The steps taken in starting a business will vary depending on the size and complexity of your plans, from the individual who wishes to commence a window cleaning round to the group of people who wish to develop, manufacture and distribute a major product.
But if the business is to succeed, various questions must be asked and steps taken, no matter what the size and complexity. A business plan needs to exist, in some form. For the smallest type of business this can be achieved informally. But for ventures of any substance, best practice is to produce a thorough written business plan.
Such a business plan will typically include sections on:
- Brief resume of the business and its aims,
- Structure and legal status of the business,
- Personnel and their areas of responsibility,
- Product/service details,
- Marketing plans,
- Cashflow projections,
- Finance requirements,
- Your intented uniqiue selling proposition.
Business plans are most often required to support a lending application to a bank, from a new business. Our experience of how bank managers interpret these applications, and of what criteria they are looking for, will allow us to de-mystify this process for you and to boost your chances of making a successful application, first time. Based on second guessing the risk the banks will associate with your proposal, we shall also be able to advise you on the optimum combination of interest rate, bank charges, life assurance and security that you should expect to negotiate with your manager. In addition, our involvement in your business at such an early stage in its life will enable us to give you pro-active tax, business and finance advice, to save you money in your new venture.
Whitings have looked after our shop business for many years, helping with payroll, VAT and general taxes. They always have an eye on improving the business for the future.