Will Sitting By The Pool Be The Start Of Your New Business Venture?
Graham Carson
![Graham Carson]()
Graham Carson
Sales Director at Inca Accountants and Owner, Inca Accountants. Award winning accounting firm.
Each September, we always see an increase in the number of enquiries from people wanting help and advice on the financial aspects of setting up their own business. Perhaps it’s no coincidence that this blip occurs just after the summer holidays. For many people, it’s the only time they get to switch off from the routine and commitment of their regular job, and have the luxury of taking time to sit back and reflect on what they really want from life. We’re not talking ‘pool-side dreamers’; these are usually people who’ve been thinking seriously about starting up a business for a long time – the holiday simply presents the space to formulate plans, and begin to do something about it!
There are other factors that contribute to the September spike; it’s back to school for children – which means stay at home parents can find themselves with more time on their hands, and it’s also the optimum set up time for retail businesses looking to get established, ready to take full advantage of the lucrative Christmas trading period.
It’s a big step, and one not to be taken lightly, but if you’re passionate about what you want to do, plan properly, and are prepared to work hard, the rewards are worth it – as anyone who’s succeeded in getting their business off the ground will tell you!
At Inca, we have a very different approach to many other bookkeepers and accountants. We don’t just look after our clients’ finances, we do everything we can to nurture them so they succeed and thrive. It’s an approach that works; it’s why
53% of Inca clients celebrate their 5th birthday, as opposed to the national average of just 20%, and it’s why Inca has been appointed to manage Oxfordshire Business Enterprises (OBE), offering
free advice to business start-ups.
After more than a decade of helping start-ups, we think we’re well qualified to pass on a few of our top tips to budding entrepreneurs:
- Research, research, research!
It’s easy to get carried away with an idea and set up without properly testing it first, but it’s crucial to put emotion to one side and qualify the viability of your concept. Only with research will you be able to accurately predict your sales volume, set your prices, and calculate your turnover and profit.
- Plan your finances properly
Too often, great business plans fall victim to cash flow issues, and it’s crucial to accurately predict cash in and out, and prepare contingencies for any period where there may be a shortfall.
- Be realistic
There’s nothing wrong with being confident and enthusiastic, but it’s important to be realistic in your forecasting, and your plans need to be based on solid market research. Grow your business organically, be prudent, and avoid spending budget on things you don’t really need.
- Focus on profit, not turnover
Always remember that it’s how much profit you make that matters, not how much you turn over. Increasing sales volume too quickly and too early can put stresses on a business.
- Set up tight controls for suppliers & customers
Make certain you have water tight agreements in place with key suppliers – and clear terms and conditions for your customers.
- Surround yourself with the right people
The people you choose to have in and around your business will be crtical to its success. Only work with suppliers, partners and employees who share your values and business ethics.
Have you returned from your holidays determined to make a change in your life? If you have a burning ambition to start your own business, we can support you with all your bookkeeping and accounting needs – and as an Inca client you’ll also get the benefit of our help and advice on other, non-financial matters to ensure you succeed. Take the first step and
get in touch with us today to discuss your new business!