When thinking about starting up a business, you may be filled with ideas and feel confident to make your mark in a certain industry. However it takes a lot of time, preparation and strategy to pull together a successful business plan.
One of the main concerns that we have when setting up a business is of course the funds to do it and where we are going to obtain them from.
To begin with you need to figure out realistically how much money you are going to need to comfortably start up your company – This money will need to include the initial start up funds as well as capital that will keep your business going until you start making enough revenue through sales to cover other costs.
Here’s a quick checklist that will help you work out what costs you need to cover:
- Staff Training and Employment
- Shipping of product
A tip for calculating your costs is that the more specific you are with your list of necessities then the less likely you will run out of money because you are covering every minor detail.
It’s worth seeking advice from those who have experienced the same thing – whether it’s a family member or friend that has started up their own business. To learn from someone else who can guide you and advise you is well worth it as you can put your questions to them and learn the mistakes they made so as you can prevent yourself from making the same errors.
It may seem a daunting prospect but it’s actually pretty easy obtaining help.You may want to put forward your business plan so that you can take out a loan and work out how you can pay it back and calculate the installments.
If you simply don’t have the money saved then a loan is likely to be the best method of getting the right amount quickly – however you must ensure that you have calculated your spending precisely so you can repay any loans back without hassle – hoping that your business has taken off to plan!
If you are just toying around with ideas for your business and you are still in full time work then try making a fund and see how much money you can save over a certain period of time.
It’s worth seeking out advice for free if you can – For example UK based business starters can be assigned an advisor via Business Link. This is to provide you with advice and knowledge that will guide you in the right direction and help you overcome any hurdles you may face.
There are plenty of methods of advice and help that can get your business going – with the right strategy prepared you can minimize risk and set off to a flying start.