OVERVIEW
Starting a new business, whether it’s for the first time or a repeat, is always an interesting time.
Experience tells us that getting things right at the start can save a lot of time and prevent issues later on. We’ve found that thinking of a start up as an assembly process is a good way to begin. A number of essential building blocks are needed and no one part is more or less important than any other. However you need all of the parts in their correct place at the correct time to ensure that you have a good foundation for the future. It will be beneficial to draft a short business plan, a few pages of A4, to communicate your objectives and how you will achieve them. As you progress, this can be updated and provide a cornerstone of the business as it goes forward.
There are a significant number of tasks and procedures to go through when starting a new business. These range from choosing a trading name, the type of company (sole trader, partnership, limited company) where you will trade from, who to bank with, through to notifying the relevant authorities. Understanding the options and making an informed choice for your business at the start, has proven to significantly reduce costs, time and frustration later on.
Here are some typical activities and benefits companies can realise from engaging with Solve’s business advisors:
We help the founders to ensure that they understand the options in relation to establishing a trading business and provide guidance on the advantages of each.
Provide an external independent assessment of the businesses viability and that a market for their products or services does exist at the volumes they expect.
We ensure that the right legal documentation has been prepared and filed and identify any additional restrictions on the activities.
We help the founders to ensure that there are no potential claims against the new business from former employers of the business owners, or challenges to ownership of intellectual property associated with the business.
Identify any potential legal or other restrictions on the business such as formal registration with trade or legislative bodies.
Evaluate probable competitor actions when the business launches
Identify any grants or other financial incentives the business can utilise. Solve can also help with developing a bank relationship and bank applications.
Engaging Support
A pre-requisite of any Solve advisor is that they have a wide knowledge and experience of running and managing businesses. They are therefore ideally placed to offer this skill, knowledge and experience to those that are starting a new venture. The approach taken by Solve advisors is to undertake and deliver a variety of services including those shown below to ensure your company starts with the best possible foundation for profitable growth:
Ensure the correct documents are filed at Companies Office to establish the business in the correct legal manner
Notify any relevant parties of the business starting, including TAX registration if appropriate
Preparation and communication of a business plan
Ensure that banking facilities are established.
Ensure that the right access controls are in place for the account and any credit/debit cards have appropriate limits
Establish company policy and procedures in relation to employment law, Health & Safety, etc. and ensure they are compliant
Make sure internal reporting procedures are in place for the control of expenditure and that financial management reports are generated on a regular basis and used to monitor progress against the plan
Appropriate levels of creditor/debtor control are established and the cash flow status is understood
Ensure that a three-year Budget and Cashflow have been drafted. We have templates to aid with this
Handle TAX registration if applicable. Due to the diligence checking procedure this can take six months to complete
Make sure that any requirements for external funding are in place and ready to draw down
Ensure that your product/service is ready for market and that the market is ready for it
Review and provide an external independent assessment of any legal contracts, eg, property leases, you will be expected to sign. Experience tells us this has prevented many costly issues
Set your communication strategies; from mobile and fixed line telephones, internet access, email addresses, etc.
Initial marketing, how will you tell the world you’ve started trading, how will they find you? What image will they see when they do?
We have identified the most important issues you may be facing if you are STARTING A NEW BUSINESS – and are here to help.