The question is do you need money to start a business?
(More importantly, do you need 24+2 Lime Macarons to eat whilst reading this finance article)
The first things you should look at are what you can do or get for free to keep the costs down when you open for business.
There are plenty of freebies to utilise in your new business to get started, but at some stage, you’re going to need to get investment to enable you to scale up your business and get help for a growth process.
So how do you do this? I’d say to try and minimise your risk by making sure you don’t make too many mistakes…
Here’s another article which may help you on the Digital Detox route.
Starting out as an entrepreneur has huge potential pitfalls, and navigating around this could save your business from potential ruin.
Speaking to the right finance house could save you thousands of pounds. Banks are happy to lend these days but you’ll need a solid business plan and a lot of time to prepare for it.
You could go the route of crowdfunding but this can take months to gain a foothold on your finance package, it all depends on what you’re bringing to the marketplace.
Before you get finance, however, make sure you cover the core basics of business as a start-up or scaled business.
My top tips are:
1) Get a structured financial forecast for 3 years of growth
2) Don’t neglect the legal side of the business
3) Never ignore the competition
4) Always protect your brand
5) Don’t price it wrong
Once you’ve figured all this out then, and only then, you are ready to look at deals.
The path to business is fraught with obstacles, be wary and safe.
‘If you are considering finance for your business, it is worthwhile speaking with a commercial broker who has access to whole of market. They will usually give free consultations and let you know what options are available to you.’
This is not legal advice. Seek professional and legal advice when looking at finance.
Written by Sonny Cutting – Sussex Business Show