Starting a business can be scary, but that doesn’t mean you shouldn’t do it. On the contrary as long as you have thought it through properly it could be the best thing you ever did. Set out below is our 8 steps plan:
Weigh up your business idea Have you brainstormed the idea with other people? Have you thought it through properly? Does it have legs?
Get writing your one-page business plan Set out your goal and how you plan to get there.
Get your thinking cap on – Do your research Think about your potential customers? Are they niche or will your customer base be broad? What type of customer would you like to have? Have a look at what your potential competitors are doing? What do you like that they do and what don’t you like? What could you do better?
Eek now for the numbers! Build your sales forecast Think about what you are going to sell and give it a unit price? Consider how many units you think you are going to sell by month (if you have past data use it!) Consider the price of those units and project them (NB: unit x price = sales) For your projected prices set your average costs per unit. (NB: Gross margin = sales – cost of sales) To get your cost of sales = unit sales x average monthly cost. You then have your sales forecast! Remember to use common sense and be guided by analysis.
More numbers… Create a budget This is where you work out how much money you think the business will make eg how much money you make after tax, calculate expenses, staff costs etc.
The devil is in the detail – Write a long-form business plan Tell the reader what your business is and why it will be successful, describe your business, market analysis, how will it be structured, what will you sell, how will you promote it, how much funding do you need and your financial projections.
Sorting out the finance Work out how much you need, and how to get it.
Get on the business superhighway On your marks, get set, go. NB: Find out what you need to do to be tax compliant.
If you would like to discuss this topic further please contact us on 0845 555 8844 or complete our enquiry form and we will get in touch with you.
I came to computer book keeping late in life compared to many people, but with the guidance and support of Dains Accountants it has been
an easier transition than I thought.
Although I have a long way to go Dains has always supported me when required and I have never felt a failure at making mistakes.
If anyone requires training with the Xero accounting programme, than I can certainly recommend using their training without hesitation.
Christine ChellGiven Trading Co. Ltd
Although we persevered longer than we should have, we established that our previous software wasn't working for us and we decided to convert over to Xero with the help of Dains. The training was super flexible as Dains were able to work around my schedule. It was clear they knew our business and had looked at our previous software and year end accounts as they had already established exactly what we would need out of Xero. As someone who had no experience with Xero, it was daunting to begin with but now I love it! It is easy to use and time saving but the bonus is that Dains are able to access the data quickly which is definitely reassuring.
Lucy JonesWilliam Jones Motors Limited
I worked with Dains who were invaluable in setting up Destination Digital’s accounting systems in Xero. They handheld me through the first few financial cycles to train me in all aspects of using the software including VAT submissions, payroll, accounts reconciliation and the all important invoicing system.
It’s been a really easy system to pick up under the guidance of Dains and can thoroughly recommend Cloud Accounting as the way forward.
Debbie PorterDestination Digital Marketing Ltd
We have worked with Dains for over 7 years and find the support and advisory work they do invaluable for our business.
We have quarterly MI & strategy meetings which help us steer the business in the right direction along with the usual year end compliance and corporate tax assistance.
Dains have also provided assistance in preparing our business plan and developing the internal financial function to be able to produce accurate MI internally.
Jeremy PughPugh & Sanders
Dains have been a godsend in helping us change over to using Free Agent cloud accounting technology from manual records.
Any problems we have, they are just a phone call away and sort out any issues with ease. I can't recommend Dains enough.
Robb LunnCharles Titch Precision Ltd
We moved to Dains in 2017 and were using a desktop accounting software which worked well for us. We then had a ‘shakeup’ of staff and Dains started to maintain the books and records on a monthly basis. It was mentioned whether we would consider moving to cloud software, not only would it be easier to access the software as this could be done remotely but could save us costs with subscription fees. The conversion proposal was well priced and transparent, so we knew exactly what service to expect in terms of xero set up, training and further support. Xero is maintained by myself and by Dains on a quarterly basis for the VAT returns preparation, therefore being on cloud software has been such a life saver with the pandemic.
Natalie LavenderT Wright Transport Limited
With absolutely no experience with accounts nor accounts programmes, I was ‘thrown in at the deep end’ and asked to take over the accounts and learn how to do it digitally. Dains recommended Xero to us and put me in touch with an advisor.
