On the other hand, you could already be exhausted and disillusioned from all of your frantic swimming in the deep end!
Either way, you need to take time out, relax and think. Is this really a good idea? How do I get this under control?
We understand your aspirations and work with your enthusiasm (or exhaustion) and help you turn your business dreams and schemes into the neat rows of numbers needed by the tax man and the bank manager.
More importantly, we can show you how understanding all of those numbers can help you enjoy the sweet feeling of control and start seeing ways to grow your business to wherever you want it to go!
Success is not a given. In fact, it can be very difficult and costly to get to the ‘success’ part of a business.
You need to take a step back and do your homework before committing time, money and energy to the process.
Homework? Yes, sorry.
There are many issues around your personal suitability to be in business and whether a particular business or business idea is suitable, both for you and for the big wide world. Even the best-run business will fail if no one wants the service, or the product is superseded by a gizmo from Japan or an app off the Net.
Once you’re past that part of the homework, you start to enter the financial and legal aspects of running a business.
Will it make any money? What does it cost to provide a product or service? What will people pay for it and is it worth your time and effort? You’ll be looking to do a ‘strengths, weaknesses, opportunities, threats (SWOT)’ analysis.
If it still looks good, you’ll want to know about the best business and tax structure for you. Are you setting up on your own or with a mate (starting a business with a mate can be a great way to lose a mate)? Or have you got an idea that involves big things – buildings, plant, staff and the loans and risks associated with them?
What’s next? You’ll need an introduction to some respected advisors who you can relate to, and to think about how you protect yourself and your family in the sometimes cut-throat business world.
But wait... there’s more! Staff, premises and vehicle options, equipment – what do you really need and what’s it going to cost to have them for the first year?
What does it take to become known – what does the marketing budget need to be?
Is the business going to carry stock? What’s that going to cost, and how do you look after it and ship it?
How do you stay in control of the financial side of all of this? How do you make decisions – gut-feel or sound financial information? The second way is best – so where does that information come from?
After completing all of the above, you’ve been in business for a few months (well done) - how’s it doing? How do you know how it’s doing? Do you feel in control – have you got your finger on the financial pulse? Yes! – then you are amazing!
So, what’s next? Can you pull up those neat shining rows of figures and plan the next move with supreme confidence? Cool.
Errr... or are you going to be relying on your gut-feel (...again)?
At Vision Accounting, we just love meeting people who are starting a new business – excited, enthusiastic, driven. But we prefer to meet you before you spend your money or sign any contracts!
And yes, we like to meet those of you who have bought and suffered as well – we can generally help sort things out and ensure your business is ticking along well.