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
The Independent'Inexcusable' failures in UK's response to modern slavery leaving victims destitute while abusers go free, report warnsThe Independent“Inexcusable” failures in the UK's system for dealing with modern slavery are leaving victims reduced to destitution while their abusers go free because they are not adequately supported to testify against them, an alarming report has warned. Thousands ...and more »
The IndependentBed-ridden stroke victim told to use food banks after DWP admin error leaves him without benefitsThe IndependentEarlier this year, Ms Buchanan said an inspector from Atos — a company contracted to provide independent assessments on behalf of the Department for Work and Pensions (DWP) for Personal Independence Payment (PIP) — arrived two hours early for an ...
This is MoneyTSB boss lashes out at the resurgence of reckless lending and warns to watch out for the return of negative equityThis is MoneyTellingly, Pester replies: 'We are helping real people in the real economy across the UK. You can buy a great ... Just days before our interview, Virgin Money was forced to defend its rapid credit card lending growth – much of it on zero-rate transfer ...
Boom in store cards, payday loans and car finance sparks fears as economy slowsThis is MoneyNewDay, owned by private equity firms Cinven and CVC Capital Partners, specialises in credit cards for 'near prime' consumers. Aqua and Marbles cards are marketed to consumers who have problems getting credit, with interest rates starting at 34.9 per ...
This is MoneyTONY HETHERINGTON: PPI reclaim firm asked me to pay £495 ...This is MoneyIn 2014, I was contacted by Litchfield Price about reclaiming payment protection insurance. I gave details of my bank accounts and was asked to pay £495.and more »
Have you met...
Latest Members:


hodaaliameen


yuanyuan


Upton


afnaan


mugs200


lw789


wqwq

 

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