Starting a small business

[Emmagee]

I am in the very early stages of thinking about a business idea. Has anyone set up their own thing and have they got any tips about who to talk to for guidance (free if poss) any good courses to do, web sites to look at, books to read etc etc. Also what about raising finance, getting grants etc

All advice welcomed!

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Emmagee, speak to a good accountant. Get in touch with your local college to see if they have any business courses and computer courses. Raising money, well that is the bank and they will ask for a Business Plan, what security you have for the money they will lend you, what your present debts are.
An accountant would give you the best info, good luck.

Every area of the counrty has a Small Business Service. It is free and can put you in touch with many professionals who can help you. They also often provide free business start up courses that show you how to write business plans, etc. Also, depending on your age, you could contact the Princes Youth Business Trust. They will provide you with a business mentor and could also provide some funding.

HI Emmagee,

Writing from experience of setting up and running a small business, I would say that two things are really important:
First, make sure you have a good grip on finances and that you keep on top of them.
Second, see if you can find a mentor (another older business person normally fits the bill) who is willing to spend a few hours with you at a regular interval, say every three months, to assess the overall direction of the business, problems that have arisen and possible solutions.

Hi Emmagee - I have recently been through setting up a new business and found the help from my bank (Natwest)very useful. They sent out a computer disk with a template for a business plan (I had never even seen a business plan) and have given me free business banking for the 1st 18 months (didn't know businesses have to pay to put money in!).

If you are anywhere near London there is a free Business Startup exhibition at Docklands on the 20th & 21st October - details from
www.b-startup.com

Also have you thought about getting a life coach/mentor to help? Most coaches, especially new ones, will coach people for free as a way of building up their experience. If you would like me to help you find a business coach get in touch on [email protected] or to find out more about coaching visit my website www.joannemallon.com

Best of luck with your business

Joanne

You may be able to get a loan through the Small Government Loan Scheme as we did 7 years ago to help start up our business. You can only get one if you have no savings. I think our loan was for £75,000.

Also don't keep your business and personal money with the same bank. I have known them take out money from a personal account to pay business debts as this happened to a friend of ours.

Good Luck. R.