The Office for National Statistics shows that 55% of new businesses fail within 5 years. This is an alarming statistic and is despite the fact that there was a year-on-year increase last year of almost 27,000 new business start-up versus those started in 2104.
In order to avoid becoming part of this statistic, it is important to lay the groundwork before starting off on the path of business ownership and management. The attached report covers the following:
- Testing Your Idea
- Writing a Business Plan
- Structuring Your Business – sole trader or limited company?
- Naming Your Business
- When the Business is Operating – records, reporting, insurance and cashflow.
Click here to read more about things to consider when starting a business.