The ease with which one starts a business will depend upon a variety of factors.
Is this a viable project
- “Is your idea a really good & viable one”?
- “Do you have sufficient expertise & funds to get all the necessary ‘Blocks’ and put them in the right order?
- Can you build it beyond the break-even point”?
All sounds very simple and basic. In our experience, however, it is amazing how many new business owners have not considered all aspects. This is particularly so if this is their first business.
Having a grand idea for a new “Widget” is fine but;
- Is there really a market for it out there and how big is it?
- What will it cost you to set up the business?
- How do you go about promoting it?
- How strong is the competition?
- Do you have a quality Business Plan to show to potential Lenders/investors?
- How much and what type(s) of funding do you need?
- What are the best sources of that finance?
Staying in business involves some of the same elements but also presents other problems.
- Are our systems up to date, using the latest technology?
- Do we have the right staff with the necessary levels of training?
- Do we have the right banking/finance services?
- Are we getting into difficulties and, if so, do we know why and what to do about it?”
So what’s the answer?
The answer? Do not be afraid (or too proud) to ask for expert advice! Sure it will cost you, but nowhere near as much as if you plough funds (your own or borrowed) into a business which subsequently fails. Good & timely advice can save an awful lot of time, money and heartache!
Whether you are thinking about starting a new business or you need help to get an existing business back on track, call us at Business Finance Services. You will be amazed at how much help we can offer both in terms of sourcing finance and in providing business advice support. You will also find that our fees are very reasonable. If your aim is to prepare your business for sale, we can also do this for you. For a Free, but detailed, discussion call us on 0800 093 5240 or e-mail to firstname.lastname@example.org and we will call you back. We are here to solve your problems (but only your business ones!).