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Key points in setting up a new business

A recent survey found that more than half (51 per cent) of business owners believed 2022 was a good time to start a business.

This is despite the ongoing rise in inflation and interest rates and labour shortages.

Oneday, an advice platform for new entrepreneurs, polled 500 UK business owners via research firm Censuswide about the challenges.

The polling showed that 73 per cent believe that one of the main reasons many start-ups fail is due to a lack of experience, awareness and sound advice.

So what should potential entrepreneurs think of when setting up their business and making a success of it?

Is there a demand?

Are you offering a unique service? Even if you are not, your product should be different, preferably superior to competitors. Check out the market and talk to potential customers suppliers and distributors.

Be adequately financed

Finance is all important and you may need to borrow from a number of sources. Make sure there is enough to make the business work and cover any downturn. Once established, you will need to invest in technology like cloud accounting software, that will allow you to track all your finances and will be compatible with what your accountant is using.

A business plan is critical
Possibly the most important element and a roadmap to the future. Check each step is achievable and you have the means to measure success. Again, having the right software will make keeping track of your business so much easier with real time information.

How will the company be set up?

Will you form a limited company, a sole trader or maybe a partnership? You need to determine what will work best for you as each has its benefits and drawbacks.

Get professional help

Make sure you seek professional advice each step of the way. Your accountant will be able to provide much of the advice you need.

Thinking of setting us up a business? Please contact us.

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