Starting your own business can be quite daunting. There is so much to think about and organise before you get started. Don’t panic – WE CAN HELP.
We are well used to assisting people with business start up and ensuring that it is set up in an organised and professional manner. Specialist financial advice is an essential part of planning for a new business and being able to understand costs and potential profitability, along with those little bits that can jump up and cause you a financial headache.
We can help you get started by helping with the following;
Creation of a business plan – planning your business takes time. You need to know about the type of business you are taking over or starting from scratch. Local demographics and the type of people targeted by your business. Local competition, Pricing Structure, Gross margins and business costs.
Choosing the right business structure – Do you want to be a sole trader, partnership, limited company, limited liability partnership. We can help you decide what is best for you.
How to choose a name for your business – Ensuring the right name for your business is a vital element of bringing your business to life. Even public houses have occasional name changes or revert to previous popular names.
Registration for VAT – It your business turnover goes over the VAT threshold you will need to be registered for VAT. Some businesses need to be registered from the offset. We can do this for you.
Registration for PAYE – If you employ staff you will need to set up a payroll scheme. We can do this for you.
Accountancy Services – Keeping up to date and having accurate accounts is an essential part of running a successful business. Without them your business will suffer and you could get a nasty surprise come year end. We can run a full accountancy service for you.
Stocktaking Services – Most retail businesses need to have a regular stocktake to ensure that everything is running smoothly and gross margins are maintained. Theft identification and deterrent helps to keep staff focused on the job. Our team of inhouse stock-takers to help you.
Health check ups – Knowing how your business is performing on a regular basis takes the stress away from wondering how your business is performing. As part of our package we will come to visit you at regular intervals to ensure that your business continues in the right direction. We can measure this against your initial business plan and advise you on changes accordingly.
Licensed Trade Start up
If you are planning to be in the licensed trade and you are applying for a pub tenancy or lease through a brewery or a pub company, a formal business plan is more than often a stated requirement of the application process to meet the Pubs Code Regulations 2016. As a BII approved accountant specialising in the licensed trade we can offer a full and comprehensive service that meets all of your needs.
At MJ & A Accountants we specialise in the preparation of business plans along with your detailed financial plan. Our team of industry professionals will devise your plan from start to finish and provide you with a detailed plan that includes your plans for the business along with all of the financial aspects needed by your pub company.
Once completed and after these plans have been passed by our own internal scrutiny checks we will discuss our findings with you in detail and provide you with a realistic projection of expected profits and cash flow for the short and medium term. Your plan will certainly help you underpin and help give the best possible start for your new business.
Business Plan Content;
Personal Profile
Detailed Information about your business
SWOT analysis
Local demographics
Local competition
Short, medium and longer term plans to develop your business.
Financial Breakdown – will include the following;
Maintainable Profit and Loss Projection
Monthly Profit and Loss Breakdown
Monthly Cashflow Breakdown
5 Year Summary Projection
Breakdown of what makes up both turnover and its associated costs and expenses.
If the above doesn’t suit your requirements we are more than happy to provide you with something bespoke that meets your needs.
As well as going through all the financial aspects of your new venture, we can also discuss and advise on plans you may have to further develop your business. This can include advice on borrowing or even something more general as your marketing and advertising, promotional plans and social media methods you would best suit your type of business.
Please remember that we are BII approved accountants and have a proven, well respected reputation in the industry that has been built over a number of years.