Business Start Ups
Giving your new business the best start!
New business start ups require careful planning, research and preparation in order to give you and your business the very best chance of success.
Helping business start ups
We have helped hundreds of business start ups over the years and from all over the UK.
We help put the firm foundations in place that are essential to your business. We can help you brainstorm your ideas and help you spot improvements that may be needed.
Business start up finance
We have access to many lenders and can provide advice on funding your business start up, help prepare a solid business plan & cash flow forecast which will give you a good idea on your whole business but also help you effectively manage your business' cash flow in your first year.
Advice on the best business structure
Watt & Co Accountants can also advise you on the most appropriate business structure such as whether to trade as a sole trader, simple partnership, limited company (Ltd Co), Limited Liability Partnership (LLP), or even as a non-profit making business such as a Community Interest Company (CIC).
Different purpose, different structure
Each one of these business structures serves a different purpose, has different benefits and their suitability does depend upon what, and how you business intends to trade, what your target market is, what the purpose of your business is or indeed if it has a particular mission.
Business banking facilities
Both new businesses and existing ones need good banking facilities and will often require a business working overdraft. We can advise and arrange these facilities with one of our banking contacts.
Working from home or not
It’s very simple to start a business and many new businesses begin their business life by choosing to work from home. Importantly it keeps your on-going running costs to a minimum and gives you a good chance to focus on other aspects of your new business such your sales.
Home based businesses
In the UK there are approximately 2.9M home-based businesses and they contribute £300 billion to the economy so if you are thinking of starting a home-based business then you are in good company. We can advise you on the benefits and advantages of working from home or whether having separate premises such as an office, retail unit or industrial unit would be more beneficial.
Employing staff for the first time
In your new business you may be looking at employing staff to help you run your new business or you may be purchasing an existing business that already employ people.
We can advise on all aspects of HR
Watt & Co Accountants can advise you on all aspects of employing staff including;
How much to pay them including knowing the National Minimum Wage levels
Check that they have the legal right to work in the UK and undertake other employment checks,
Undertake DBS checks if required,
Advise on employers liability insurance,
Provide contracts of employment,
Setting up an RTI payroll system with HMRC tax authorities
Advise you on work place pension scheme
Advise you on whether your business can really afford staff