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10 Essential Steps to Starting Your Business

09 Sep 2016

At AP Accounting Solutions Limited we can provide objective assistance with writing your business plan, based on our experience in helping start-ups in the Cardiff area. Assuming external funding is necessary, planning is essential in achieving success. A well drawn up business plan not only crystallizes in your own mind the nature of the project and the timing of any required funding, but is vital to any lending institution. They are unlikely to provide any assistance without a properly drawn up business plan. The plan will include details of:

Starting a new business can be a scary and daunting experience when there are so many financial things to consider which is why we have put together this short guide!
1: Your Business Plan
objectives and aims of the business
purpose of the required funding
business ownership and history
management and responsibilities
products and market share
sales plan and strategy
financial position of the business with detailed forecasts

2: Business Structure
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The structure for you will depend on your personal situation and your future plans. Consider the options available to you. There are many potential advantages and disadvantages as well as options when deciding whether to incorporate for example. We are often asked, Should I form a Limited Company? The reality is that there is no easy answer. Each situation has to be judged individually. As well as the obvious issues of tax and national insurance contributions (NICs), there are many other potentially relevant factors.

3: Finance & Funding
Every business needs finance and starting up is often expensive. At AP Accounting Solutions Limited we provide guidance on the types of finance available, outline the planning required before approaching any lenders and help determine the type of finance best suited to your business and who to approach. Financing your business is the most fundamental aspect of its management. Get it right and you will have a healthy business and a positive cash flow.

Also crowdfunding is becoming a reality for many start ups across the UK now, which involves raising many small amounts of money from a large number of people, typically via the Internet. AP Accounting Solutions Limited can provide advice on crowdfunding such as how to gather historical data to strengthen your chances of getting funding during the early stages of start-up.

4: People
Without good people your business cannot succeed, and for a new or growing business, making the right recruitment decisions can be the difference between long-term success or failure. Consequently, you need a structured process for recruitment. Below more about issues when recruiting employees.
5: Financial Records and Systems
AT AP Accounting Solutions Limited we advise self employed people in the Cardiff area on all aspects of managing financial records and systems. Our experts advise on financial accounting systems and train you in how to use the right packages like Sage and Xero. We can chat to you about what best suits your needs as well as advise and train you on how to use the software.
6. Marketing & Growth
Most aspects of your business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is a process by which a product or service is introduced and promoted to potential customers. Without planning your marketing, your business may offer the best products or services in your industry, but none of your potential customers would know about it. Without marketing, sales can crash and companies can close.
7: Franchising
Franchising is becoming increasingly popular. There are advantages and disadvantages to franchising and points to consider when considering operating as a franchise such as:
strengths and weaknesses are compatible with the franchise
you have investigated the business you plan to buy
you have researched local competition and are sure there is room for your business
you have given legal contracts careful consideration
you have seen a financial adviser about financial projections, cash flow, working capital needs and profit projections
8: Insurance
AP Accounting Solutions Limited can advise start-up businesses in the Cardiff area on a wide range of issues. Insuring your business is just one of the many key considerations when starting up. Although most business people understand the need for insurance, a surprising number of businesses are uninsured, under–insured, or insured with out–of date–policies. Experts usually advise that your planning should centre on insuring for a catastrophe. You should therefore check that your insurance for fire, loss of profits, employers’ liability, public liability, and product liability is correctly arranged with suitable sums insured or indemnity limits. Are you sufficiently covered?
9: Taxation
Running a business involves lots of taxation issues and we advise you seek financial advice for this to ensure you maximise on your profits and don’t pay too much tax or fail to pay the right tax.
Register with HM Revenue & Customs (HMRC)
Learn how HMRC tax your profits
Learn how HMRC allocate profit to tax years
Learn how tax is collected
Understand National Insurance
Learn how to save for your tax
Learn abut cash basis options for small businesses
Our dedicated team of tax experts can help you with all areas of tax, you can get in touch for a no fee no obligation consultation to get you started.
10: Credit control
If you fail to check that the customer can support the amount of credit you are granting, your business will not survive for very long. What are the points to consider when taking on a new customer? Things to consider include knowing:
exact name of the customer and trading address (consider using Companies House Webcheck)
type of business structure, whether sole trader, partnership or limited company
names and personal addresses of proprietors if their structure is unincorporated (consider verifying letter headed paper to support this information)
contacting other suppliers to obtain references
considering their credit rating
Get in touch with our team of experts today who are expert business advisers and financial advisers who work with start ups in the South Wales region and can help on all of the above, for a no fee no obligation by email or by ringing 07853222375.

