So you’ve got a business idea. You know it’s got potential, and you owe it to yourself to pursue it. But where do you go from here?
This is the seed stage of your new business, and it’s important to get the basics right now so life and compliance is easier down the line. Before you jump in, get as much advice and knowledge as you can to give your new business the best chance of success.
It doesn’t matter how great your idea is - unless there is a market need, it won’t work. Do your research, investigate your potential competitors, visualise your ideal customer base. Then, pick the right moment to jump in - timing is everything in business.
It doesn’t have to be a thesis; you just need to show, on paper, that you’ve thought things through. It should describe the essential components of your company – including management structure, financials and objectives - and provide a clear roadmap to help you stay on track. If you want to go more in-depth, create your marketing strategy and your competitor analysis; think about operating procedures and future workforce needs. And write it all down on paper to make it real.
How much funding will you need to generate revenue and reach profitability? You may need to secure financing - from the bank, or from investors. They’ll all ask to see your business plan and roadmap to assess the viability of your business idea.
Running a company requires more than just an idea to thrive - or even to be compliant with legal regulations. You’ll need business banking and credit accounts, insurance, maybe even staff. You’ll need to be registered correctly for VAT, PAYE, and other tax needs. And you’ll need to be legally set-up to be able to trade - this is where your chartered accountant or business advisor becomes key. Seek professional advice to choose the right legal structure for your business, to file paperwork with Companies House, and to obtain any other licenses or permits you’ll need to operate.
Work with a business advice partner who can help you keep focus. MHA MacIntyre Hudson can help with both set-up and planning, including:
Get in touch to discuss how we can help your seed become a business.
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