Tying the knot with your business

Glenn Matthews

I have been working with new businesses for the best part of five years at Larking Gowen, and having married last year, it struck me how similar the two things can be.

Taking the leap

From the moment I proposed, it seemed that every free hour was consumed with making plans. Having your own business can feel the same; it will take a lot of time, but it really is worth taking that time at the start, as this will mean that everything that follows is likely to be smoother.

Rather than taking on all the responsibility ourselves, we ran some ideas past friends and family. Consulting with the people in your life, who you know will be brutally honest, can iron out any obvious flaws in your business plan.

Get the big things sorted out first

With our wedding, once we had booked the venue and the honeymoon we felt a lot more relaxed that everything would fall into place. Likewise, with your business, you need to work out what products and services you are going to offer, and who your customers are likely to be. There are a number of excellent enterprise agencies in Norwich, who offer courses and free sessions with a business advisor who can make sure that you have a viable business.

Also, consider what structure is best for you to operate under; a company or a sole trader?

Think about your cash flow

Like the Big Day, the temptation is to spend big on your business. However, by planning all of the expenses you will incur and the income you are likely to receive, you will be in a much better position to ensure that you do not run out of money. The majority of businesses do not go out of business because they are not profitable, but because they run out of money to pay the bills before they receive money from their customers.

This should allow you to prioritise the amounts you do spend and make it less likely that you will run out of cash.

The honeymoon period

Hopefully you will love having your own business. After a while though, the initial gloss may wear off. This is why it is important to be surrounded not only by friends and family to offer advice, but also to have a trusted business advisor, who can give you impartial business advice and who you can run ideas by, to help you avoid any big mistakes.

Take advantage of our free consultation by contacting me at glenn.matthew@larking-gowen.co.uk or call our start-up team on 01603 624181 to discuss taking the leap with your new business.