Planning to Succeed

Failing to plan can mean the same as planning to fail!

Starting any business requires resources, hard work and planning; so, by fulfilling all three the odds will be stacked in your favour. The following set of questions may help to give you some insight and pointers for the next part of your journey.

What insurances will you need for your business?

For businesses, especially small businesses, special insurances are need to protect their business against accident, theft or loss. Although this is yet another expense for the start up business, small businesses are actual even more vulnerable as they don’t often have the financial resources to replace items that are damaged or stolen.

There are some insurances that are compulsory and some that are voluntary. This fact sheet looks at the main policies in both these areas.

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An introduction to VAT, tax and National Insurance

One of the most daunting areas when setting up a business is the tax requirements and obligations. If are setting up a business, whatever its size or type, you are responsible for tax and National Insurance and ignorance is not viewed as a reasonable excuse for getting it wrong.

This fact sheet introduces these taxes, and explains how they will affect your business and what your obligations are under the law.

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Sources of new business funding

Setting up a new business costs money. Depending on the nature of that business depends on how much. For the vast majority of new business start ups there is a need for external finance to get a business off the ground and trading and cover running costs in the early stages.

This fact sheet looks at the alternatives open to you.

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Setting up a CIC (Community Interest Company)

Community Interest Companies (CICs) were introduced by the Government in 2005 as a new type of legal status for people wanting to start up businesses with social objectives rather than being driven by personal profit and dividends.

If you are looking to set up a social enterprise, this fact sheet gives information how to set up a CIC and the legal implications.

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Buying a franchise

Buying a franchise is becoming an increasingly popular way of setting up a business. You are acquiring an established business or brand with support in terms of systems, processes and marketing and so can be a lower risk way of starting out running a business.

This fact sheet looks at what to look for in a potential franchise and the business and financial issues associated with running a franchise.

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Running a business from home

With the increase in home and mobile technology, running a business from home is now becoming an attractive proposition for many people. The ability to cut out commuting time, work around family, improve your work/life balance or just keep overheads to a minimum, make a home base seem very attractive.

This fact sheet looks at the advantages and disadvantages of running a business from home.

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Choosing commercial premises

Most businesses will need premises to operate from and choosing the right location and premises is a crucial decision that will have a major impact on the future success of your venture.

This fact sheet looks at the main considerations to make when making this vital decision.

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Writing a business plan

One of the most important tasks when starting a new business is to write a business plan. It is a way of putting down all your ideas, making some important decisions about your business, establishing realistic targets and objectives and also as a tool for attracting funding and investment.

This fact sheet looks at the main areas and structure of a good business plan.

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