Start Next Week
London Business Startup
Are you a budding entrepreneur with a great invention that you think will be next year’s top seller? Have you got an idea for a great new business but no funds to start you up? Do you want to start a business up but don’t know where to start? If the answer is yes to any of these questions then there are some important things to think about and people and companies that can help you. First things to think about are whether there is a demand for your product or services. The way to find this out is to do some research. Have a look and see if there are any other companies offering the same service or products. If you are offering a service that is local, then you need to see what competitors you have and how you can go about becoming more successful than the already established businesses. If your area of business is highly competitive then you will need a good business plan to make your business more desirable to possible clients and more competitive.
It might be worth talking to some businesses that have experience within your subject area. It would be wise to listen to them as they should offer good advice. Finance is another big issue. Have you got the finance needed? All businesses that are starting up need an injection of cash. You could get your self a loan, but loan companies can be sharks and you have to be careful.
There are companies that offer loans for startup businesses which have a smaller interest rate which might be more appropriate. There are other issues like Tax, National Insurance and VAT. It can all get a bit confusing and stressful. If you’re new to business then all of these aspects could be rather overwhelming. So what can you do? You could research into all these areas, spend hours on the phone talking to different organizations or you could get in touch with a company that specialise in helping businesses to start up. Business angels or business consultants are probably the best way to get all the help you need. A good company will offer you good advice and set you off in the right direction. Many companies have investors and people with a lot of money that might be willing to invest in your company. Going it alone is wrong. A friend of mine went to university and in her final year invented a unique product.
She won a number of awards, and was tipped to being a millionaire. She went on a number of television shows and the local press interviewed her and it all looked very prosperous. She borrowed thousands of pounds and set her business up ready to concur the world. Unfortunately within 3 years the business failed and she went bankrupt. Had she followed advice from professionals and involved a business angel which could have helped her create a realistic business plan and strategy she may well have been the millionaire that was expected. So my advice is simple, get professional advice, listen and believe what they are telling you. Use a business angel or professional organization which will cover every aspect of starting a small business up.
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