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// Co mówią nasi klienci?

Potrzebowaliśmy system pracujący w obcych walutach. Po bliższej wsp?łpracy Ola rozpoznała nasze potrzeby i zanalazła odpowiedni produkt. Zostaliśmy zapoznani z systemem Sage 50, jako odpowiednią platformą, dla kt?rej AP Accounting Solutions była w stanie zapewnić odpowiednie wsparcie. Pomoc przed, w trakcie i po instalacji zapewnila udaną migrację i przełożyła się na oszczędności. Wielkie dzięki! AP Accounting Solutions to profesjonalne biuro księgowe, kt?re zawsze wie, co robi i jest zawsze na wyciągnięcie ręki.

KW Interpreting

Jako nowy klient nie jestem w stanie przeceni? AP Accounting Solutions. Ich us?ugi s? profesjonalne, efektywne, szybkie i przyjazne. Z niecierpliwo?ci? czekam na lata owocnej wsp??pracy. Ola zawsze znajduje czas, siedem dni w tygodniu. Gwiazdorskie doradztwo z autentycznym osobistym nastawieniem. W?a?nie to nastawienie wyr??nia ich na tle innych biur ksi?gowych.

JM Logistics Ltd

Szczerze polecam us?ugi ksi?gowe pod nadzorem Pani Oli. Mam por?wnanie w obs?udze innych biur rachunkowych. Pani Ola profesjonalnie i terminowo dokona?a rozliczenia rocznego mojej sp??ki. Ponad to posiada niezb?dn? wiedz? i do?wiadczenie w obs?udze biznesowej sp??ek. Skorzysta?em z jej porady biznesowej i jestem bardzo zadowolony ze wsp??pracy. Dlatego postanowi?em podzieli? si? z innymi swoim do?wiadczeniem.

Eagle Contractors Ltd

Dla nas, jako ma?ej firmy budowlanej, Ola, dyrektor AP Accounting Solutions, jest doskona?ym wybawieniem dla naszych potrzeb zwi?zanych z ksi?gowo?ci?, poradami i wsparciem biznesowym. Ola wspiera nas jako?ci? swoich us?ug, jak i sta?? gotowo?ci? wyj?cia na przeciw naszym potrzebom. W mig otrzymujemy odpowiedzi na wszelkie pytania i w?tpliwo?ci. Pomoc, jak? orzymujemy jest niepor?wnywalna z ?adn? inn?. Nie jestem w stanie wyrazi?, jak doskona?ym wsparciem dla naszej firmy jest Ola, zawsze pomocna, bardzo przyst?pna we wsp??pracy, wskazuj?ca profesjonalne nastawienie. Mog? powiedzie? z absolutn? pewno?ci?, ?e nasza ksi?gowo?? jest w bezpiecznych r?kach, co bardzo pomaga w bezstresowym prowadzeniu firmy. S? wysoce profesjonalni, zawsze oferuj? szybk? i jasn? porad? oraz nakierowuj? w bardzo skuteczny spos?b. Ani przez moment nie zastanawialiby?my si? nad poleceniem us?ug tego biura innym firmom.

