Start Up Services
The most important step in setting up your own business is to work with professionals who have successfully brought other businesses through the start up process. We provide an unrivalled scope of service for business start ups. We work with initial business ideas, to business planning, financial planning, securing business finance, putting in place business liability insurance and ensuring the business owner has the correct protection insurance in place.
We ensure that the business & the business owner have the best possible start for continued success.
Business Planning
The business plan has four primary functions. Firstly, it structures the business idea and allows for assessment of the financial viability of the venture. Secondly, it assists in the calculation of capital requirements. Thirdly, it acts a presentation of the business venture and it illustrates the financial flows for the start up phase (year 1 and year 2). Lastly, it is used as a management tool by the business owner, the business and financial plan will be compared to the actual operational results of the business on a quarterly basis.
Financing
The main source of primary financing for SME businesses is bank financing. Commercial lenders will assess the application for financing on a number of fronts. They will look to see what the business owner is contributing in capital, the more the better from the banks perspective. They will assess the business venture on it’s level of viability. They will also look at the individual business owner in terms of their own level of skills and expertise within business. Lastly, depending on the level of financing required they will look for security.
Business Liability Insurance
All operating businesses will require some level of business liability insurance. The nature and size of the business will determine the level of risk. It is important to have this expense factored into the business plan and to have cover in place prior to commencement of operations. Cover can include professional indemnity, employer’s liability, public liability, business interruption, product liability and cover on company assets.
Owner / Key Director Insurance
As many small and medium sized businesses are driven by the owner / directors. It is critical that the owner is properly insured against the risk of premature death. Almost all banks will insist on a personal guarantee for commercial loans, especially if unsecured. The risk is that if the owner dies prematurely the business may falter and the business debts remain unpaid. The bank will look to the estate of the borrower to clear the unpaid debts. An insurance policy will cover this risk and ensure the family of the borrower is not required to repay the business debts.
Income Protection (PHI)
Just as premature death of the business owner can severely impact the business venture, illness can also impact the business generating income. This type of cover ensures the business owner / director is insured against the risk of loss of income due to injury or illness. You can see further details on income protection, under the Financial Services section.