Having established what you are trying to achieve and how you are going to go about it, it is important to seek expert advice on the various aspects of your new venture.
These include:

• Accountant
• Solicitor’s
• Bank
• Insurance Broker

Accountant and Independent Financial Adviser

Firstly you will need an accountant and an Independent Financial Adviser. Your business will be offering goods or services in exchange for payment. Records of the transactions need to be kept and tax liabilities need to be agreed with the Inland Revenue. These are all areas in which we can give advice, and this advice can prove invaluable. This is particularly so in the first year of a new business when, if your affairs are planned carefully, the potential to achieve tax savings is often at its greatest.

We will help you to set-up a good book-keeping system, which will enable accurate accounts to be prepared. Keeping good books from the start will keep audit and accountancy costs down. Click here for a fixed fee quotation.

Our other functions in the early stages are to assist in the preparation of your business plan and cash flow forecast, assist with registrations for national insurance, VAT etc, and to advise on alternative methods of financing the business. Click here for help in financing your business

Solicitor

Next, you need to consider whether it is appropriate to engage the services of a solicitor. The key issues on which you may require a solicitor’s advice or assistance are as follows:

• Purchase or lease of property: You will need to consider any planning restrictions and ensure that you can use the property for its intended purpose. You will also need to be satisfied that you are not taking over any hidden liabilities.
• Standard terms of business: Careful consideration should be given as to how much credit you will offer your customers, and how this will affect your cashflow.
• Protection of your trading name and product: A business’s brand and product are often its most valuable assets. They can frequently be protected by the registration of a trademark or a patent.
• Employment contracts: So far as possible, you will require flexibility in your contractual arrangements with employees while protecting the business against possible legal claims.
• Distribution, agency and franchise agreements: It is often only when a relationship breaks down that the inadequacy of the contractual agreements entered into by a business in its start-up phase really comes home to roost.

Click Here for legal advice

Bank

Selecting a bank is the next issue. Armed with your business plan and the benefit of professional advice, you will by now have a clearer picture of what you require from a bank. If you expect to operate your account in credit, your main concern is likely to be that the bank charges are kept to a minimum. If you need finance from the bank, you will also be concerned with the relative cost and flexibility of a bank loan compared with an overdraft facility. Knowing the right questions to ask will help you to ensure that you explore all the options and make the best decision.

One of the most common questions raised by proprietors of new businesses is which bank they should use. If you have a good relationship with your current bank, then speak to your branch manager. If in doubt, speak to more than one and compare their terms.

At AFM Group, we deal with all the major banks, and will be pleased to make an introduction if you need one. Click Here for a recommendation

Insurance Broker

The various types of insurance which you may need are as follows:

• Employers’ liability: This is compulsory by law if you employ anyone. It covers personal injury and damage to personal property of employees. (This includes yourself if the business is operated through a limited company).
• Motor insurance: Check that all vehicles are covered for business use and that there are no important exclusions in the policy.
• Public liability: This covers personal injury and damage to personal property of the public. It is not compulsory, but is advisable, especially if you have business premises.
• Property damage: This covers buildings and contents for fire and theft. Make sure that the level of cover is adequate.
• Consequential loss: This covers loss of profits arising from interruption to the business through fire, theft, flood etc.
• Professional indemnity: This may be necessary in certain professions, particularly where client care is involved.
• Permanent health: This type of insurance is often overlooked. It covers you for loss of earnings when you are unable to work due to personal illness or disability. The required level of cover requires careful consideration and we can help you decide on this.
• Keyman life assurance: This is appropriate where the future of the business depends on certain individuals. Your own life cover should not be overlooked, especially if you have family dependants.

Click here for more information.