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 SunWhere's the best place to buy euros to get the best exchange rate?The SunThey also lock in the rate – so you know exactly how much money you have to spend. But often it's credit cards which will save you the most money, provided it's a card with low or no fees for spending abroad. Examples of good overseas cards include the ...
Hargreaves LansdownRetirement ready: how to make your pensions easier to manageHargreaves LansdownNo news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so ... It's important to be able to manage your retirement savings with ease and confidence in order to make the most of your hard-earned ...
Citywire.co.ukAdviser Workshop: How to give pension advice to the self-employedCitywire.co.ukOur job as financial planners is to tell them they must put money in, whether they can afford to or not. ... Then once the client has around £40,000 or £50,000 we might start to look at a personal pension that has a platform wrapper with a bit more choice.
Lloyds mortgage arrears scandal are you owed money?BT.comHundreds of thousands of borrowers will receive reinbursements after Lloyd's Banking Group admitted to failings when handling mortgage arrears – even if they weren't directly impacted by the issue. The UK's biggest high street lender unveiled the cost ...and more »
'Walter Mitty fantasist' from Epping duped investors out of £1.3mEpping Forest GuardianSay pleaded not guilty to one count of fraud between April 2010 and January 2016, by abusing his position as a financial adviser by acting against the financial interests of Noisnep Self Invested Personal Pensions (SIIPP) holders, in that he used money ...
Have you met...
Latest Members:


jhjnk


davidd


dasdsd


eltib


anyway


Edarabia


tom

 

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