I was very apprehensive and not looking forward to learning the programme at all. Dains spent the best part of 2 days going over everything with me. They were patient, kind and explained everything down to the smallest detail, and even when it would have to be explained for the 3rd or 4th time, it was never a problem or too much trouble. I am very grateful to Dains and with the help of their team feel much more comfortable doing the accounts.
Charlotte HawthorneN E Hawthorne & Son Limited
Due to Making Tax Digital we had to revaluate our book keeping system. At first we moved to Xero just to get us Making Tax Digital compliant but having worked closely with Dains and getting the well needed support we have become a lot more efficient at running our business.
I now have a much better understanding of preparing a VAT return, chasing overdue customer invoices and bank reconciliations. I don't know where we would be without it. I may not get it all correct first time - as Dains will know - but if I can use Xero, anyone can!
Steven EusticeA E Whiston & Sons
At No.42 Interiors, we like to pride ourselves on our attention to the detail, be it a smoked bronze with brass toggle light switch or getting the right shade of colour for our clients walls, it really does make the difference and when we set about integrating our ecommerce site, which is Shopify based, into our accounts package, Xero, we needed that same level of detail.
Dains not only integrated our orders from Shopify to Xero using Xero Bridge but also set up PayPal and Stripe payments to work directly with Xero. The level of assistance and expertise was exactly what we needed and we are extremely pleased with how the integration is working.
Its all in the detail and Dains really get this, its a pleasure to work with them
David GlennanNo.42 Interiors
I have worked with Dains for several months in setting our 3 companies up to use Xero for reporting our quarterly financial reports. I have never used Xero before, and after looking into this found it a bit daunting and steered away as the set up seemed complex. However, after Dains were appointed to help us set this up, I have to say it’s so simple and easy to use and produces all the financial reports we would ever need for our business.
Dains have a wealth of knowledge on the workings of Xero, and how to best use it for your business by personalising the set up as you need. They have been instrumental to the set up and have a great way to keep things simple and explain the in's and out's. Great work Dains you have been a brilliant support to us.
Harj SadhraHAS Group
Starting with a new accountant at the beginning of new financial year, scary? Not with the continuous help from Dains. They set us up on Xero and spent the time we needed to be comfortable using it solo.
Xero is so simple it is easy to pick up from any computer, at home or work, or on the go. I feel secure in the knowledge that Dains know the software so well that help is always at hand if/when needed.
Yvonne IrvineAlumacraft Motorsports Ltd
Dains were tasked with getting our systems and processes in to the 21st century! Not only did we have a really old version of Sage and a separate bespoke till system to worry about but both of my accounts staff had left and I was really left in a sticky situation! Dains came in and got us set up on Xero and ReceiptBank (Dext) as well as putting the necessary processes in place which were more than needed. Both are relatively easy pieces of software to use, we were able to utilise the staff already employed with Dains providing teaching and support which helped us save on further employee costs.
One of the best things about cloud software is that Dains are able to help us as and when we need as the data is accessible so much easier as all our data is all in one place.
Mick BurnsChase Auto Paints Ltd
I was nervous about updating to a cloud accounting system from a very antiquated paper based system that we had been using for decades – need not have worried!
Dains were patient and knowledgeable. They took the online learning at a pace suited to me and their instructions were clear. No doubt I will have some queries in the future but I feel confident to approach Dains as needed.
A very professional service.
Lynne WeaverLynne's Pet Feeds
The team at Dains have been very efficient, helpful, and have provided a smooth implementation process.
They provided training for the team, with additional links and resources and make themselves available at their earliest convenience, if we need any additional support.
Moneat Grant-WilliamsPrime Calibre Care Group Ltd
Get in touch
By your side for the journey
Step 1Get in Touch
How to connect
Book a virtual coffee, call us on 0800 298 3899 or complete the contact us form below.
Step 2Initial Discussion
Let's have a no obligation chat about your business, and your goals and aspirations.
How we can help
We will recommend ways in which we can help you achieve your business goals for your consideration.
We will quote you for the work you are interested in and then follow up with you to agree next steps
Step 5Get on Track
Welcome to DAINSevolve
The revolution starts here...
DAINSevolve is a trading style of Dains Accountants Limited. Registered in England and Wales. Registered company number 13775282. Registered office: St. Johns Court, Wiltell Road, Lichfield, Staffordshire, WS14 9DS.
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