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.
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