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