Small and micro sized businesses are of vital significance to the British economy. As a consequence, they are encouraged and supported to a high level. The success of this support can be seen in the number of new businesses of this nature being formed each year. Over the course of the last few years there have been huge annual increases in the number of new businesses registered, with a record level of just over 600,000 being set in 2015. This figure is even more remarkable when you consider just how many potential barriers there are to prevent new business ideas from getting off the ground.
An idea by itself is not enough to start a successful business with, but it is an important launching point for planning success and gaining support. A business idea which is then developed into a comprehensive and viable plan is essential to gain financing and investors, which is at the heart of all of the many new businesses established each year. Even at this stage, it is not enough to ensure the successful opening and running of a business.
Despite all efforts to simplify support services for new businesses, the proverbial “red tape” can still end up being a barrier to success for a new business. There are many factors involved, such as knowing what sort of entity must be formed for a business, as well as understanding important details such as tax obligations. All of this can consume so much time and so many resources that entrepreneurs are left with little choice but to give up on their idea. It doesn’t have to be this way.
As leading accountants, we offer a specialist service for business start up advice. We help entrepreneurs understand and address the points we have mentioned, as well as the many others which must be faced to get a business idea up and running. Our services are dedicated to making it easier and far more practical for entrepreneurs in the area to get their developed business plan off the ground. If you would like any kind of advice or help with tax, bookkeeping or self assessment for your North West London business venture, just get in touch.