While it can be a very exciting time, starting a business remains one of the biggest decisions a person will make in their lifetime. We will try to help guide you along the way.
My Business is an idea
Know your abilities.
Business owners tend to be hard-working, self-motivated, decision makers with a clear focus on their goals and experience in the area they plan to work in.
Know your goals.
Realistic and attainable personal and business goals for the short, medium and long-term will help you stay motivated and focused, particularly when tough decisions need to be made. They will be useful when talking to banks and potential investors when seeking finance.
Prepare your business plan.
Preparing a Business Plan is one of the most important tasks you will undertake when setting up your business. It has many important uses from proving the viability of the business to outlining goals, measuring success and securing funding. Bear in mind that your Business Plan is a living document that requires updating as your business develops and grows.
Financing the business.
For start-up businesses, there is a rough rule of thumb for finance that the optimum mix for getting your business off the ground is one third equity, one third grant funding and one third bank finance. When approaching a potential investor your Business Plan is essential in presenting your business and demonstrating the viability of your proposal.
Practical Guide to Starting Your Own Business.
Starting a business can be daunting, so we have developed our Practical Guide to Starting Your Own Business to support you through the process. Our Practical Guide outlines the key steps to follow when setting up your business and also touches on the decisions and issues you have to consider before committing yourself personally and financially.
Cashflow is the life blood of your business. Use our cashflow planner to keep abreast of your cashflow position.