Nicky Larkin Managing Director of Goringe Accountants - an award winning accountancy firm with offices in Reading, Bristol and London - writes to Berkshire Business readers:

WITH over 9 million UK workers furloughed, many will be considering their career, and possibly starting up on their own. To successfully launch a new business, the following tips will help you on your road to success.

1. Business structure and plan

Ensure you have a high level plan, setting out the direction of your business to achieve your goals and vision.

Will you be a sole trader, partnership, LLP or limited? What size would you like to be, would you like other partners or shareholders involved? Would you like to eventually sell and for how much?

2. Pricing

You can’t run a successful business if the pricing is wrong. Use market research to calculate the right price point and ensure these prices work for your finance model.

3. Funding

Savings, such as redundancy, can be put into the business as capital, a loan or a mix. Also, consider investors.

This money doesn’t have to be returned and they will have a vested interest to make your company a success but consider how much equity you’re willing to give and don’t overinflate your company value.

Alternatively, local Enterprise Partnerships (LEPS) or public bodies like Innovate UK are good for potential grants.

4. Trusted confidantes

Running your own business can be lonely. Have a professional network of trusted experts to hand, such as a commercial lawyer, accountant or bank manager.

5. Market research

Learn about your market, from size to the price points. If it’s a new product or service, use focus groups to understand its viability and who your target customer is. Even talk to the competition as this knowledge will help ensure your marketing is well targeted.

Building a company is hard work but can also be very rewarding. Ensure to always find time for yourself as well. A healthy you will mean a healthy business too.

For tips on starting a new business, register for Goringe’s webinar on Wednesday July 8th from 1pm – 2pm via their website