Business finance tips for your first year
Help with getting your business up and running
Few businesses can get off the ground without some initial funding. Here are some ways you can manage your finances when you're starting out.
- Make sure your business idea is viable. Our free Let’s Talk Business Ideas seminar can help you determine whether your new business is likely to be profitable, provide you with expert advice and give you the opportunity to network with other business owners.
- Be aware of start-up costs. You'll need a financial plan to get things moving. And make sure you don't underestimate initial overheads.
- Make a financial plan with your accountant. This should contain your budgets and sales forecasts, as well as your personal financial plan.
- Get financial support in the form of a loan or grant – see our Loans
- Make savings a priority before you start. That way you’ll always have a cash reserve to call on if the unexpected happens.
- Monitor your cashflow every week. But wait until the end of the year before you calculate your profit.
- Stick to your budget. Staying on top of your bookkeeping will help you achieve this.