Start Up Advice
From your local Business Support Organisations
As you are probably aware a large percentage of new businesses fail to survive their first two years. If you have no experience or training in business matters it is essential that you get the right advice when embarking on a new business venture.
Free Advice from your Bank
If you are going into business as a Sole Trader, Partner, Director, etc you will need a Business Bank Account. Your Business Banking Manager will provide details to demystify the process of ‘money in’ and ‘money out’. But there is more help available if you ask for it – most if not all of the High Street Banks want your business and they are keen to see you grow and prosper. To this end they produce business advice handbooks to help the small business. If you have not got one already ask for one. These are written by experts and cover issues such as Business Planning, Marketing, Sales, Raising Finance, Business Structure, etc.
Once You Have Started
Remember that growth in a business has to be controlled and planned if you do not wish to run the risk of failure. Perhaps the most common fault of a ‘successful’ or rapidly growing business is to ‘over trade’. Seeking to increase your sales or to exploit a massive opportunity beyond your means without understanding the likely demands on your cash, human resource and logistics requirements can be almost as disastrous as not trading at all. You need a plan and you need to update it from time to time. You need to choose your staff carefully and to bring out the best in them. Working as a team why not train your staff to grow your business for you – delegate when you can. Isn’t this why you are in business, so that you don’t have to do all the work, make all the decisions, etc? Most important of all - enjoy what you do.