses.
Lindsay underlined the importance of planning, market research, understanding target audiences, assessing demand and exploring all tax obligations.
She said: “Every successful business starts with a plan. Seeking professional advice early can provide clarity, save time and give business owners confidence that they are making the right decisions from day one.”
To further aid start-up businesses, Lindsay is hosting a free webinar allowing attendees to find out the fundamental financial advice required when you’re starting your own business.
The session, to be held at 10am on Tuesday, September 22, will cover financial forecasting, how to estimate costings, what grants are available, what taxes apply and the importance of accounting.
People can register for the webinar here.
Saint & Co has offices across Cumbria in Carlisle, Ambleside, Cockermouth, Millom, Penrith, Whitehaven and Wigton, and throughout Dumfries & Galloway.
