Starting A Business
Technologic and social changes have made it easier for people to start their own business, but many of the financial and strategic challenges of starting a business are still there.
Before you even start your business, we will:
- Prepare your business plan and financial projections
- Identify key risks and how to overcome them
- Advise how much working capital you will need and show you how to manage your cashflow
- Identify and overcome obstacles for growth
- Advise on the best business structure to minimise tax bills and protect your assets
It is a scary statistic for those of you starting out for the very first time on a new venture. But it may not be as daunting as the statistics tell you. Many of the failed start up companies that we have seen over the years simply never had a business or a business plan in the first place. A little like the Dragon’s Den, if you come to us at the beginning of your new enterprise and present us with a flawed idea we would tell you. It may be tough love but at this stage we could save you a lot of heart ache and unnecessary effort.
60% of businesses fail to make it past the first three years
If you have a plan that could work we will work with you. We are as tough on you as you would want us to be. We will help you to form a financial reporting system that is both robust and easy to use.
And thereafter we will hand hold you every step of the way. Each month we can cast our experienced eyes over the figures you have produced and we will be able to spot trends and pitfalls way in advance of the inexperienced campaigner. By taking the appropriate action we can ward off many of the afflictions that affect young businesses and thereby increasing your chances of success.
Taking On Staff
You want to do everything yourself. You cannot possibly afford to take someone on yet so you are prepared to work till 2am every day and weekends to get all bases covered. But is it wise? Is toughing it out taking something away from your core strengths? Is it actually costing you money not hiring someone?
Whether your business is growing or just starting out, taking on new employees can seem like a daunting prospect. You may be so busy that you don’t have time to hire someone or worry that it’s a complicated process. Or you might not be certain of what your personnel needs really are.
But taking on employees may not be as difficult as you think. Nor as costly. There are resources available that simplify the entire hiring process—from understanding employment law to paying employees—watch this video to see how some people have tackled the issue and then give us a call. We can help you through this maze.
Financing Your Start-up
For a small business seeking funding to grow, choosing a finance option may seem as complicated as obtaining the funding itself. The best way to ensure you’re getting the right type of funding is to be fully informed of different types of finance as well as the status of your business before making any major decisions.
Undercapitalisation can be as damaging as spending too much money. There is little worse than not starting with enough funding. What happens if you tie all your cash up in stock and leave nothing for your marketing costs? It is likely you will sit there with stock unable to be sold. This is one of many issues with finding the correct funding at the beginning of a venture.
When it comes to securing funding, planning and preparation are key. Through its Find Finance section, Casson Beckman features resources that can help you with the questions to ask yourself to plan, prepare, and apply for the funding you need to grow. There are also steps on how to create a business plan, which is a key aspect of a successful financial application.
We can get you access to help with the following:
- Venture Capital Introductions
- Bank Finance
- Cashflow forecasts
- Contingency plans
- Overdraft negotiations
- Short term/Long term
When starting a business, sometimes all you need is a great idea, a little money, and the dedication to see it through. But many entrepreneurs, even those with business experience, come to a point when they realise they need help from someone who has been in their position and learned from the mistakes they’ve made.
Business mentors have the practical experience, contacts and expertise to help you make the right choices for your business—whether you’re looking at starting a new business, finance options for growth, weighing up a difficult decision, changing your marketing approach, exporting your products, or you just want a second opinion about a new idea. A mentor acts as an independent sounding board and can provide guidance and support from an external perspective, helping you to explore new ideas in confidence and develop important business skills.
Here at Casson Beckman we have plenty of experience in the business world and we would be happy to pass this on to you in a mentoring capacity.