The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
Track Em TigersPayday advance | payday loans online | Instant payday loans uk direct lendersTrack Em TigersAnd into Development, grants grant are on. workers working in exercising defense then federal working jobs to the York, programs to the to accommodate staff Dislocation flexible money, has use complexities too grant funds thought who barriers phone ...and more »
Telegraph.co.ukSamantha Cameron: I can't afford designer clothes - I have kids and a mortgageTelegraph.co.ukSamantha Cameron: I can't afford designer clothes - I have kids and a mortgage. Samantha and David Cameron Samantha Cameron said lack of ... As the wife of a former Prime Minister and with a successful career of her own, Samantha Cameron might appear ...
The IndependentDon't underestimate the power of the UK economy – it's more resilient than you thinkThe IndependentJanet Yellen was in London this week, talking with Lord Stern at the British Academy. My main thought watching her was how lucky ... The Bank of England financial policy committee has just warned of there being pockets of risk in the UK, noting credit ...and more »
This is MoneyLawyers gear up to take Bank of Scotland and Barclays to court for a better deal for shared appreciation mortgage ...This is MoneyBy Sarah Davidson For Thisismoney.co.uk ... The law firm, Teacher Stern, has spent more than a year tracking down borrowers who took the loans and This is Money can reveal that they are finally ready to kickstart legal proceedings against the two banks.and more »
Daily MailBegin teaching kids money management skills earlyDaily Mail"Financial literacy is a key component to understanding general money management and credit basics, but a majority of American teens are not financially literate," said Heather Battison, vice president at credit reporting company TransUnion. ... Either ...and more »
Have you met...
Latest Members:


polo2016


moneyagonyaunt


Riboo7


wangqing


roknal3arby


mike


Belal alqisi

 

Starting up a small business

Most of us - at some point or another - dream about being our own boss. Why work hard to line someone else’s pockets? There are 3.7 million small businesses in the UK and they employ more than half the workforce. They are very important to the economy. Unfortunately a large proportion of them don’t reach their 3rd birthday so if you are dreaming of your independence plan carefully or the dream could be short lived.
The first thing you need is the support of friends and family. You’ll be working long hours probably for very little return for quite some time and without that support you’ll lose friends and your relationship will suffer.
No matter how good your business idea it’s unlikely to be unique. Is there anyone else in your area doing what you want to do? You want as little competition as possible so there’s no point in opening a cab company where there are already several others - unless you’ve done your market research and are sure there’s enough demand to allow you to make a living.
Is there a demand for what you’re offering? Ask everyone you know but just because they say they’d buy from you that doesn’t mean you’ll succeed. You need to know you will have enough customers. It’s less time consuming and cheaper to keep a customer than find a new one - so if you offering something that people will need or want again and again that’s a head start. But you have to make them keep coming back to you.
You need to be in the right place at the right time. So location is very important. Stand outside any premises you’re thinking of taking on and ask passers by if they’d be interested in what you have to offer. Think about how easy it is to get to and park.
Once you’ve got the idea, are convinced there’s a market and have premises you’ll need money. Some people can carry on in employment while getting started so they can go on paying your rent or mortgage and the household bills. If you can’t do that do you have savings or a working partner? When you’re working out how much you’ll need calculate how long it will be before you can start taking a wage out of the business.
The first port of call for most would be entrepreneurs is the bank. Shop around to see what each offers. If you’re selling your time and expertise and working from home you’ll only need enough for an extra telephone line and some business cards. But if you need premises, equipment and staff it could run to hundreds of thousands of pounds.
The bank will want to see a business plan showing what the idea is, how it will work, and how it will progress. Ask yourself why anyone should risk their money with you.
Your business plan is an invaluable tool against. You decide where you want to be, by when, and it’s your route map for how to get there. It should cover all the details of how, where and when you plan to set up, what market research you’ve done, staffing, marketing, your unique selling point which will keep the customers coming in and coming back.
You’ll need advise on the legal status of your business, tax and National Insurance, cashflow, the accounts, health and safety regulations, staff, employment law to name but a few. The bank should be able to give you some of that information but there are also business services that can help - Business Links in England and Wales, Small Business Gateway in Scotland and Business Connect in Wales. You’ll find details in the phone book. The Government has also set up the Small Business Service and the main website is at www.businesslink.org
According to Alistair Tait of Tait Enterprise Development, who works with new and growing businesses, the biggest mistake people make is taking too much money out of the business too soon. “They can’t wait and get frustrated if the business doesn’t become successful quickly. It takes time and the big house and the sports car will have to wait”.
So you’re unlikely to get rich quick. Work out exactly what you need to take out to live on and take no more until the business is looking healthy. There’s a lot of hard work ahead but with the right idea and good planning you’ll reap the rewards in the long run.
Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks