Member Article

A six-step guide to small business success

We believe in the power of small business and pride ourselves on having helped grow the tiniest of start-up seedlings into tree-topping success stories.

For us, that success is near impossible to achieve without a deeply rooted understanding of core elements of commercial and financial practice.

Everybody has to start somewhere. So if you’re thinking of starting up, or just looking for some tips for laying solid foundations; here’s a six-step guide on how to get your business off the ground…

• Knuckle down on the numbers

Unless you’ve got a mind like a calculator you’re going to need to get to grips with your numbers. Think about all the costs you’ll have and then work out a prediction of your revenue streams. Business plans are simpler than they sound, the bank want to see clear evidence of your financial and commercial understanding. If the numbers work, and you can back it up with enthusiasm and industry-knowledge, you’ll be absolutely fine!

• That legal mumbo-jumbo

When you start a business, sooner or later you have to decide how to legally register. This can be done in four ways – as a sole trader, in a partnership, in a limited liability partnership or as a private limited company, with the latter being the most common due to it’s structure, which is ideal for investment and share-creation.

• Use your time wisely!

Go to a local independent café, an office building or a tech studio and ask the boss what they need the most - we guarantee you they will all say the same thing; time is of the essence. You’d be surprised by the amount of admin, financial documentation and organising that goes with running even the smallest business.

• Know your funding rights!

The government wants you to succeed, it’s good for the economy; it creates jobs, boosts GDP and keeps the country competitive abroad. For these reasons, they provide grants, loans and tax-reliefs to start-ups. A lot of entrepreneurs miss a trick here; they won’t contact you, you’ve got to do the chasing, but the funding is out there, especially for technological or scientific R&D (Research and Development). • Get web savvy

The past twenty years has seen the unstoppable rise of the Internet. Today, a slick website can be the difference between business success and failure. Realistically, if you want something that looks the business for your business, go to a professional – like with so many things; you get what you pay for.

• Protect your Intellectual property

From protecting your domain name, to patenting a world-changing invention, your ideas are only assets after they’re protected. Copyright protects content and software, from advertising jingles to web tools. Trademarks protect your business name, brand and logos. If your product or service is completely new, getting patent protection is the only way to ensure your invention isn’t imitated by your competitors.

KPMG Enterprise provides a range of affordable accountancy, tax & advisory services for private businesses of all sizes (start-ups to mid-market) in the UK. It offers straight-talking, practical support; helping to grow businesses the right way from the ground-level up.

This was posted in Bdaily's Members' News section by Richard Savage .