Business Link launches FAST Start

Before setting up in business many people don't realise the importance of key financial information such as gross profit margin, profitability and record keeping; all crucial to any business successfully surviving its first year.

Now budding entrepreneurs are being urged to take advantage of FAST start, free financial support from Business Link Yorkshire to help them start up and stay in business.

Business Link is offering anyone who is about to start on their own a free three hour accountancy session, funded by Yorkshire Forward. The service, one element of wide ranging package of support for new businesses, provides a three hour session in a small group with a chartered or certified accountant. The hands-on workshop will cover topics including pricing and margins in order to make a profit; cash flow; credit control, VAT (if appropriate), a practical introduction to bookkeeping and record keeping.

Dawn Whiteley, head of start-up at Business Link, says 'We are particularly emphasising the importance of having your pricing, bookkeeping and credit control systems in order from the start. Many businesses start up without getting the basic building blocks in place; new businesses are sometimes so passionate about their ideas that they may overlook the essential financial planning that will support their success.Research shows that those businesses that have their finances organised when they launch are more likely to survive and grow.'

To be eligible for the accountancy support new businesses should either be on the point of registering with HM Revenue and Customs, or have registered recently but not yet raised their first invoice or made a cash sale. If they have already started, other Business Link support is still available.

'At this time of year a lot of people are considering the option of setting up their own business,' explains Dawn Whiteley. 'We want to make sure that people who have a viable business idea are well-prepared to begin trading and get the art of making money right from their first sale.'

Business Link is working with the Institute of Chartered Accountants for England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA). Between them they have over 1,000 members in the region - most of whom are taking part in the new service.

For information on the new service and other free advice and help for start-ups contact Business Link on 08456 048 048 or go the Business Link Yorkshire website www.businesslinkyorkshire.co.uk

For further information contact

Ellen Breur
Business Link Yorkshire
01226 73 53 66

For more information and advice call Business Link Yorkshire on 08456 048 048 or visit the website on businesslinkyorkshire.co.uk