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Meaning - An easy and pleasant life.

We strive to make the financial aspects of running
your business or organisation as easy as possible.
We're more than just accountants.

We can help you grow your business, and advise you
on the best strategy to give you...the life of Riley.

Six top tips for start-ups to ensure success from Riley & Co

Date posted: September 25, 2014

It is the ambition of many people to run their own business. Maybe you have been made redundant and find yourself with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts.

Whatever the reason, a number of dangers exist. Probably the greatest concern is the possibility of business failure.

Read on for guidance on some of the factors which need to be considered before trading begins.

The business plan

The business plan is the key to success. If you need finance, no bank manager will lend money without a sensible plan. Four examples of what it should include would be:-

  1. Define your business
  2. Marketing
  3. Financial forecasts
  4. Define your customers

Clear Marketing Plan

Make sure you research who your customers are going to be and target them.

Financial Forecasts

Estimate on a spreadsheet what your incomings and outgoings are likely to be on a monthly basis. Monitor your estimates against actual and keep one step ahead to keep on the ball and make any necessary changes.

Competition Analysis

Know your competition, what are they doing and what can you do differently or better.

Business structure

There are three common types of business structure:

  • Sole trader
  • Partnership
  • Company

The appropriate structure will depend on a number of factors, including consideration of taxation implications, the legal entity, ownership and liability.

Choose your accountant carefully

Your accountant can help you to grow your business and make sure you make the right choices.

Riley & Co will review your individual needs and provide bespoke bookkeeping advice and tools.

Get your business right from day one. Email info@rileyandco.co.uk

Riley & Co are running some new Start Wright Workshops aimed at business start-ups, in conjunction with Wright Angle Marketing

The sessions are every last Thursday of the month at Riley & Co offices Halifax and are FREE

All new businesses will be very welcome

To register the business can enter their details on the following web page http://www.purple-penguin.com/start-wright/

Please help spread the word!