Setting up a Limited Company
Have you decided to set up your business but are worried it might all go wrong?
Then read on and let me first assure you, you are not alone! No one wants their dreams in business to be shattered, to end up with a failed business and complete loss of confidence. Here are three simple steps to get you off on the right track.
- Check your idea for a business has legs I read a great tweet this week that went like this, “nobody cares about your products and services – except you. What people care about are themselves and solving their problems” (thanks to the Sterling Growth Hub for that).So start off by checking you know who your customers are going to be and what problem you are solving for them. Speak to them, find out their opinions and if they’d buy your product or service at the price you want to charge. Or start to build a pipeline online by setting up your home page and inviting people to “click here” if they like what they have seen and want to be know more.
- Ask yourself what action will take you one step closer to setting up your business.If you have decided now is the time to set out on your adventure in business, don’t let anything get in the way. Whatever the action is that will take you forward, doing your research, getting your forecasts into shape, working out your own personal survival plan, don’t put it off. Set yourself clear goals and don’t let them drift.
- Convince yourself the business can make moneyIt’s important you can get your business up and running as cheaply as possible, to gain confidence that you can attract and retain customers. Then you can think about scaling it up and securing further investment. So start out with a forecast and confidence you have enough cash to keep yourself going for the first few months. Know what your break-even point is and if at this point you want to start paying yourself.
If after reading this the fear of failure is still holding you back, come and listen to Rift Accounting MD Jane Ollis at the Business Show in Olympia this week where she will be sharing some classic stories of businesses that went horribly wrong and why, so you can learn what not to do!
At Rift Accounting we are here to help protect and keep you from danger. Call today if we can help you set up your own company.
