26th July 2018
Starting out in business for the first time can be a tremendously exhilarating experience. Seeing your idea grow from the first vague notions into a realistic proposition, finding premises, negotiating contracts and so on can be as rewarding as it is challenging. And that’s before the excitement of securing that all important first customer!
In fact, when launching a new venture there is so much to do that it can take over your life to the exclusion of everything else. And that can be a danger, leaving you isolated and tired and therefore not in the best position to think clearly. That is when mistakes are made which can have a profound impact on the success of your business.
Let’s be honest; around 25% of businesses fail in their first two years and, according to the latest Office for National Statistics (ONS) only 44.1% of businesses which started in 2011 were still active in 2016. [1] Whilst the reasons for failure are many and varied, fledgling businesses can take action to improve their chances of survival. And that action starts by taking a step back and not trying to ‘go it alone.’
Quite simply, why try to reinvent the wheel on your own? Taking advantage of outside advice and support not only helps you to clarify your own objectives, it also helps to avoid pitfalls. Even something as simple as the structure of your business, whether you should set up as a sole trader, in partnership or under the umbrella of a limited company can have major tax and legal implications. And when it comes to writing your business plan, setting your strategy and clarifying objectives, then receiving advice from an experienced business professional can be invaluable.
Thompson Jenner’s Exmouth Partner Paul Lewis said “The good news from the ONS survey is that when it comes to business survival the West Country leads the way with 47% of businesses set up in 2011 still being around five years later. We’d like to boost this percentage still further and make Devon in particular and the West Country as a whole the place in which to build a lasting business.”
Thompson Jenner LLP offers advice on all aspects of starting up a business including business structure, writing a business plan, setting up the most appropriate accounting systems and making sure you understand your legal obligations. Take a look at our business start up guide and then get in touch to discuss how we can help you in your new venture.
If you would like to find out more or meet to discuss the services which we are able to provide, please contact Paul Lewis or one of our other Partners on 01392 258553 or 01395 279521 to arrange a free initial meeting.
