tha lifestyle
| Business & finance
Starting your own
business:
The Sky is the Limit
Sakthivel Sachithananthan
Chartered Accountant
Founder: Accountancy gateway
www.accgateway.com
This raises your profile in a
positive way.
table while M&S started with
a market stall. Look at where
they are now!
Every business from its
commencement and through
its development and growth will
need finance.
Starting a business is
demanding. Commitment,
determination and enthusiasm
are essential.
But what type of finance is
best suited to the business and
who should you approach for
funding?
Are you running an Off-licence
Start -up business funding
should be from your saving,
relatives or any of the other
investors.
Alcohol (Beer,wine & spirits) – 20%
When commencing a new
business, ver y often the initial
monies invested will come from
the individual’s personal savings.
Additional funding requires a
commitment in terms of capital
and interest payments.
www.businessesforsale.com
Embarking on this course of
this action must therefore be
planned carefully.
Start small and keep overhead
low. Don’t spend any more than
you have to on your start-up.
Many businesses start very
small. For instance Laura
Ashley began on her kitchen
store? Then Check your figures!
On Average Off-Licence must make
17.5 % anual Gross Profit margin.
Snacks (Crisps, pea nuts, etc) – 30%
go. Every Business should have
a business plan. It is the key to
success. As the saying goes: ‘If
you fail to plan, you plan to fail’.
Therefore preparing a business
plan will help you to set clear
objectives for your business and
clarify your thinking. It will also
help to set target for future
performance and monitor
finance and profitability.
Keep your finances and records
in order: everyone hates it- but
it must be done.
Cigarettes, cigars and tobacco – 8%
Looking for Off-licence on sale?
www.offlicenceforsale.co.uk
www.rightbiz.co.uk
www.nationwidebusinesses.co.uk
You will need managerial,
financial, technical and
marketing skills. If you feel
that you do not have these
expertises personally, they
can be found in a partner or
employee. If you feel that you
are not ready to employ anyone
or take on a partner, there are
many courses out there to get
you trained and get you on the
Speak to your accountant
about how much you should put
aside for your forthcoming tax
bills.
Keep good records of your
incoming and outgoing
revenues, your receipts and
other related information.
Running a business should
be creative, satisfying and
enjoyable. It’s a chance to
express you, meet interesting
and creative people, potentially
make a lot of money and create
a whole new life for yourself.
So do everything you can to
enjoy the process of being in
business.
13