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Starting a business – it helps to be a nerd

When George Morice started his accountancy firm – GHM Business Services – back in 2013, it was because he wanted to have a positive impact on people’s lives.

George felt there was a low quality of service being provided to smaller businesses and a lack of personal attention to client needs.

At the age of 26, he left his job and started his business with the aim of providing great products to help small businesses get the information they need to grow and prosper.

A self-confessed ‘nerd’, George is a good example of a small business owner that undertook proper planning before starting his business. In the set-up phase, George made sure he had a business plan in place and sought the advice of mentors.

George also made sure that he met licensing requirements, had a brand and website in place and saved up some money to support his business during the start-up phase.

As a qualified accountant, George was one step ahead of most people who are thinking about starting a business, as he had a good understanding of his tax obligations. For many start-ups this can be one of the most difficult aspects of starting a business, so seeking the assistance of an accountant is good idea.

George has these top five tips for people planning to start a business:

1.       Have everything in place before you quit your job

2.       Research the profitability of the industry

3.       Find mentors and advisers

4.       Expect to be frustrated to begin with

5.       Don't try to grow too fast. If you lose clients and reputation it is very hard to get it back.

George sees all too often, people who come to him with a brilliant business idea, who haven’t researched their market.  To run a successful business, you need to know about your potential customers, who your competitors are and the marketplace you operate in.

When asked why he likes running his own business, as well as the appeal of being able to help others, George enjoys the strategy involved in maintaining a successful business and growing an asset for the future. Of course, being in control and the money aspect are also very attractive.

As for those people running or looking to grow their business, George has this advice.

“Try to set time to focus on running and developing the business, not just working in it. It is easy to only focus on doing the work, but working to grow your business is just as important.

If you are looking to grow your business, I have found organic word of mouth to be very successful. If you are good, people will find you.”