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How your accountant can help you go into business for yourself

Can your accountant help if you are planning to go into business?

Yes, they can and in many more ways than you think. There are many reasons why you might choose to go into business for yourself. Perhaps you like the freedom of being your own boss.  Or you would like to make money on a scale that may not be possible if you were working for a salary.

Whatever your objective, the help of your accountant will be invaluable in achieving it. Your accountant is likely to bring knowledge and insight that you are unlikely to possess. Always keep in mind that your own contribution is critical in making a success of your business though it will take its toll in terms of time, effort and personal sacrifice.

Investigate feasibility with the help of accounting services providers You probably have a business idea in mind already.  But what you need to do before making any irrevocable commitments is to carry out a feasibility study.

Your accountant can help.

You will need to determine:
*  If there’s a market for your product or service?
*  What kind of investment is required?
*  When is your business likely to start making profits?
*  What are the risks involved and are they manageable?

If at any stage, you have doubts about the viability, or if the risk appears to outweigh the reward, walk away from the project.

Research market potential and potential customers:

This is one of the most difficult parts of the process and even large companies find it difficult to predict reaction to new products and services.

Hire a market research specialist if you like, but it is often useful to discuss your data and findings with your accounting services provider.

It is also useful to distribute questionnaires to a few potential customers to determine:
*  Whether they would buy the product or service?
*  If so, at what price?
*  What they would look for in the supplier?

Profile your potential customer:

Put all your findings together and create a profile of the customer that you are targeting.  This will help you create a marketing plan in terms of communication, promotion and pricing.

Create a business plan:

This is where your accountant is going to be invaluable. You’ll need to take all of the above and create a business plan with objectives, strategies and timelines. Your accountant will help you to translate all of your findings and ideas into meaningful financial terms. 

You will benefit in the following ways:
*  You will create a route map and a blueprint
*  You will create strategies for risk management
*  You will create a solid basis for approaching potential investors and lenders

So, are you planning a new business?  Get started on your project straightaway by finding a top notch accountant.

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