5 things to consider when starting a business
Contributed by: Berley

At Berley Chartered Accountants, we encourage and cherish entrepreneurship by working with entrepreneurs and helping them with their finances, accounting tasks, and tax advice.

Being the trusted accountants for entrepreneurs have allowed us to see first hand the passion required to start a business and the strength to carry it forward. So we thought it is good for us to share some tips to consider when starting a business.

Your idea

You may have an idea for a while and before making a commitment to turn it into a business, build a prototype, share your ideas with your trusted friends, conduct a small focus group, find out who are your prospective clients and why they want to buy from you. If you approach us with a new business idea we’ll give it serious consideration and take the time to understand your viewpoint before giving you ours and discuss how we can work together.

Funding

Most entrepreneurs turn to themselves initially as a source for funding, or to family and friends as a funding source known as ‘love money’. Crowdfunding is another popular option, while there are also government grants available to help with innovative projects. To get funding, most investors want to see a solid business plan. This is where Berley can help you to build a business plan that will help you to receive funding.

Name

Finding a good name is extremely important, and on this day and age, your chosen name is also your domain name. Finding a memorable business name and designing a captivating logo may take some time, so research and brainstorm with your friends on the best name for your business. Remember, the name is what customers see first so it has to be captivating and reflect what you’re about.

Website

In a world of technology and where almost everything is found online, having a website is extremely important. You want people to be able to access your website from any device at any time, so make sure it is optimised for mobile devices too. Just like with finding a good name, it will take some time and you might need to brainstorm with your friends.

Working alone

As hiring someone out right is costly, many entrepreneurs start up on their own first. During the initial phase, they may wear many hats and do many tasks to get the business going. While this saves you money, at some point in time your workload will increase as the business expands. To navigate through this process, check out our recently published post ‘Hiring Dilemma’. Call us on 020 7636 9094 today. We’d be happy to discuss your business ideas, as well as funding options and more with you in detail. If you liked this post, then you may also find our post on ‘Embracing the artisan entrepreneur spirit’ useful.