Choices Local - Launch July-August 2017
New business and lifestyle magazine for Haringey. Helping you make the transition from employee to entrepreneur.
New business and lifestyle magazine for Haringey. Helping you make the transition from employee to entrepreneur.
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5. Have a business plan<br />
Writing down your plans will help you keep<br />
a clear mind and will make you focus more<br />
clearly when things become more difficult<br />
(and believe me, they will!). They are great<br />
for keeping yourself on the right track and<br />
are an inevitability if you're ever going to<br />
need financial backing. Banks, investors and<br />
friends will take you much more seriously<br />
with a formal idea to show.<br />
"Business plans are just<br />
essential to build a<br />
relationship of trust with any<br />
financial backers you may<br />
want or have. If you want a<br />
bank, or investor to trust you,<br />
you need to show them you<br />
know what you're doing. You<br />
need to be a professional. It<br />
also helps you to see mistakes<br />
and adjustments you might want to make."<br />
6. Prepare and keep organised<br />
Create a timeline to keep track of your<br />
action plan, but keep clear that target you<br />
set when making decisions. Your business<br />
plan might change over time, but the goals<br />
and aims you wrote down for yourself<br />
probably won't and neither should how<br />
prepared you are.<br />
7. Keep good relationships<br />
In every sense of what this says really.<br />
When you're starting your new business,<br />
you have no idea how things will go and you<br />
truly won't know how much your friends<br />
and family will become your support system<br />
and how much you’ll need them, until<br />
everything seems to be going wrong. So<br />
make time for them. Building a good<br />
relationship<br />
with an<br />
accountant and<br />
your bank is<br />
also a smart<br />
step to take, it<br />
may cost<br />
money, but it’s<br />
an investment<br />
in your future<br />
and will turn<br />
out to probably<br />
save you financially in the long term.<br />
Rukhsana adds "Times will get tough when<br />
you're starting up your business, you will<br />
have huge highs and huge lows, and your<br />
closest relatives and friends are the most<br />
significant tool in keeping you sane.”<br />
Write everything down! Your<br />
plans, goals, aims, ideas. All<br />
of it is important and you will<br />
need to refer back to it as<br />
time goes on. It is a great way<br />
to not lose sight of why you<br />
are doing something.<br />
Rukhsana offers a free consultation. For more<br />
info contact: 0208 888 4909. Email:<br />
rukhsana@mirandusaccountants.co.uk<br />
CHOICES <strong>Local</strong> Haringey 7
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