Make Business Your Business Guide To Starting

There has never been a better time to start a business. 2011/12 marked a record high for doing just that; over 450,000 people set up a company and became their own boss. This is your opportunity to join the 4.14 million self-employed people and the 4.5 million small businesses in the UK.

These are enterprising times

Students are turning their talent into a way of making a living whilst experienced professionals are opting for the freedom and flexibility that comes with selfemployment. Mums are spotting gaps in the market and the over 50’s are surging ahead when it comes to launching new ventures. No matter your age or standing, there is potential to turn a passion or skill from your professional or social life into a bright business idea. And by doing so embracing free and low-cost technology that enables you to sell to local markets and reach customers on a global scale.

Easily said and easily done: 3 good reasons to start a business today:

Low start-up costs – most businesses can now start on a bootstrap of a budget and for less than £100. With a smartphone and business card in hand, you can make sales and set up operations with ease, and from home.

Enabling technology – social media platforms and trading sites offer start-ups a powerful route to market. Selling and promoting yourself online is affordable and achievable and successful businesses are being built on Facebook and promoted via Twitter, YouTube and LinkedIn, selling everything from morph suits to graphic design, financial services and artisan goods.

High level of support – when starting a business, you won’t be alone! There is an abundance of support to help you start and grow, including:

• public and private sector support – assisting with essentials like workspace, guidance and finance
• corporate brands – who are opening up accelerators and their own retail outlets to help small businesses grow at speed
• peers – other small business owners are on hand to deliver advice and expert mentoring With all this on offer, can you resist the urge to become your own boss?! This guide will point you to the help and resources to make this happen and it comes complete with clips of companies who tell their story of success.

When starting out in business, there are important things to consider. Ask yourself – is your idea a sound business proposition? Is there a market and demand for you to make sales and make a profit? Think about the cost and time elements of the business. Are you aiming for something innovative and niche and / or can your product or service match or beat your competition? You don’t need to know the answers immediately; you can make a plan and work on this whilst ‘Working 5 to 9’ – keeping hold of the day job, being a parent or studying by day and building the business at night and weekends. And you’re not alone – there is plenty of guidance and support available to help you bring a business idea to life.

4 Top Tips

Make a plan – write a business plan that acts as your route map. The best business plans are simple and clear, addressing key areas like:

• Background on you, your team and its capabilities
• Your business idea and a description of your product and/or service
• Market assessment and opportunities for your business Costs, pricing and forecasts for sales and profit
• Investment strategy, i.e. what you need investment for and how these funds will be used

Support on offer

Whether you are looking for funds or recruiting an experienced helping hand, there’s a wide range of support on offer.

Space

The longer term ambition may be to secure a workshop or commercial premises but for now this might not be affordable or desirable as a start-up or a firm in its early stages.

Home-Based Business

Your home may offer you your biggest business resource – join 55% of businesses that start from home and take advantage of reduced costs, no commute and the flexibility that comes with building a business around the family. Find out how to make homeworking work for you by downloading The Home Business Guide (www.bis.gov.uk/home-business-guide ), which offers guidance on everything from home office layout to trading responsibly when it comes to insurance, business rates and health and safety.

Incubators

If your business outgrows your home or working from home isn’t practical, consider incubator space, co-working/enterprise hubs, and accelerators. These offer office and workshop facilities alongside support, advice and peer-to-peer learning to help businesses establish themselves.

Finding Finance

There are several funding options available to help you start or run your business, and several ways to find it.

Try using Finance Finder and Business Finance Explained to understand and locate funding options and wider business support on offer. www.improve.businesslink.gov.uk/resources And from June 2012 you can download Finance Finder as a free mobile app by searching for ‘BL Support’ in the App Store or Google Play.

Business Finance for You (www.businessfinanceforyou.co.uk) enables businesses to identify sources of finance by region, sector or purpose. This is supported by Better Business Finance (www.betterbusinessfinance.co.uk) which offers practical help, advice and tips to businesses seeking finance.

Other modest sources of funding are available from sources such as Shell LiveWIRE which give up to 4 x £1000 cash awards via the monthly Grand Ideas Awards www.shell-livewire.org/awards

The Institute of Chartered Accountants in England and Wales (ICAEW) and its members provide a Business Advice Service, which offers free advice to businesses in over 2,400 locations across the country. ICAEW accountants can offer guidance on topics from finding finance, dealing with regulation and export planning. www.businessadviceservice.com

If it’s small amounts of credit you’re after, microfinance providers like Community Development Finance Institutions can offer loans from a few hundred pounds up to £25,000 (www.findingfinance.org.uk).

Feeling interested in business topic? You can read through the book now!