About MHA MacIntyre Hudson IT Services company in Birmingham, United Kingdom
So youve got a business idea. You know its got potential and you owe it to yourself to pursue it. But where do you go from here?
This is the seed stage of your new business and its important to get the basics right now so life and compliance is easier down the line. Before you jump in get as much advice and knowledge as you can to give your new business the best chance of success.
It doesnt matter how great your idea is - unless there is a market need it wont work. Do your research investigate your potential competitors visualise your ideal customer base. Then pick the right moment to jump in - timing is everything in business.
It doesnt have to be a thesis; you just need to show on paper that youve thought things through. It should describe the essential components of your company – including management structure financials and objectives - and provide a clear roadmap to help you stay on track. If you want to go more in-depth create your marketing strategy and your competitor analysis; think about operating procedures and future workforce needs. And write it all down on paper to make it real.
How much funding will you need to generate revenue and reach profitability? You may need to secure financing - from the bank or from investors. Theyll all ask to see your business plan and roadmap to assess the viability of your business idea.
Running a company requires more than just an idea to thrive - or even to be compliant with legal regulations. Youll need business banking and credit accounts insurance maybe even staff. Youll need to be registered correctly for VAT PAYE and other tax needs. And youll need to be legally set-up to be able to trade - this is where your chartered accountant or business advisor becomes key. Seek professional advice to choose the right legal structure for your business to file paperwork with Companies House and to obtain any other licenses or permits youll need to operate.
Work with a business advice partner who can help you keep focus. MHA MacIntyre Hudson can help with both set-up and planning including:
Legal structure and set-up including advising on the best company type for your operations
Preparing your business plan
Introducing you to financiers and investors
Investigating any government grants you can utilise
Tax registration planning and paperwork
Get in touch to discuss how we can help your seed become a business.
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