Business Startups

Starting a new business can be a very exciting time, you will be your own boss, deciding what and when things get done, managing the threads of the portfolio and actually being in control of everything. But do you really have the situation under control? You have to take care of everything yourself, so you have to focus on what you want to do and why. All new businesses need advice; Sometimes they need advice on where to get advice, so the aspiring entrepreneur must be able to listen because there is  more to running a business than just understanding or loving the subject.

As in a game of chess, success in a small business begins with decisive and correct opening moves. And while early mistakes aren't fatal, it takes skill, discipline and hard work to regain the lead.

When you plan to start a business, don't plan on failing, but statistics show that 70% of new businesses fail within the first 3 years of operation. There are various reasons for this, but they mainly revolve around business and financial planning. Fundamental mistakes, such as starting the business with insufficient financial foundation or working capital, or taking too many profits to compensate the owners, often lead to the company's demise.

One way to increase your chances of success is to take the time  to explore and evaluate your business and personal goals. This information will  help you create a complete and well-thought-out business plan, the blueprint for your business.

All businesses need a business plan, for new businesses the first part of the business plan might be figuring out how to write a business plan and what is in it. The process of developing a business plan will help you think about some important issues that you may not have considered. Your plan becomes a valuable tool when looking to raise money for your business. No investor will  look at it unless you have  a business plan. You also need to provide

milestones to measure your success.

There are many agencies that can advise you on some or all aspects of starting a business.Some of them will charge you for their advice while others offer it for free.

Business Link is one of the agencies and the advice is free and funding assistance may be available in the right circumstances. They have a great database that will help you find a grant or grant that is a good fit for your business and let you know what makes a business eligible for a grant. Interactive tools help you identify equity grants and incentives your business can claim and identify online transactions available to your business and explain how to register and log in.

They can even help introduce trusted vendors. A bad supplier accelerates the demise of many new businesses that really need  good inventory levels and reliable delivery dates. 

 There are many schemes  interested in financing business start-ups, for example Option 2 financing offers 50% reciprocal financing for business expansion projects. Depending on the regional location and type of industry, other financing models are usually available. These include grants to support business development and  are available through a variety of sources such as: E.g. the government, the European Union, regional development agencies, business links and some charities.

 So if you don't want to be included in the default statistics, investigate all the financing options available to you, whether you go to a commercial organization or get free advice from an agency like Business Link. Be sure to listen to their advice, they've been dealing with  startups for years; this is your first time.