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Going into business

By Warren Bygrave - 8 Nov 2013

At a time when the economy is recovering, many people will be looking to their future and considering starting up a new business or buying an existing one.  This should be as good a time as any to do so.

As part of the planning for such a step you need to consider carefully the various elements that are needed to successfully own and operate a business including structure, capital, borrowings and other matters.  If you would like a copy of our checklist for purchasing a business please email us

When starting up or buying a business it pays not to be over optimistic.  There are many statistics showing the high number of businesses which fail in the first few years of operation.  In many instances these are not the result of a lack of effort, skill or vision:  they can be caused by major international events over which you have no control (eg the global financial crisis) a legislative change, cheaper products, new competitors entering your market, changing technology or a lack of capital.  Some of these are unavoidable but their effect can be lessened substantially with good planning and good professional advice, be that legal or accounting.

Starting up or buying a business should be an exciting time and, if you carry out a well considered plan, should have every chance of success.  What you should try to do is reduce the risks by having a good idea, undertaking research and due diligence, good support and, most of all, robust plans and structures.  This is the same for all businesses, be they big or small.

The law, particularly as it affects business, is changing all the time.  In fact at the moment there are a number of new laws being considered by parliament which will have huge impact on how businesses are conducted and the responsibilities of those who run them.  Some are very close to becoming law.

We understand the law and how it can help you achieve your goal.  We aim to identify and resolve many of the problems either before they happen or before they become too large.

If you are thinking about going into business please call.  We would welcome the chance to help put you on the right path and then celebrate your success with you.

Contact

Warren Bygrave

Claire Barron

 

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