We are ready to partner with you no matter what stage you are in your journey
- It all starts with an idea
- The Start Up
- Scalling Up
- The Mature Business
- Exiting The Business
- I am an individual
That initial Spark!
So you know deep down that this is not just any business idea. You know that this particular one is special it has potential, you owe it to yourself to nurture and chase it. So….. where do you go from here?
This is the idea stage of your new business, and it is important to get the foundations right now so that life and is easier down the line. Before you get started , do your research, get as much advice and knowledge as you can to give your new business every chance of making it.
Turning a great idea into a viable business
Pick your business well
It doesn’t matter how great your idea is – unless there is demand, it will not take off. Research!, Who is your potential competition?, Put yourself in the shoes of your ideal customer base. Then, pick the right moment to jump in – timing is everything in business.
Write your business plan
It doesn’t have to be 600 pages long; but you have to show, on paper, that you have thought things through. Your business plan must describe the important elements of your business – think about the management structure, financial projections and objectives – your plan must provide a clear roadmap to help you stay on track. If you want to go the extra mile, detail a marketing strategy and your competitor analysis; think about operating procedures and future workforce needs. ABOVE ALL put it on on paper to make it real.
Plan Your Finances
How much capital will you need to generate revenue and reach profitability? You may need to secure financing – from the bank, or from investors. They’ll all ask to see your business plan and roadmap to assess the viability of your business idea.
Take care of the details
Running a business requires more than just an idea to thrive – or even to be compliant with legal regulations. You’ll need business banking and credit accounts, insurance, maybe even staff. You’ll need to be registered correctly for VAT, PAYE, and other tax needs. And you’ll need to be legally set-up to be able to trade – this is where your chartered accountant or business advisor becomes key. Seek professional advice to choose the right legal structure for your business, to file paperwork with CIPC , and to obtain any other licenses or permits you’ll need to operate.
Challenges in this stage
Work with a business advisor who can help you keep focus. INCS Accounting Tax & Advisory services can help with both set-up and planning, including:
Get in touch with us to discuss how we can help your idea become a business.
The following industries are required by law to have additional reporting and accounting requirents