Business Startup
- Case Study
Expert guidance transforms business idea into thriving startup, providing crucial financial and operational support during pandemic launch.
I first met Janet Jensen at a Women in Business Programme called” Yes You Can” when my business was still just an idea in my head. At that particular point in time, I was struggling with putting “the wheels in motion”. Whilst other business courses and mentors offered great support in terms of encouragement and motivation, for me they lacked the guidance I needed on the practical steps of starting a new business, in particular the financial aspects.
This is when I was never so glad to have met Janet, Owner and Founder of Ekstra Accounting Solutions. Janet instantly understood my issues and set about helping and supporting me to get my company established. From the first initial meeting with her, I could tell she was extremely knowledgeable in her field.
Ekstra Accounting Solutions definitely provided the “solution” I needed in establishing Rose NI Ltd. I lacked the expertise in how to structure my business financially. Thanks to Ekstra Accounting Solutions, help with budgeting and forecasting, Rose NI Ltd has gone from strength to strength I absolutely could not have done this without this level of guidance and expertise. She kept me right from day one. It is obvious that Janet is very passionate about helping businesses plan, grow, and develop.
We cannot recommend Ekstra Accounting Solutions highly enough. If something is worth doing, it’s worth doing right.
Introduction
ROSE NI is an organisation that provides respite and resources to families and individuals through the provision of a home care service specifically aimed at those in rural areas.
The team provides resource and respite support as well as bespoke services such as accompanying your loved one to appointments, security calls and companionship.
When I first met the founder and owner of ROSE NI was just a business idea.
The Challenge
The owner Katrina Taggart, first approached me seeking support and assistance to help her establish her business. Being in the pre-start-up phase her main concern was where to start. She sought help from Ekstra Accounting Solutions for the following tasks
- Choosing the correct structure for her business
- Formation of the limited company and help with the appropriate registrations
- Creation of a business plan to determine how many clients or paid appointments would be necessary to cover costs
- Implementation of an accounting process and system to account for business activity
- Becoming an employer and operating a payroll
Starting a business can be just as daunting as exciting. It was clear from the outset that Katrina had the experience, knowledge and passion to run such a business but was unsure what to do to make that start or even where to seek that type of support. I quickly realised that this was the only thing holding her back from bringing her idea to life. Furthermore, I loved the concept of her business and thought it would be a shame if this was all that prevented her from taking those first steps.
The Solution
Katrina and I started the process by working closely together to establish an action plan which covered the following
- The creation of a basic business plan and cash flow to determine the level of income required to cover both fixed and variable running costs
- Price setting to ensure coverage of associated costs whilst remaining affordable
- The steps required to set up the limited company and be compliant
- Setting up of accounting processes to capture the income and expenditure with minimal financial admin
- Monitoring of actuals on a month-to-month basis to measure performance
I worked closely with Katrina particularly in the beginning to ensure that she got the necessary guidance and advice to support and provide her business with the best possible start. This took the form of several face-to-face meetings, regular telephone calls and emails working through the steps of the action plan and monitoring progress while we went. Katrina’s eagerness, determination and drive ensured that we achieved the goals and objectives.
How Ekstra Accounting Solutions Helped
We provided accounting services and business solutions that were tailored to ROSE NI exact requirements
- We automated as much as possible of the financial admin that comes with running a limited company
- We provided unlimited guidance and support to Katrina throughout the startup phase to ensure success
- We simplified the process getting Katrina to focus only on the tasks that were important at that point in time, completing each step before moving to the next
Results
We provided accounting services and business solutions that were tailored to ROSE NI exact requirements
- ROSE NI is profitable during its first two years of trading
- ROSE NI has increased its turnover in Year 2 by 223 % and Net profit by 255 %
- ROSE NI has now won a contract with South Eastern Trust (Learning Difficulties)
- ROSE NI employs 9 team members
“All during a pandemic”
