How are you going to get your business through tough times

Things are tough, that’s for sure, but if you’ve got a business idea burning in your brain, there’s no reason why you can’t kick-start your venture today. With the right approach, you could be ploughing your own furrow and reaping a harvest sooner than you realise.

Actions to take and things to remember…

There’s a lot to get your head around, but with good advice from knowledgeable experts you’ll put your business on the right footing as you consider the following points.

1. Set your business structure up correctly from the start – e.g. sole trader or limited company – and understand how to operate tax efficiently.

2. Research your market – look at your competitors and talk to your potential customers to understand their needs properly.

3. Do a business plan – nothing focuses the thinking better than establishing your goals, doing a cashflow forecast, and planning your growth.

4. Work on your brand – strong branding builds loyalty and engagement and provides a platform for future growth. Think it through carefully from the start and build from there.

5. Register your domain – get your domain name address set up from the start. Even if you don’t have a website, you’ll be using email. Plus, it helps you to bottom out your business name; if the domain you want is taken, you might need to be a bit creative with your thinking.

6. Plan for premises – if it’s appropriate. Many businesses start in a garage or a spare room, but at some point you’ll want to expand. Start getting a feel for the commercial property market straight away.

7. Consider strategic partnerships – as a business owner you don’t need to do everything. Strategic partnerships can provide mutual support, customer leads, and motivation when times are tough. Business networking has fuelled many successful entrepreneurs.

8. Plan your IT requirements – obviously this includes hardware and software. However, data storage is important and keeping your data secure is critical.

9. Assess your funding needs – cashflow is king, so speak to your accountant about your options and pick their brains on the right funding approach for your business idea.

10. Get your mindset ready – you’re going to need enthusiasm, stamina, determination, and focus. But if you’ve read this far… you’ve probably got all those in abundance!

Good luck. Now is a great time to give it a go.

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts & Tax with Helen Beaumont in 2014. Roger loves ‘getting his hands dirty’, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Using an extensive network of business contacts to leverage the best guidance and practical solutions, he has been called a Business Godparent due to his caring, hands-on approach.

Get in touch with Roger and see how he can help you with your accounts and tax - essendonaccounts.co.uk