Lukasz Wenske, Director of Lenex Rendering Ltd

Consilio Construction and Architecture Ltd

Przez lata mia?am ksi?gowego, kt?ry mnie dos?ownie przera?a?. Ma?o wiedzia?am o specyfice ksi?gowo?ci i czu?am, ze m?j ksi?gowy u?ywa? tego przeciw moim interesom. Po wielu nieprzespanych nocach przenios?am si? do AP Accounting Services po tym jak zarekomendowali mi ich znajomi z innej firmy z tej samej bran?y co ja. Spotka?am si? z Ol?, kt?ra wyt?umaczy?a mi moj? sytuacj? zwi?zan? z podatkami w bardzo zrozumia?y spos?b. Ka?dy z jej wsp??pracownik?w odznacza si? profesjonalizmem, ?atwo?ci? w komunikacji i ponadto rozumiej? moje potrzeby, jako osoby prowadz?cej form?. Nie jestem w stanie wyrazi?, jak bardzo ceni? sobie ich us?ugi. Wi?c je?li chcesz zaj?? si? w zupe?no?ci swoim biznesem i zostawi? liczenie przyjaznej i profesjonalnej firmie, zwr?? si? do AP Accounting Solutions po wszelkie potrzeby zwi?zane z ksi?gowo?ci?.

LM Fabweld Ltd

Od momentu zatrudnienia AP Accounting Solutions jako firmy ksi?gowej, jeste?my pod du?ym wra?eniem dostarczanych us?ug. Ola i jej wsp??pracownicy od razu zidentyfikowali nadp?acony podatek, kt?ry by? niezauwa?ony przez innych ksi?gowych. Ola zapewni?a nam r?wnie? upust podatkowy o wysoko?ci ponad 4000 funt?w. Poza codzienn? pomoc?, buro ksi?gowe AP Accounting Solutions dostarcza nam solidne plany finansowe i porady odpowiednie dla firmy naszych rozmiar?w. Ich doradztwo jest bezcenne , jeste?my zachwyceni jako?ci? us?ug, jakie otrzymujemy od AP Accounting Solutions. Biuro to jest zdecydowanie zorientowane na to, aby zaoszcz?dzi? pieni?dze klienta. Otrzymujemy uwag? i opiek?, kt?rej nie otrzymali?my od innych firm.

Sowalo Ltd

Wsp??pracujemy z AP Accounting Solutions od dw?ch lat i zw?aszcza cenimy sobie ich proaktywne podej?cie w postaci nowych pomys??w i rozwi?za? w prowadzeniu ksi?gowo?ci naszej firmy. AP Accounting Solutions wywar?a na nas bardzo pozytywne wra?enie jako firma ksi?gowa oferuj?ca indywidualne us?ugi, jak i rozleg?? ekspertyz? w r??nych rejonach ksi?gowo?ci takich jak specjalistyczne podatkowanie, jak i wsparcie zaplecza firmy. AP Accounting Solutiona s? bardzo skuteczni.

Prima Universal Ltd

AP Accounting Solutions prowadzi księgowość i zarządza kontami firm naszej grupy od ostatnich dw?ch lat i całkowicie mogę ich polecić. Z uwagi na Oli ogromną wiedzę o księgowości, jest ona w stanie zarządzić skomplikowanymi relacjami między firmami, jakie kreuje struktura naszej grupy.

Will David, Director of Clenergy Ltd.

Wsparcie, porada i pomoc, jaką otrzymaliśmy od AP Accounting Solutions jest niezr?wnana. W zeszłym roku zaczęliśmy używać programu Sage, było to dużym krokiem do przodu, a proces zaznajamiania się z programem był dużo prostszy dzięki Oli, kt?ra krok po kroku poprowadziła nas we właściwym kierunku. Najlepszym aspektem wsp?łpracy z AP Accounting Solutions jest to, że można się z nimi spoktaktowac o każdej porze każdego dnia, co nie jest mozliwe u większości biur księgowych.

Fitch Autos Ltd, Brownhills, West Midlands

// Ostatnio dodane wiadomości

HMRC A1 Form 29 Dec 2023

Charging your electric company car at home 19 Dec 2023

Two new R&D forms 19 Dec 2023

// Skontaktuj się z nami

The Mill House
Erw Hir
Llantrisant
CF72 8BY

Tel: 01443 238651
Mobile: 07853 222375
Email: info@apaccountingsolutions.com
Web: www.apaccountingsolutions.com

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Aleksandra David is licensed and regulated by AAT under licence number 10141313.
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