HELP WITH MY START UP BUSINESS
Starting a business is incredibly tough. Typically more than half of new businesses do not survive beyond the first 5 years. Many even fail in the first 18 months.
One of the Dragons Dens Theo Paphitis has talked about the reasons why “They haven’t done their research, they don’t know where to go for the right funding. The reason people fail is because they don’t do their homework. It’s about… performing better, and the only way you can do that is through knowledge.”
So whatever way you look at it the odds are against you.
So, what are the reasons
The 3 frequently top cited reasons for failure are:
But there are other deeper reasons for such high failure rates, including:
An inability to build a profitable business model with proven revenue streams
Failure to create and communicate value propositions in a clear, concise and compelling way
No real differentiation in the market, which means competing on price
Emotional pricing – a lack of understanding of pricing strategy; reacting to gut feel and emotion rather than the facts
Not really in touch with customers and a lack of understanding of the market
Non-payment of taxes – it’s easy to get behind with tax payments and HM Revenue and Customs won’t be gentle with you
Lack of business and strategic planning
Little or no knowledge of financing and inadequate borrowing practices
Little or no experience in record-keeping
Rapid expansion leading to ‘over-trading’ and running out of cash
A lack of systems
Poor sales and marketing processes
How to do it right
Business failure is too common in the UK. The pain is severe and can lead to bankruptcies, relationship breakdowns, health issues and sometimes suicide.
And yet, it has also been found time and time again that businesses that plan and seek professional advice from the outset have a significantly greater chance of being very successful.
Our Sure start Business Start Up service is designed to help your business overcome the hurdles that trip up most new businesses, and to help you become highly successful.
How we help you
Based upon many years of helping entrepreneurs build successful businesses our Sure start service gives you access to the knowledge and advice you need to do things right from the start giving you maximum chance of success.
It’s a programme of comprehensive support with a range of options and packages so you can choose the one that best meets your needs. We can help you:
Get your taxes right
Get your bookkeeping right
Get your financing right
Get your pricing right
Get your business model and strategy right
Get your sales and marketing right
However we will only work with ambitious business start ups. New business owners that are prepared to do the following:
This is an absolute minimum to ensure you maximise your chances of success. We can of course help you in preparing these documents and putting these systems in pace as we understand you are new at this and perhaps have no real understanding of the financial side of business. As a guide we normally work with start ups that would be on course for sales of at least £100,000 pa by the end of year 1.
By putting in place these disciplines on day 1 you will then maximise your chance of a long and successful business.
Every single start up we have worked with since putting this system in place has been successful and is still in business now.