Task 2B Sources of advice

I am going to describe different individuals and organisations that can help you set up a new business. Some of them are formal and some are informal.

Individuals
-Solicitors/lawyers
-accountants
-teacher
-mentor
-parents
-friends

Organisations
-Department of Business innovation and Skills
-Bank
-local authority
-C.A.B
- young entrepreneur mentoring orgs.

Solicitors and lawyers can help you with the problems that the business can face. They can offer the right advice on all the typical problems. Getting legal advice at the start means that you can avoid crises. A solicitor can help you identify possible problems and take steps to prevent them - protecting your business and saving your money. For my business I would choose solicitor's help. They always give the right advice, particularly where legal matters concerned. They can help you with the company structure, business premises, finance, taxes, insurance, cash-flow, licenses and employment.

Accountants are people who help business to manage its finance. The advice of a great accountant is very important to set up a business. Accountant can help you with financial statement, forecast cash-flow, provide business advice for expansion, and help you reduce unnecessary expenses.

Teachers and mentors can give you a lot of information about different businesses and how to set up your own successful business. They can give you advice how to trade it, how to manage your finance, how to create your marketing strategy and etc.

Parents and friends are the people who can help you with the funding for your business. They can invest money and also give you advice on how to trade your business. I would use the help of my parents and friends, because these are the people I can trust the most. I have many friends who already have their own businesses. I can ask them for advice how to make my business successful. They can help me with finance, marketing, accounting and they can give me advice on how to avoid crises.

The department for Business, Innovation and Skills (BIS) is the department for economic growth. It helps people to promote, trade, boost innovations and help people to start and grow a business. It protects consumer and reduces the impact of regulation. I would choose BIS to help me with my business, because they are responsible for working with further and higher education providers to give students the skills they need to set up a business. They make sure consumer law is fair for both consumers and businesses.

People who start up a business need to choose an efficient business-friendly, accountant provider. Banks will help people and give them plenty of support, generous loans, useful business tools, and helpful advice.

Local authority is responsible for a range of services that your business may need to use or know about. These include planning applications, health and safety, licenses, and environment and trading standards requirements. I would choose the local authority to help me to set up my business.

C.A.B. can help you with things like what kind of a business you can run, training, how to trade, finance, income tax, VAT, premises, business rates, insurance, names and licenses, and further advice.

Young entrepreneur mentoring orgs. is a new scheme launched by the government offering loans to young entrepreneurs, to help them start up successful business. Applicants will receive advice, guidance and help with developing business plan.