SDB Accountancy Services providing financial services to Start ups, Sole Traders, Partnerships and Limited Companies.
SDB Accountancy Services providing financial services throughout the North East of England.
Servicing Business within \nthe North East for 10 years
Get in touch  0191 2766792
info@sdbaccountants.co.uk

Thinking about starting your own business?

What are your key objectives? 
You should define the main aims of your business, including what you hope to achieve. This might be fulfilling a personal ambition, or providing a range of new services to a particular target market. What is the nature of the business, and what needs in the marketplace do you aim to meet?

What are your expectations? 
Many small businesses do not make significant profits in the first two years of business.
So before you begin make a realistic estimation of your expected profits, and the potential growth rate of the business.

How much finance will your business require? 
Once you have prepared a business plan you will know the funding needed to get the business started and will then have to decide what source of the funding would be eg personal savings, loans from relatives, bank loans, overdraft facility, Business Angles etc.

Business plan:- 

Creating a business plan is one of the most important things you will do when starting a business. The business plan should be realistic and clarify your business objectives. An effective business plan will also help gain funding from potential investors eg Banks, Business Angles etc.

The business plan should include the following:-

  • A business description and mission statement.
  • Management and people profiles.
  • A financial portrait and strategy.( Include details of source of finance, cash flow and profit projections.)
  • Sales and marketing objectives.
  • An executive summary. ( This is to provide a concise overview of the essential points of the business plan.)

Do not ignore competitors and potential risk if possible prepare a analysis of the potential business Weaknesses and Threats and its Strength and Opportunities. 

The presentation should be professional, clear with charts and graphics to back up the numbers and the plan should not run to more then ten pages.

Registering your business:-

The business will have to be registered with HMRC for tax purposes and Companies House if the business is a limited company. 

Which business structure:- 

A decision will need to be made from the out set as to the business structure that best suits your needs. Whether that is as a sole trader/practitioner, partnership, limited liability partnership or limited company. There are advantages and dis- advantages for each in terms of control, perception, support costs and tax.

The Early Stages:- 

As the business takes off, you will have to consider a whole range issues for different areas of your business. 

These will include the following:-

  • Premises and location.
  • Marketing and branding.
  • Production.
  • Patents and Trade Marks.( used to protect your idea, invention or brand.)
  • Insurance.
  • Managing finance.
  • Taking on staff and the legal and tax rules associated with staff.
  • Keeping business records.( Very important as HMRC are looking very closely at the quality of business records.)

'The New Business Kit' is a guide to starting a successful business and expands on the above and retails for £20. Any one purchasing a copy through my web site can have a copy for free. 

We have also produced a fact sheet with regards to what accounting records a business needs to keep so that the business is compliant with HMRC business record keeping.

SDB Accountancy Services • Tel: 0191 2766 792  • Mob: 07596854430 • Email:
SDB Accountancy Services is a member of The 2020 Membership Group which is the leading membership organisation for helping progressive accountants and tax professionals throughout Europe, North America, Africa and Australasia.
SDB Accountancy Services is a member of The Institute of Financial Accountants
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