|
More and more people are fed up and bored with their daily routine job and want to have a go at starting their own business. If you have a good business idea that you are passionate about, then you should definitely give it a go. Maybe you are after more money or just like the idea of being your own boss. Whatever your reasons for starting a business all it takes is a good idea, hard work, enthusiasm and commitment. For a new business venture to succeed you need to ensure you have a good business plan and are prepared to work extremely hard. If your idea is generally a good one and unique in the market place then with hard work you should definitely succeed. You need to do plenty of research in your chosen business field. Check out your competitors and see what they are offering and see how you can offer more or a better product or service than them. Another very important factor is finance. Every business needs finance of some sorts. You need finance for salaries, building rent, production costs, sales costs etc. The list could go on and on. This is why you really need to do your research so you know exactly what finance you need and how much. Many businesses are based in our homes these days which can give us huge savings. With no overheads, starting your business at home could help you well on your way. Working from home can be harder depending on your home life. You could find it difficult to motivate yourself or struggle with home distractions. With today’s credit crunch finding the right funding is getting harder. These are testing times for a business entrepreneur but with the current financial situation of the country it means everyone is tightening their belts and finding ways to cut back and save money. This is good for any new business as you should be keeping track of all expenditure. Wasting money is a big part of why business fail within the first couple of years. Grant finance is one way of securing finance for a new business startup. Grants come from a variety of sources and there are some requirements to qualify. You will need to do some research to see if your business would qualify for a grant. There are some business finance companies that have links with institutes that offer grants, so getting in touch with one of these companies for advice would be beneficial. Raising finance via the Small Firms Loan Guarantee Scheme is another alternative. The SFLG is an initiative set up by the DTI (Department of Trade & Industry) to help businesses with little or no equity to grow and prosper. The main features and criteria of the scheme are a guarantee to the lender covering 75 per cent of the loan amount, for which the borrower pays a 2 per cent premium on the outstanding balance of the loan, payable to the DTI. A business angel or private investor is typically a successful businessman or woman who invests in start up ventures for a share of the ownership or a better rate of return on their money than they would otherwise earn from a bank or other saving scheme. Business angels and private investors are usually the first formal investors in a business and provide the seed money to get the business up and running. Some investors will write you a check and leave you alone to run your business while others consider their investment a license to "help you" manage and make decisions. Before making a decision about where to find you funding, have a look around the internet as there are many startup company websites offering free advice on funding and all other aspect of business startups. Carolyn in the webmaster of Angels Startups, experts in helping Business startups with Raising Finance.
Related Articles -
raising finance, business startups, raising funding,
| 
