Knights Lowe: How to create a successful business

You’ve had a great idea for a new business and have decided to put it into action. Before you start trading there are some important things you should think about that could be the difference between success and failure.

Demand

Have you thought about whether there is a market for your product or service?

Business structure

There are 3 common types of business structure and it’s important to get the right one for you as each has different commercial and tax implications:

Sole trader – the simplest structure where the business is not distinguished from the owners personal affairs

Partnership – similar to a sole trader but with other owners involved

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Limited company – a separate legal entity from the owner but with more regulations to comply with

Taxation

The type and rate of tax on profits depends upon the structure chosen. Other taxes such as national insurance and VAT also need to be considered at an early stage to ensure that you register on a timely basis and avoid later problems.

Business Plan

Having a business plan and strategy in place is often the key to success, especially if bank funding is needed. It should set out what the business is, the market, how it will operate, any capital requirements and projected financial results.

Deciding to start your own business is an exciting time but it can also be incredibly scary. The decisions that are made early on in the lifecycle of your new venture can affect its (and your) success further down the line so it’s crucial that you get it right.

Knights Lowe have many years experience with helping people start their own business and also in dealing with growing businesses and the issues that are faced. We offer a free, no obligation first meeting so come along and have a chat about your requirements to see how we can help you succeed. Call Sarah Healey Pearce on 01284 701300 or email on sarah@knightslowe.co.uk.