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If you’ve never run a business before, the whole process of setting up a business and getting it ready to make its first sales can seem quite daunting, with lots of things to think about and lots of choices to make. Five Rivers can help you make good choices in your business set up right at the start and help you avoid having to make expensive and difficult changes down the line
Things to Think About
The first thing to be clear about is whether you really do want to work for yourself and that you have thought through all of the upsides and downsides of being your own boss. Startups often take time to get going and make enough money to pay their owners, so its important to have realistic expectations about your business and the means to see a fledgeling business through to maturity.
All good businesses will be underpinned by a credible business plan and it often helps to commit your plan to paper as writing things down tends to focus the mind and helps organise ideas. Your business plan should not only cover the basics of what your business will do, who you want to trade with and where it will be located, but also how much money will be needed to set it up and where the necessary finance will be sourced from.
Another important consideration will be the structure of the busines you wish to set up – will you be a sole trader or would you like to incorporate your business as a limited company as there are advantages and disadvantages to both types of set up ? If you are going into business with someone else, maybe you’d like to set up a partnership, or if its a limited company, have different types of shareholdings with different rights and entitlements attached to each. Getting these things right at the start can save you time and expense later on
How can Five Rivers help ?
Here at Five Rivers, we will work with you on your business set up by
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Get in touch with us
Feel free to get in touch with us to talk through your business plans or concerns without any cost or obligation