Creating a business from an idea

At some point in their lives the majority of people have thought about starting their own company. There are those individuals who do make the leap and decide to strike out on their own. There are those of us who will watch those people and ask ourselves why we too did not make the jump.

If you are one of the people who are currently about to make the leap of faith and start their own business then here is some friendly advice. We are London based Accountants and we are here to help!

1. Do you have a USP?

We are not pretending every single business in the UK is unique. However you have to ask yourself what you will be personally bringing to the table. What is it about you that will see your business succeed against the competition? Investing your time thinking about this point will help you massively in the future. If you believe you will win when it comes to customer service or personal knowledge make sure you celebrate that fact! If you have years of experience in your trade then ensure that all your potential clients are aware of this fact. Make it clear how that will benefit them.

2. Research is King…

Once you have created your idea you need to know that there will be people who want to buy and invest their money in it! Market research does not have to cost too much, there are even some online survey websites that will allow you to conduct free surveys. Or, a more home-grown approach is to simply talk to people around you. What do your family and friends think?

Careful you do not get analysis paralysis. Or rely solely on friends and family – they may not want to hurt your feelings…

3. Will you reap your rewards?

When your business is off the ground and is successful, what rewards do you expect to enjoy? If your business is simply for financial gain can you honestly see your business being as successful as you desire? A new business takes time and energy, and it can be a long time until you start to reap the rewards. Make sure you are certain that the rewards you are hoping for are achievable!

And don’t come at too high a cost – health and family…

4. Is it sustainable?

Will your business last? If you are simply capitalizing on a latest trend or fad then this question is not as important. However if the business you want to build is to see you through for the next 30 years or so you need to make sure it has some longevity. Building a loyal and well looked after customer base is a start!

At Gordons Knight we are passionate about people and their businesses.  If you would like to talk to us about your new business ideas we would love to listen! We are London based Accountants and it would be a privilege to advise you on your business ideas.

There will be no charge for the discussion, and absolutely no obligation to buy any of our services.

These services are broken down into the following key areas:

• Advice
• Implementation
• Process
• Support

We would consider it an honour to be chosen as your tax adviser, and would welcome the opportunity to discuss your personal and business goals with you, with a view to helping you make the most of every business and tax reduction opportunity available to you.

For more information, and a free quote, please contact us on 020 8241 3000 or email us:gds@gordonsknight.co.uk.