As Manchester Accountants we help small businesses develop from acorns to oak trees and we know the difficulties in place by starting a small business in Manchester.
Arguably, the world as it is now is shaped by people with ideas, but do not stop there, develop it with finance coupled with effective management, this is called business. So, you need to consider starting your own business in Manchester for self-reliance, profit making, and to have an impact in the world. Starting to develop an idea and creating a blueprint and bringing to fruition also gives tremendous self-satisfaction.
Starting a business in Manchester is not as easy as it seems. It needs consistency, commitment, and above all, an excellent business startup plan. We know that as small business accountants in Manchester you need all the right tools in place to make your business a success.
A business starts with an idea, from the idea you can then develop a business start up plan. The business idea should be bright enough to illuminate the world i.e. the business idea must proffer a solution and make life easier for the potential client.
You can likewise take the advantage of the internet world to start an online business. Just be inspired and be innovative! Look for a niche market or a market that is not over saturated or where you feel your unique product or expertise could make a difference. Be a shepherd not a sheep !
The success of a business is encapsulated in the quality and the comprehensiveness of the business start up plan. We are leading Manchester Chartered Accountants and we know that banks are looking for the right numbers and as much detail as possible prior to offer a lending support.
Whether for new business start up plan or expanding business you need to develop a business start up plan that shows innovation, quality and a knowledge of the market you are looking to showcase your service or product and competitor analysis. If you do start the business, you need an efficient cash flow forecast to keep the business going coupled with proper funding as accountants in Manchester we can help with all this.
A start up business plan
A business plan contains detailed information about your research on the market of your product. It involves the SWOT ANALYSIS of your competitors to give your business an innovative and different approach.
It also involves the ROI (Return on Investment), vision and mission statement, strategies, products and services, the capital, management and organization structure, and operational plan.
A business plan is highly essential for the effective planning and management of businesses especially new start up business.
If you are unsure of how to write a business plan or your business plan needs a fine tune, you can contact us for effective business plan writing because the root of a successful business lies in the quality of the “business start up plan” coupled with an efficient cash flow forecast. Our team of Manchester accountants will offer this service at a very reasonable rate.
Cash flow forecast
A cash flow forecast is an important tool for financial planning for new business start up or growing business to estimate the inflow and outflow of cash in the running of the business. Without an efficient cash flow forecast your business might liquidate in no time because, the expenditure can exceed the income if the business lacks efficient cash flow forecast.
What exactly is cash flow forecast? Cash flow forecast is a model that forecast a company performance over a given period of time by estimating the amount of money moving in and out in a business.
With cash flow forecast, you can determine the time of surplus and time of deficit, hence, help you determine the time to expand the business, bring in more staffs, and acquire new equipments, similarly, help you prepare for the worst case scenario.
How does cash flow forecast work? It records and analyses the income and expenditure breakdown of a particular business over the period of the forecast, which could be annually, quarterly, monthly or even weekly, hence, gives the owner a forecast of the inflow and outflow of cash, also the working capital.
Why is cash flow important? Cash flow forecast keeps track on the expenses, which enables a business owner have a proper record of the expenditure. And from cash flow forecast you can tell if the business needs further funding or working capital especially for new business start up.
Moreover, before you can secure a loan from any financial institutions you need to present your cash flow forecast coupled with your business plan since the cash flow forecast shows your ability to run the business profitably.
To prepare cash flow forecast
You can prepare a cash flow forecast on your own through the following ways:
- Consider the previous sales record to forecast the likely weekly or monthly sales you can get in the next sales cycle.
- If it is a new business you can consider the performance of competitors over a given period to perform the cash flow forecast.
- You can likewise estimate from the total cash outflows. This will give you an idea of how much money you need to cover for the money moving out, consequently, determine the amount of sales needed for the balance.
However, for better accountability and professionalism especially if you are considering a loan, you might want to consider speaking with your accountant for professional cash flow forecast. And we are ever ready to be your accountant, and take your business to the next level.
Funding for business in Manchester
You definitely need funds for your start up business, and your savings may not be able to fund the business so what do you do, quit? No way! There are other ways you can source for funds apart from self-funding irrespective of the business law and codes applicable in your region. They include:
- Friends and family: your family and perhaps your friends should be your immediate source of help because the risk is minimal when they are involved.
- Crowd funding: if you reside in Manchester you can take advantage of the various crowd platforms in Manchester or UK to raise funds for the capital to start the business.
Crowd funding is basically the contributions of large number of people towards a particular project via a particular crowd funding platform applicable to your city or country.
- Form a partnership: try form a business partnership with one or two people if you are not financially capable to start the business. We can help you with professional advice on business partnership before you start.
- Get an investor: you can have someone that has the funds to invest into your business with exchange for a share in the profit or future return.
- Loan: for a new start up business you can obtain loan from loan providers such as bank provided you have a sound business plan, and professional cash flow forecast. These two factors demonstrate how competent you are to run the business successfully.
From all angles, it seems you can’t do without the service of a professional Manchester accountant, yes! They are important to ensure financial stability from the start of the business till it reaches the climax.
You can contact us if you seek for an experienced and professional Manchester accountants for entrepreneurs to provide professional advice to start up your business whether you are located in Manchester or Salford.