Whether you’re considering a new venture, or your launch date is already set in stone – it’s a good bet there are a lot of questions swirling around in your head. It’s an exciting time, and there’s one thing a new startup owner can never get enough of – relevant support for startups from reliable sources.
Well-intentioned suggestions can come in many forms; opinions from your former co-workers and associates, quickie tips from vendors who are keen to win your business, glossy flyers from bankers who want your money on deposit.
We think there’s a better way.
When it comes to truly valuable support for startups, it’s important to glean unbiased guidance and assistance from dependable sources with absolutely no agenda. “Just the facts, ma’am.”
Here are several questions commonly posed by startups in various stages, along with some great corresponding sources for advice and support for startups.
1. Are my ideas for a business realistic?
For extensive local support and help with developing your business ideas, check with these HMRC-recommended organizations:
2. How do I research the market I’m entering?
Produced by gov.uk, this video explains how to study the market and interpret your results, toward finding relevant customers for your specific products and services.
3. How can I determine my financial picture?
Cash flow defined:
Finance forecasts explained:
Business plan – Used to acquire bank loans or investments, it’s a written document that describes your business, including its objectives and your strategies to reach them. Marketing, sales and financial forecasts are also part of the documentation.
This document will also be useful to the company owners, to spell out goals, clarify the initial business idea, help to anticipate problems and measure your progress along the way. Though there are many business plan templates across the Internet, we strongly recommend they are reviewed by your accountant and a solicitor skilled in UK business laws.
4. What are my choices for funding my enterprise?
Filtered List of UK Public Funding – Explore the available government grants, finance, loans, consultancy, and funding for SMEs and startups.
Better Business Finance (BBF) – Research bank loans at this site, based upon the recommendations of a task force set up by the major banks. Its purpose is for the banks to work together, helping to support the SMEs vital to the UK economy.
4. What kind of location should I be looking for?
Finding just the right location is one of the most vital steps to setting up a new business. Here is an interesting and informative video by gov.uk on this subject:
5. What kind of advisors should I consult with?
Accountant – Proper management of your finances will oftentimes determine your growth. An accountant can also be appointed as your agent – handling taxes, submitting VAT returns and otherwise dealing with the HMRC on your company’s behalf.
Business Lawyer – Your regular consultation with a business attorney will be invaluable to making certain you are legally covered, whether it is about the proper documentation of your business structure or overseeing its employment policies. Protection of the company’s assets and owner interest is vital to staying afloat; especially if you plan to bring on investors.
6. Where can I find workplace advice and support?
With its roots dating back to 1896, when the government created a voluntary dispute resolution service, the Advisory Conciliation and Arbitration Services (ACAS) finally separated under the direction of an independent council in 1975. Today they are a statutory body of the Employment Protection Act. They also offer basic training and bespoke courses in everything from recruitment to conflict management.
If you need legal advice, Linkilaw’s here to answer your questions! Book a consultation with our legal team and we’ll help you!