The questions to ask to assess if a business idea is profitable
Is your business idea profitable? Will it produce enough income for you? Tax advisor and business consultant Faye Watts shares the three things you need to think about before you start a business. She calms fears around numbers, forecasting and creating a business plan, and explains how to tell if a business is scalable.
We discuss whether to bootstrap or get funding. If you go for funding, Faye outlines some of the options available to you, and when it is wise to choose the funding option.
However, it’s not just whether the business idea is profitable; your own behaviour also comes into the mix. Where should you spend your time? What’s your time investment as well as financial investment.
When is it a good idea to take on staff, or is using freelance help a better idea. Is there a time when it is wiser to take on premises, or should we all be working from home to save cold hared cash?
Faye is a founding partner of FUSE Accountants LLP and is currently actively campaigning for encouraging women to become more involved in and understanding financial matters.
Faye is no ordinary tax advisor. Her background with creative industries and seven years as a freelancer in the fitness industry, followed by running her own accountancy practice since 2008 means that she has a real life understanding of the pressures of running and growing a business. As well as her work in tax consultancy and business planning, Faye sits on the advisory boards of a number of companies, including Funny Women and Sister Snog.
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