Starting Up
What do you require to set up in business on your own?
First, you will require some finance to keep you going until the money comes in.
Typically, this may need to cover you for a period of around six months. This will
act as a substitute for your "take home pay" and provide cash for your supplies.
You may have your own resources, or perhaps you have someone who can assist?
Does this person want to be your Partner or just an investor? Contact us and we
can show you the advantages and disadvantages of both. What's more, our sister
law firm, Penn Legal can undertake the necessary legal work to ensure that you
are both protected.
If your business is making losses, which is not uncommon in the first years, you
will have to find the funds to cover the loss.
If your finance is provided by an external source of funding, for example a Bank,
who gives you an overdraft or provides you with a loan, a business plan is a must!
Penn Accounts can help you with the preparation of the required information and
support your discussions with your bank or lender. Often, the mere fact that your
business plan is well prepared, well reasoned and your Accountant is there with you,
demonstrates to the external funding source that you are serious about your commitment
to your new business venture and its success.