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Curriculum Vitae |
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Interview |
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Career assessment |
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| Should I start or buy a business? |
Statistics show that something like 4 out of 5 new businesses fail within
the first two years. Not all of these people lose money - a lot of them
just decide that running their own business is not for them or they do not
obtain enough business to make it worth continuing. So even if you have
the most original idea for starting a new business you should be highly
sceptical about starting up a new enterprise. Your first port of call should
be your local TEC (Training and Enterprise Council in England & Wales,
LEC in Scotland); their address can be found in The Phone Book. They can
advise you on the hurdles you face, the sources of finance available and
provide you with both training and support.
If you are buying an existing business you must seek financial advice to
ensure that you are getting a good deal. You should get a qualified accountant
to go over their books to check that everything is above board. Running
a credit check on the company through a credit check agency would also be
a good idea as would obtaining any accounts filed with Companies House (a
legal requirement for limited companies). If no accounts have been filed,
or they do not tally with the books, or the accountant you have hired is
wary of the company, it would probably be advisable not to proceed with
the purchase. Obtaining legal advice from a solicitor on drawing up a contract
is also a sensible option. |
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