Is Now a Good Time to Start a Business?
Posted on 19th May 2022 at 14:00
Since first setting up back in 2017, we’ve had countless people come to us asking if now is a good time to start a new business. The question is always a valid one, yet it couldn’t be more pertinent right now due to the effects of the COVID-19 pandemic, Brexit, the Russian-Ukraine war and the cost of living crisis. In this blog we’re answering a few FAQs and offering peace of mind to anyone looking to open a new business during these turbulent times.
You definitely need a business plan
First things first, if you want to start a new business, you need a business plan and financial strategy in place. This ensures that you and anyone else involved in the business (such as a business partner, your accountant and any stakeholders) remain on the same page. It also gives you a clear goal to aim for whilst outlining financial projections and key milestones to measure your performance against.
If you’ve never created one before or would appreciate expert support, we specialise in helping entrepreneurs and business owners to develop powerful business plans.
Be prepared for change
The global events mentioned in the opening paragraph have massively disrupted and altered the way many businesses operate. From lead generation and sales pipelines to hybrid working arrangements and ongoing client retention, a lot has changed in just a couple of years. However, don’t let this put you off, as it should be seen as a challenge rather than an obstacle.
Whatever type of business you’re planning on launching, the team at TreyBridge is here to help you plan ahead in a variety of ways. This could include budgeting, forecasting and cash flow management, ensuring that you remain in control of your finances and apply them to ultimate effect.
You’re not alone
According to a recent study, around 80 new businesses are created in the UK every hour. This is a truly staggering figure when you think about it, and it just goes to show that there’s never a bad time to start a new chapter. However, it’s crucial that you don’t jump into business ownership willy-nilly, as in-depth research and expert advice can mean the difference between closing within your first year and achieving sustainable business growth.
We’re dedicated to sitting down with our clients or meeting online to discuss goals and create bespoke strategies that facilitate healthy cash flow and ongoing growth. This involves everything from registering your business with Companies House and HMRC to finding multiple ways to reduce your tax bills. If there’s anything in particular you need that we don’t personally provide (such as marketing, IT and human resources), we’ll refer you to a trusted specialist within our network.
So… is it a good time to start a business?
To sum up, yes, now is a good time to start a new business, but only if you have the right kind of support from the very beginning. If you’re ready to develop a financial plan and operational strategy that will help you to take your new business from strength to strength, call our Northern office on 01482 235575, our London office on 0207 885 0605 or fill in the contact form below.
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