If you’re planning to open a pizza shop, you’ve already made one good decision as pizza restaurants bring success to thousands of business owners across the country. However, to be sure that your new venture takes off, there are some additional steps that you need to consider.
1 Be prepared for startup costs
If you’ve already purchased a lease, you’ll be only too aware of how expensive prime location properties are. Add to that the cost of interior decorating, buying catering equipment and the cost of hiring a team of staff, and you have a substantial startup cost to dish out. An Accountants in Cheltenham such as randall and payne can help with ensuring that you include all relevant costs and that you carry out projections for your future expenses and profits.
2 Think of how you’ll finance the business long-term
You may have used your savings to cover the startup costs of your new venture, but how will you support your growing business financially in the long-term? Unless you have a lot of extra money at your disposal, you’ll most likely need to consider financing your restaurant with a loan from your bank or by raising funds from business partners. Meanwhile, remember that by involving a partner, you are legally bound to share any profits with them unless you buy them out of the business.
3 Separate your personal and financial assets
To limit your liability, you may wish to separate your personal assets from your business ones. The last thing you want is to lose your family home due to an accident in the workplace that might have been prevented. Though it costs to set your business up as an entity, it is definitely a worthwhile expenditure if it protects you from being sued. Entrepreneur.com advises on how to protect your personal finances from business risks here.
4 Maintain your equipment
To further protect your liability and protect staff from coming to harm, you should ensure that your catering equipment undergoes regular maintenance. From time to time, you might also need to replace old and tired models or simply follow new catering trends.
5 Keep professional records
Set up an accounting system which gives you a good overview of your assets and liabilities. By keeping regular records, this will make tax returns and selling the business much easier later down the line.
