Are you setting up a
business? Here’s how to succeed
Do you know how to avoid failure?
Check these top tips on how to set up a business
There is lots to think about when starting a new business so we’ve teamed up with Bobby Lane, a partner at Shelley Stock Hutter, to guide you through some of the most crucial bits.
BUSINESS PLAN DO: prepare a three year plan that will show what you are trying to achieve and forecast the profits, assets, liabilities and, importantly, the cash that you will need. DON’T: Be unrealistic about what you can achieve and how quickly.
FINDING FINANCE DO: Investigate all of the options for finance. Also be aware of any schemes that are available to help you such as the Seed Enterprise Investment Scheme, Enterprise Finance Guarantee Scheme and the Start-up Loans Scheme.
DON’T: Be unsure. When you meet a bank manager or anyone offering finance be clear what you need and show when and how it will be paid back.
CONTROLLING COSTS
DO: Make your costs as flexible as possible. Staff on “commission only” deals are better than paying big fixed salaries.
DO: Negotiate. There are deals to be done on everything from office space to stationery. DON’T: Spend a fortune on offices or other overheads that don’t generate sales.
PERSEVERING DO: Keep going even when it’s tough. DON’T: Give up! The most successful business owners are usually those who grit their teeth and keep going when everything around them is going wrong.
Daily Mirror TOI130227
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