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Research reveals Top 10 questions new SMEs have

Thousands of people have started new businesses already this year. For anyone thinking of starting a new business, there are some questions you need to know the answer for before you get going. Research by ICAEW’s Business Advice Service has found the most frequently asked questions that people starting new businesses want answered:

  1. When should I write a business plan and how do I do it?
  2. How much money will I need to set up my business?
  3. How can I raise the finance I need for my business plans?
  4. How much should I pay myself?
  5. How should I approach recruiting new staff?
  6. Should I go into partnership with someone else?
  7. Do I really need an office?
  8. Do I have to set up a limited company?
  9. What marketing and advertising should I be considering?
  10. How do I find the business support and advice I need?

Don’t worry if these questions fill you with dread – the Business Advice Service has collated the answers of industry professionals at Business advice service blog to help you get started.   

Clive Lewis, Head of Enterprise at ICAEW said: ‘These questions may seem simple, but starting a new business can be complicated and daunting. A competent professional adviser can help your business make a strong start - a Chartered Accountant is best as they can provide business advice as well as helping with the technicalities of setting up a business. If you need more specialist advice, they’ll also be able to point you the right way.’

Find a Chartered Accountant in your area.