Starting Up in Business
> Starting Up in Business
It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts. Whatever the reason, a number of dangers exist. Probably the greatest concern is the possibility of business failure.
> Could I Really Make a Go of it?
Many people wonder deep down if they could really make a go of running their own business. It is not for everyone but the following is a list of attributes that successful business owners have. You do not need all of these characteristics but ‘go-getters’ have the majority of the qualities.
> Business Structures – Which Should I Use?
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters.
> Business Plans
Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan.
> Raising Finance
Every business needs finance – whether it is just starting up or looking to develop and grow. But what type of finance is best suited to the development of your business, and who should you approach for funding? We provide guidance below on types of finance available and outline the planning required before approaching any lending institution.
> Sources of Finance
The financing of your business is the most fundamental aspect of its management. Get the financing right and you will have a healthy business, positive cash flows and ultimately a profitable enterprise.
> Insuring Your Business
When starting a new business, you will no doubt recognise the need for insurance. It can provide compensation and peace of mind should things go wrong but can also represent a significant cost.
> Credit Control
Obtaining new customers is great for business, unless they fail to pay you. If you fail to check that the customer can support the amount of credit you are granting, then commencing legal action when they do not pay can be a long drawn out and potentially costly process.