The idea of starting a small business can be very exciting, but it is important to give it some serious thought before committing yourself.
Be realistic. When setting up a business plan, use figures that are as accurate as possible. It is important that you are realistic and have conducted market research and ask yourself why your restaurant or café will be successful in a location where others are closing. Will your business be year round? If not, have your figures taken this into account, and what will you be doing in times of the year that you cannot work your business.
Get the correct finance. Research all the finance options available to you. There are a number of venture capital loans, grants and government loans options which may be open to you. It is imperative to consider the full legal implications of your financing, for example a simple handshake partnership agreement with a friend, could become legally complicated years down the line with a successful business.
Seek out the correct advice. It is far easier to correct any administration errors when a business is in its infancy than later, so it is important that before you begin, you complete the correct tax paperwork and any other government forms or permits. A tax audit or government fine could really have a huge impact on your new business, so make sure you protect yourself.
Starting a small business is thrilling. Make sure you take the time now to careful plan to ensure you can enjoy your successes later.
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