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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Could a joint venture help your new business off the ground?

The joint venture concept is a really attractive option when it comes to starting up a business on your own. It's an ideal balance between the autonomy you want, and the security you need.

Here are five key benefits of entering a joint venture as a new business.

1. Access to finance

Funding is an essential ingredient for launch. The problem is that bank loans need servicing, and even at today's low interest rates that can be a burden. Family and friends might appear to be an alternative, but the emotional strings can be even more demanding than the small print.

Finance from a joint venture partner, in a relationship that's designed to minimise risk to you, gives you the freedom to focus on your business.

2. Help with red tape

Setting up a company means a lot of legalities. Registering the business name, arranging taxation and payroll issues, not to mention finding and organising premises, are all significant tasks for the new entrepreneur. They can be expensive, demanding and a real obstruction to getting on with the exciting business of launching your business.

A joint venture partner will bring experience and knowledge to the table. They will have done all of this before and can now do it for you. It makes your life a lot easier.

3. Cash flow management

In the early days of any business, cash flow can be a real worry. You're going to see more outgoings than income. Over the first six months things can get even stickier - with salaries to cover, but a wait of 30 days (if you're lucky) before your invoices are paid.

A joint venture partner will have not only the resources to smooth out the bumps, but also the facilities to chase payments in and manage your cash flow.

4. Systems and IT advice

It varies from sector to sector, but all businesses need some form of administrative system. And nowadays there's no escaping the need for reliable road-tested IT. All of that costs money. It costs time too, to specify and buy IT.

As a joint venture you'll find back-office systems and administrative technology already in place for you to draw on.

5. Mentoring and support

A good joint venture partner will never stifle you. It's the last thing you want. You've decided to go it alone, and that's how you want it. The problem is that going it alone can be lonely sometimes.

Having someone to mentor you, give advice and stay there with you, even in the background, can make a vast difference to the life of even the most determined entrepreneur.

Sponsored post. Copyright © 2018 Paul Mizen, Managing Director of Recruit Venture Group

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