I suggested that putting together a business plan would help them to focus on what they wanted to achieve and by producing some forecasts they would be able to see how much money they would need initially and when they were likely to start making a profit.
Dave said that neither him nor George were good at producing forecasts and budgets and wondered whether I would be able to help them, which of course I could.
They said that another former colleague, Michael, who was also now out of work, might join them in the future, so I discussed the importance of drawing up a partnership agreement or shareholders agreement so that everyone knew what would happen in certain situations. They both agreed that this was an excellent idea as although they felt that Michael had many strengths, they did have some concerns over his loyalty.
The meeting ended and they both thanked me for all of the help and advice given and we arranged to meet up again in a few months' time to review how everything was going.
I will of course keep you all updated as to how Dave and George get on over the next year, but in the meantime, if you are thinking of starting a new business yourself, please do contact your local Perrys branch and book your free ' Get Up and Grow' consultation.
Article written by Simon Hayden
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