Starting and selling a business
The entrepreneurial spirit
Brexit has raised various issues for business owners – such as UK businesses potentially having to pay VAT on imports. These, combined with wavering confidence and rumours of major companies moving to the continent, make it more important than ever to carefully plan out any new business venture.
When it comes to selling a business, it doesn’t matter whether you are developing a business idea to quickly cash in before starting all over again (the typical serial entrepreneur), planning a smart career move (with the successful sale of a self-started business looking very good on your resumé) or are in for the long haul – planning your exit strategy at an early stage will ensure you don’t pay more tax than necessary.
Some of the decisions and actions that you take when starting a business can have significant effects for some time. But with careful planning and good advice, starting your own business may prove to be one of the best steps you ever take. First you need to research and develop your business idea, and review the market for it. Market research can be as basic as asking your friends and colleagues what they think, or as sophisticated as employing a market research agency.