Before you get started find out if people are interested in buying your products or services. Find out who your competitors are and whether the market can sustain your business.

Conduct some research to see whether your idea is really feasible. This will involve gathering, analysing and evaluating information to help you formulate your business goals.

Some questions to consider are:

• What product/service will you provide?
• Is your idea feasible?
• How will you protect your idea?
• Is there a market for your product/service?
• What skills do you need?
• Who are your competitors?
• What difference will you bring to the market?
• Do you have the financial capacity?

Setting up record keeping & accounting systems

It’s a legal requirement for you to keep records of your business transactions for a minimum of five years, so it’s important that you have good record keeping practices in place. The records you must keep include all documents relating to your income and expenditure.

Keeping good records makes paying your taxation and other business transactions much easier and helps you to monitor how your business is going.

You also need to keep other important papers, legal documents and contracts in a safe place, so make sure to set up a filing system for easy retrieval.
 

Contact First Class Accounts today - we can help you.