All of us have done it at some point; shouted at the television screen when the Apprentice is on…..”What are you doing?!” We think, no, we know, that we could do better than some of the half-wits that seem to make it onto the show; we could definitely do better than most of them on the task where they are sent to buy various items! But claiming you could be an entrepreneur and actually being one are two very different things. Why not make 2013 your year and take steps towards finally starting that business you’ve been dreaming of.
Own it
It’s easy to say, “I’m going to set up my own business this year” yet it’s a little harder to actually do it. If you are an organised, determined, motivated and ambitious individual, with a dose of common sense and a grounding in reality, then you could very well be the next Alan Sugar! To begin with though, you need an idea, and not just any idea, a viable business idea. You need a business plan that sets out what you want to achieve, and you need some financial backing, however small.
What Type of Business?
Perhaps you have always dreamed of starting a cupcake business? It’s a great idea, but look around you. There are dozens of similar small shops starting up in towns and cities across the UK; in London you can’t walk more than a few feet from your door without coming across a cupcake bakery or coffee shop. So do your market research, find out who the competition is, where they are, what they charge, and how they will differ from your business. Tweak your idea; make your business unique. One cupcake shop that set up recently in Brixton, London, offers vegan cupcakes and treats; thus creating a niche in the market for themselves! Think about your skills; perhaps you could open a coffee shop or run cupcake making classes rather than starting a traditional cupcake bakery. Brainstorm and see what you come up with; there are organisations across the UK who can help you to do this and offer advice on creating your business plan.
How Will I Fund This?
The most obvious source of funding is your bank account; if it’s currently looking a bit forlorn, then you might think twice about setting up a business. But you could ask friends and family to loan you some money, or make an ‘investment’ in you, or you could apply for a bank loan or consider a cash loan from an online lender.
Unsecured cash loans are simple to apply for, and whether you choose a payday loan for short term borrowing, or a traditional unsecured cash loan which you will agree to pay back over a number of months or years, they provide an instant cash boost which is great when you need to invest in equipment and supplies for your business but don’t have a lump sum of cash to hand.
Setting your business up around your current job is the best way to begin as this means you will have income still coming in, and you’re more likely to be accepted for a loan if you are still employed. Of course, there are other options such as entrepreneurial grants or investments from business angels, although there is usually an age restriction on grants and to apply for an investment from business angels you will normally need some kind of business background.
Remember, starting a business is tricky for anyone, but don’t be afraid to ask for help. Your friends and family are the best people to bounce ideas off, and if you have creative or business minded friends then why not ask them to help you get your business off the ground! Plan well, be careful with your finances and start small, and you could see your business grow into a successful company in 2013!
About Author: Sarah Fox is a freelance writer who has a keen interest in business. She recommends that if you fancy starting your own business, then you should use cash loans to give you a cash injection.
