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Blog // 17/11/2016

How To Start Your Own Business – Menzies Guide

Research and development update 2016

If you’re thinking of starting a business, you first need to come up with a realistic idea you can turn into a product or service. Beyond that, there are several key areas you need to consider, all of which Menzies can help with.

8 steps to starting a business

Start by researching your market

Identify potential customers. Talk to them and find out if your idea is meeting a real need.

Develop and plan

Test your product or service with real customers, make changes, and test it again. Keep doing this until you’re sure there’s a demand for it.

Find partners and suppliers

Think about who you’re going to work with to develop and sell your idea.

Set up your business

Work out which legal structure is right for you, and register for tax.

Employ staff

And ensure you have the right terms and conditions from the outset.

Ensure you are business compliant

At the start you might want to consider using a Company Secretarial service to outsource the handling of your accounting compliance obligations.

Get funding

Explore different sources of business finance, from bank loans to government-backed schemes.

Protect your intellectual property

If you have an unusual idea or have invented something, find out how to protect your intellectual property to make sure nobody copies it without your permission.

To utilise our expertise in starting your own business, get in touch with Menzies via our online contact form.

About Menzies Advisory Services

The most successful businesses have a clear vision and joined up strategic thinking. We work with business owners to align their personal goals to their business plans. Our advisory team work in partnership with you to develop a streamlined, profitable business that works as hard as you do.

Through years of experience within the team, we have developed a unique approach. Our in-depth advisory programmes use a variety of techniques and tools to help owners meet their goals. Whether it be profit growth, minimising risk, rapid expansion, long-term stability, grooming for exit or any other vision, our approach is uniquely tailored in line with every client.

Find out more about Menzies Advisory Services.

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