Increasingly, start-up entrepreneurs in the UK are seeking advice about various aspects of running their business. This upward trend has occurred for multiple reasons, but none more important than the fact that the country’s start-up economy is steadily maturing. The growing demand is also crucial at a time when many new small businesses don’t make it to their second or third year of existence, while research suggests that those who seek and consider advice have a better chance of succeeding.
The maturity of the start-up scene has extended even into the business advisory sector. Where the process previously entailed filling out paperwork to book an appointment with an advisor, the technology revolution has made it easier to communicate with these professionals remotely or even access information online. Modern advisors have embraced tech too, and they’re a reflection of the modern small businesses, start-ups and self-employed individuals they’re advising.
Nilesh Waghela, a retired independent business advisor with decades of experience, understands the shift in servicing the needs of the modern small business founder. Whereas the process could be regarded as technical in previous times, the contemporary start-up founder wants bite-sized advice for a challenge or issue they’re facing. These entrepreneurs are more particular about their needs, which can cover the basics of running a firm to new age topics such as social media tactics, cultural branding ideas for new markets, or how to position their firms for venture capital investments.
Getting a new business off the ground is a process that has its good days and challenges. Founders who want to navigate the landscape would do well to seek advice on topics that are both familiar and new to them. Some of these include:
Business Structure
There are several options to choose from when it comes to business structure, including a limited liability partnership (LLP), a sole trader, a limited company or a general partnership. An LLP and a limited company offer the founder(s) better protection of their assets, but the choice of structure will come down to individual needs.
Branding
Getting the business name, logo and brand right is crucial, since these will be used for marketing purposes and will be the symbols that customers associate with the company. A search of business names will reveal which ones are taken, plus there are websites that will provide suggestions based on keywords.
Finances
At the very least, a start-up will require a bookkeeper (or an accountant) and a business bank account. While having an accounting professional ensures a vital business aspect is taken care of, the founder should have a solid understanding of the company’s finances, revenues, profits and margins. These are crucial elements to know, especially if the business owner is looking to attract external investors.
With the bookkeeping handled, maintaining positive cash flow is also essential. A good cash flow portrays the firm’s creditworthiness, so it’s vital to ensure the company is bringing in money while also meeting its obligations.
Operations
From an operational perspective, a new business owner may want guidance on staff employment (is it necessary?), business location (what kind of premises are useful for the short and longer-term?), technology (what type of hardware, software and security features are needed?) and the regulatory environment (what permits/licences are essential to start?). Having a clear understanding of each aspect helps the owner plan and allocate resources effectively.
Even established businesses find it necessary to seek advice on new ideas or strategies. Don’t shy from approaching a business advisor to provide an independent opinion or advice, or be a sounding board that can help solve or manage a situation or challenge.
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