Business Start-Ups

Franchising We are basically talking about a Business Format Franchise. It is where a business has established a successful way of working and in order to grow it licences the rights to their methods, know-how, name, goodwill and product or service to others for a certain period of time. They are the FRANCHISOR and the local operator is the FRANCHISEE.

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How to Get a Grant A grant is when an amount of money is given to an individual or business to be used for a specific project or purpose. It normally only covers part of the cost or service with the balance paid for by the person receiving the grant.

There are many sources of grants for business development, often linked to specific business activities like exporting, training, specific industries and specific geographic areas in need of economic regeneration. Many grants are limited to small or medium-sized enterprises (SMEs) - typically one with fewer than 250 employees.

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How to Raise Finance A review of all the main ways you can do it and get your bank to say YES.

Start-Up Finance will be needed for:

  • Premises
  • Equipment
  • Goodwill if purchasing an existing business
  • Installation of utilities
  • Legal and professional fees
  • Stationery
  • Advertising and publicity
  • Insurance
  • Stock for resale
  • Wages of employees
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Top Tips to Consider When Starting a Business The main things to consider when starting up.

  • Make sure you register with all the relevant authorities including HM Revenue and Customs and decide if you need to register for VAT.
  • Consider all the necessary insurances you need including public liability, key man, stock, business assets, business interruption, bad debts, motor insurance, employer's liability (compulsory if you have employees), professional indemnity and permanent health insurance.
  • Use trusted advisors such as accountants and solicitors to help guide you. Not getting the right advice can be costly.
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Which Business Structure Should You Use? This helpsheet gives you an outline of the different business structures you can trade through. Your business format is not set in stone forever and you can change between them. It is fairly simple for a sole trader to take on a partner and become a partnership and for a partnership to become a limited company. There are however more complications with changing from a limited company to a sole trader or partnership.

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Writing a Business Plan A business plan helps you to do all the necessary research to take a business concept and lay out how it is likely to work out in practice. It will be particularly important in order to help attract finance for your business.

Financial projections are a particularly important part of the plan and a large amount of detail will need to go into them covering sales, margins, overheads and break-even analysis.

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