Starting a new business is an exciting time but an alarming number of businesses cease trading within a couple of years.
At My Controller we help point out the common areas of neglect by new start-ups and work with budding entrepreneurs to ensure they do not fall in to the same patterns.
The areas we focus on:
Motivation for starting your business
Do you have a passion for it? have you spotted a gap in the market? does your research present a strong business case? do you have the drive and determination to succeed and who will you rely on along the way? what are your strengths and weaknesses and therefore the internal opportunities and threats to the business going forward?
How the business will be managed
What key information you are going to require as you progress and ensuring you have up-to-date and accurate data to report against.
How the business will be financed
What investment the shareholders will make, how quickly you will start to generate income and where your break-even point is.
Where the business is located
Is the business easily accessible to your client base, suppliers and work force? What is required to secure any premises and looking ahead to any impending legislative changes to be considered.
How the business will expand
What levels of additional finance will need to be generated to facilitate expansion (if any) and over what time period?
What the overall objective is from the shareholders
Is the aim to create a sustainable business which generates a living for the investors and work force going forward or has an exit point been established?
The above are just a few points to bear in mind when starting a business and we offer a thorough planning service to help your business to get off to the best start possible. Once you are up and running we have a range of services to ensure you retain control and achieve success.