Small Business Man's Blog: January 2010

19 Jan 2010

In depth articles on running your own business

We all like something that's free. However, there is the well-known saying that nothing of value comes free, or as we say 'up north'... you get nowt for nowt! Well, generally that's true but in this 'information age' in which we live, I would argue it is possible to get something that's free but nevertheless has real value. That 'something' is information and where else to go for such information than the internet.

Now we all know that the internet is full of dross, of useless and inaccurate information but there is still a ton of good stuff out there if you know where to look. One place to look is on blogs by respected writers, usually but not always, associated with respected journals and other publications. Examples would be the BBC and Guardian web-sites, tech sites such as CNET, PC PRO, Mac User and MacWorld and even Wikipedia.

Another source of good, free information would be sites like BT. Now BT is a company and although it exists to make money for its shareholders, it retains some of its public service heritage when it was owned by the UK taxpayer. Also, it strives to be an ethical company and, lets face it, even altruism has its business benefits.

Well, BT has some excellent resources for the would-be entrpreneur and if you head over to http://www.insight.bt.com/ you will find topics such as:

Quite a range, I am sure you will admit, and there are plenty more. So head over there now and help yourself to some useful but free information... you know it makes good business sense!

6 Jan 2010

Finance for the would-be entrepeneur

Basic creditcard / debitcard / smartcard graph...

Image via Wikipedia

Starting out in business is stressful enough in an of itself but one area that generates more stress than most s that of finance. If you are rich or have lots of spare cash then its probably not an issue. However, for the average entrepreneur, its a major issue.

For myself, it was the biggest issue and the greatest hurdle to overcome. I had no ideas coming up with ideas and over the years i have tried various things.Most never got beyond the first stage, i.e., dreaming about some great business idea that would make me, if not rich, at least as no worse-off than I was working for someone else. Some got a bit further, like the time I started out as a freelance photo-journalist. I put together a great portfolio, visited magazines and publishers and got myself some commissions. Despite persuading my bank manager to give me a line of credit (overdraft, business credit card etc), I eventually hit upon that big hurdle that we all face... cash flow. Unfortunately, the ups and downs of the work and the lack of finance meant that I was soon over-burdened by debt. I couldn’t afford to ride out the ups and downs of commissions and I was also penny-pinching, not able to invest in the equipment I needed, or promotion & marketing my business. Soon I had to go back to my old job of nursing and that meant even less time available for promoting myself etc.

Eventually, I had to abandon the dream of being a world-famous photo-journalist, all because of insufficient finance, as well as others reasons, but that was the man one.

So, what about this time? Well, this time I managed to find myself a ‘business angel’ who gave me start-up finance and is supporting me in the early stages of the business. Its not a huge amount of money but it has managed to get the business started by paying for the all-important stock and initial marketing & promotion. Now I need to secure more substantial funding and that will probably mean approaching my bank. I’d like to think that out there are some grants I could tap into but as yet I haven’t found them.

However, one thing have found very helpful is Business Link. They offer a range of advice services, helpful leaflets and documents, seminars and workshops, most of them free of charge. They also offer support and encouragement. They cover topics such as tax, VAT, marketing, health & safety, importing goods, exporting goods, environmental and efficiency issue etc. Well worth a visit and I recommend speaking with them before you even set out on the road to setting up your business so that you get the right help and advice. After all, if you make a mistake then it could be expensive to put it right. By networking through Business Link you will meet others who are in the same boat as you. You may think of them as competitors but they could also be customers, or possibly even partners.

As regards finance, they will be able to point you in the right direction too. As well as speaking to your local Business Link staff, also speak with your bank manager before you start out as they usually have a business advisor who will help you work through the questions you should be asking yourself, as well as offering discounts on services and usually, free banking for 12 - 18 months.

If you are a young person (aged 18 - 30) the Prince’s Trust may help with grants, advice and support. If you're unemployed, they can to help you set up in business. You could also qualify for a low-interest loan, regular help from a business mentor and more.

Government grants may be available, depending on your location and business idea. Again, check out the Business Link site.

So, in finishing, let me say that getting the finance right is perhaps the most important aspect to making your business a success. Pay more attention to this area than almost any other because it will be the key to your success (or failure). Good luck and be sure to share your experiences.

3 Jan 2010

New Year Resolutions

Image via Wikipedia

As always with a New Year we all tend to make resolutions but according to a news item I heard this morning on the Andrew Marr Show by sometime in March everyone of them has failed to be kept. So, the question is, I suppose, is there any point to making them in the first place. Well, not if the same research is to be believed. Apparently most of end only feeling guilty and focus on the negative aspects. Why is that we put ourselves through the experience of failure then?

For anyone running their own business I guess its not New Year resolutions we should be focusing on, but strategies for making our business more successful, whether that is in terms of market share, turnover, profitability, customer service or any other aspect that is important to us.

In doing so we are not certain of 100% success, but our chances of success are more than that of keeping any New Year resolution we make. So don't depress yourself by committing yourself to almost certain failure. Instead, get your creative juices flowing and think about how you might grow you business in the year ahead. Once thing is for certain, if you don't plan ahead your business is bound to fail.

2 Jan 2010

Introduction

I started my company, New Beltane Tech Media Ltd, at the end of 2009. I decided that it would be good to share some of my experiences as I set about building my global empire (just joking... I'm not really interested in taking over the world!).

Along the way, I hope to share with you the ups and downs of being a small businessman. Bear in mind that I live in the UK and much of what I will be experiencing will only be relevant to UK businesses and in particular, private limited companies. However, lots will be applicable to anyone starting out in business for the first time.So, what does my company sell exactly, you might be asking? Well, right now it sells just one product, the hField technologies Wi-Fire High Gain USB WiFi Antenna (Wi-Fire for short). I am the UK reseller for the product and also sell throughout the EU and elsewhere. If you are a US or Canadian citizen you can buy it direct from hField. To check whether there is another reseller more lcoal if you live in the Far East etc, check their site at hField Technologies.