accounting and taxOwning and running a successful business is a rewarding experience, however starting a business can be a challenging task. With today’s rough global economy, it is difficult to obtain sufficient start up financing to support a newly formed entity. With the help of firms like Healy Consultants Group PLC, these hurdles can be conquered through proper planning and supportive advice. This guide will provide a comprehensive checklist in the planning stages of business setup.

Why start a business?

With an average of 600,000 new businesses starting up each year, there are many compelling reasons to encourage entrepreneurs to start their own business. Before developing an idea, it is vital that entrepreneurs weigh the benefits against the risks of being self-employed.

Here are some benefits of starting your own business:

Independence – When you are self-employed, you can find your own work/life balance. This is good especially if you have a family, as you can have a flexible schedule, without having to ask for permission when you need time off work.

Choosing the people you work with – In a conventional work place, we are always faced with colleagues who emit negative unproductive energy. Being the business owner, you can minimize this by hiring people who you trust will benefit your company.

Challenge – Being the business owner, you determine the destiny of your enterprise. You will need to make decisive decisions on how to overcome challenges that you are faced with. This therefore makes every day different and interesting as you carry full responsibility.

Rewards – If successful, owning a thriving business can bring wealth to you and your family. As the business owner you impact the people you work with, and provide something of value to clients.

What do you need to do?

In order to start your own business, you must have a realistic business idea that can be turned into a product or service. It is important to see things from a consumer’s perspective when deciding this; there is no point in creating something people won’t need or be interested in. Therefore it is advisable you contact a market expert to carry out an extensive feasibility study on your proposed area of business.

A business can be doing virtually anything as long as there is profit. To achieve maximum results, it is important to keep in mind that you choose something you are good at, and enjoy doing. Many experts say that a key reason why businesses fail is due to not having a vision and the motivation to succeed. This problem arises when a business owner is not passionate about what he does and fails to inspire the people around him.

Business plans

“The best preparation for good work tomorrow is to do good work today” (Elbert Hubbard)

Writing a detailed business plan will give you an overview of how you are going to start your business.

Market Research – This should be carried out to test if your business idea is sustainable in the future. A feasibility study looking at previous trends, statistics, similar industries/markets, money, time, and resources should be carried out.

Banking – According to analysts, “71% of firms fail because of poor financial planning”. Therefore, it is important that you analyse which corporate bank will bring the most benefits to your business. Things to look out for are: the banks services, corporate financing, interest’s rates, and the banks reputation.

Location – When starting a business, planning where to operate is vital to success. For example, if your business deals with manufacturing products, you will probably need a large workforce. With this in mind, it would make sense to set up in a less economically developed country where labour is more affordable. Secondly, it would also be ideal to select a jurisdiction where taxes can be legitimately optimized to your advantage. Healy Consultants Group PLC will happily assist you when selecting a country to optimize your profits.

Before starting your business, and applying for a loan, ask professional advisors to review your plan to make sure you’re not overlooking anything critical or making inaccurate assumptions. You could ask a corporate services firm to guide you through the processes of incorporation.

Goals/Mission & values – It is important that you plan your goals before starting your business. Without goals, your business will have no sense of purpose and direction. To do this, you need to assess your key competencies, and resources in order to set a realistic target.

Once you have set your goals, it is advisable to come up with a mission and core values for the company.

Next step…the setup.