CAREERS Client login SERVICES SECTORS ABOUT US EVENTS INSIGHTS COVID-19 CONTACTS HOME ABOUT YOU SEED Seed Start-up Scaling up Established business Exiting a business I’m an individual International expansion Seed So you’ve got a business idea. You know it’s got potential, and you owe it to yourself to pursue it. But where do you go from here? This is the seed stage of your new business, and it’s important to get the basics right now so life and compliance is easier down the line. Before you jump in, get as much advice and knowledge as you can to give your new business the best chance of success. Turning a seed into a viable business Pick your idea well It doesn’t matter how great your idea is - unless there is a market need, it won’t work. Do your research, investigate your potential competitors, visualise your ideal customer base. Then, pick the right moment to jump in - timing is everything in business. Create your business plan It doesn’t have to be a thesis; you just need to show, on paper, that you’ve thought things through. It should describe the essential components of your company – including management structure, financials and objectives - and provide a clear roadmap to help you stay on track. If you want to go more in-depth, create your marketing strategy and your competitor analysis; think about operating procedures and future workforce needs. And write it all down on paper to make it real. Sort out your financing How much funding will you need to generate revenue and reach profitability? You may need to secure financing - from the bank, or from investors. They’ll all ask to see your business plan and roadmap to assess the viability of your business idea. Take care of the details Running a company requires more than just an idea to thrive - or even to be compliant with legal regulations. You’ll need business banking and credit accounts, insurance, maybe even staff. You’ll need to be registered correctly for VAT, PAYE, and other tax needs. And you’ll need to be legally set-up to be able to trade - this is where your chartered accountant or business advisor becomes key. Seek professional advice to choose the right legal structure for your business, to file paperwork with Companies House, and to obtain any other licenses or permits you’ll need to operate. Beware the challenges in seed stage Work with a business advice partner who can help you keep focus. MHA MacIntyre Hudson can help with both set-up and planning, including: Legal structure and set-up, including advising on the best company type for your operations Preparing your business plan Introducing you to financiers and investors Investigating any government grants you can utilise Tax registration, planning and paperwork Get in touch to discuss how we can help your seed become a business. Make An Enquiry Insights Tap into our latest thinking on the issues that matter most Publications Take a look at our range of publications and find out more about various topics and issues Subscribe Sign up to receive the latest insights by email Your Local Office Find your nearest MHA MacIntyre Hudson office MHA MacIntyre Hudson Links Staff Login Client Login Corporate Social Responsibility Modern Slavery Statement Website Policies Legal Information Sitemap Privacy Policy Cookies Recruitment Agency Policy Latest tweets Join us next week for our #PrivateClient & #Entrepreneurial Business webinar on Group Structures. Our experts will… https://t.co/oa8AluYkgl Is your business ready for the #Plastic Packaging Tax? This new #tax will apply to finished plastic packaging manuf… https://t.co/M4XfIXIgDV Our #sustainability & #ESG experts will help you “cut through the green noise” out there so you can invest in, and… https://t.co/pkVfLdFygC Sign up for news and insights Sign up MacIntyre Hudson LLP trading as MHA MacIntyre Hudson is a member of MHA, an independent member of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Download our mobile app Now, for tomorrow © 2021 MHA MacIntyre Hudson - Chartered Accountants and Business Advisers. MacIntyre Hudson is a Limited Liability Partnership. This website uses cookies By using our website you consent to all cookies in accordance with our Cookie Policy. I agree Read more