Posted: Fri 14th Oct 2011
StinkyInk is John Sollars' third business - so he has plenty of experience in getting an enterprise up and running. We asked him for his thoughts on what your priorities should be when setting up a new venture. My top five tips for getting your priorities right at the point of starting a business are boring, but essential, writes John. Here they are: 1. Get a good accountant These guys are in business to make money, so visit a few. Get a feel for the relationship that you might have with the person before deciding which one to use. Make sure that they will be in a position to check over your accounts quarterly at the very least and please listen to their advice! 2. Get a part-time bookkeeper In every local paper and post office there are people advertising to do your books. Get one in for an afternoon a week just to make sure that your accounts are up to date. Then you're not panicking the day before the accountant visits because you haven't sorted out your paperwork. 3. Don't spend on what you don't really need Â You can always justify having the latest PC (because of the speed) or leasing a new car (to make a good impression). But any unused cash you have could be better spent on business essentials, such as stock and raw materials, on covering your bills or simply as a reserve to draw on when you really need it. 4. Don't borrow lightly There are different ways to fund your business and grants are still available -Â check Business Link and Fund 101. Before borrowing any money, discuss it with your accountant, and listen to his (or her) advice! 5. Keep focused Â Don't get distracted by 'get rich quick' schemes. Focus on your core competencies and learn as much as you can as you go along. So, best of luck in your endeavour (unless you're selling ink!), get your basics under control and manage the boring bits of your business and lets all look forward to the 10th birthday of your business - I expect an invitation!Â Editor's comment: John will be a regular contributor to the Enterprise Nation blog and continue sharing his common sense and wisdom with you in the coming months.