Any small business owners?

[Dare to dream!]

Looking to get a small business started and just wondering if there are any business owners on here? If so;

How did you finance your start up?
Did you go it alone or with a partner?
Any tips?

[Herbert Anchovy]

Looking to get a small business started and just wondering if there are any business owners on here? If so;

How did you finance your start up?
Did you go it alone or with a partner?
Any tips?

Yep, started up an industrial consultancy business with some redundancy money I had. I went it alone but ensured I had a support network from the local chamber of commerce, this was invaluable as it can be a lonely existence starting off on your own. If I could offer 3 pieces of advice it’d be; get the best accountant you can afford, ensure you have a support network and network, network, network!!!

[SydneyRover]

HA, really think about whether you want a business or are ''buying'' a job, then think about how you are going to sell it. A lot of small businesses are created to grow and sell and it is the selling that makes the money rather than the ''wage''
If 'you' are the business eg the talent then your business is your customer base and that's what you have if/when you want to sell. All the best with your venture HA.

[BillyStubbsTears]

It depends very much on what your business model is.

Do you need initial investment to buy stock or equipment?

Do you have customers lined up or do you need to develop a market? (Might be able to finance growth through income if it's the former - will need some initial investment if it is the latter.)

Have you done your homework on the competition and what they are charging?

Have you been honest with yourself about your costs?

Do you need staff or can you work as a one man band?

I couldn't agree more with HA about the accountant comment. My company has survived for 16 years but it wouldn't have survived 6 months without our accountant. You need someone who will tell you when the problems are coming over the horizon, and who knows how to keep a few things up their sleeve when the problems do hit you.

Good luck with it. Happy to talk in PMs if you want any advice from someone who's f**ked up more often than made the right calls in business.

[Axholme Lion]

Contact British Steel, that will be a small business thanks to the EU.

[Not Now Kato]

Contact British Steel, that will be a small business thanks to the EU.

Nothing to do with the EU, but you already knew that.
 
OP, it all depends on the sort of business you want to start. A quick chat with an accountant for some initial advice may be a help.

[pib]

Financing - if you believe in your idea and have some savings that might be a place to start. Good test of whether you think it's a go-er is whether you're willing/able to put some of your own money behind it.

You can also get loans from https://www.startuploans.co.uk/ at a decent rate. They say they lend up to £25k but in my experience they rarely lend more than £10-15k. Depends how much capital you need to get started? If you're Donny-based the guys that are the "delivery partner" round here are/were based at the Business Innovation Centre on Ten Pound Walk. It's a personal loan so you're responsible for it as an individual which has its advantages and disadvantages.

Again depends on the business but from my experience I'd recommend having a business partner. If you're a freelancer it might be fine being a one man band as you can increase/reduce the clients you take on to suit your schedule, but otherwise I would recommend going into business with someone you trust that knows the industry as well. That way there is someone to cover you if you're ill/unavailable, sense-check ideas, bring different perspectives to the table and generally share the load and make it a less lonely existence.

Tips? Get a decent and reasonably-priced accountant straight off the bat. We had a useless (practically non-existent) one for our first year and we're still playing catch-up (and shelled out a lot more than we would've done) getting our bookkeeping and accounts sorted.

If you've never started a business before, get support so that you know the basics. There should be plenty available for free locally. I've not dealt with Business Doncaster personally as my business is based elsewhere, but as with most local authorities they will have advisers to help with setting up and generally getting your business going in the right direction. If you went to uni, they have enterprise departments too that will help ex-students up to a certain length of time after graduating (so it depends whether you went to uni and how recently you graduated if so)

Another tip - keep a very close handle on your costs. Maybe even be a bit of a skinflint at the start if possible. You'll have all sorts of people latch on to you who want you to pay them to do stuff. Best way is to save your money and work out how to do it yourself if you don't already know.

My last tip would be - whatever assumptions you have in your head about your product/customers/market - be prepared for them to change and be challenged. Things rarely go exactly as you expect.

Good luck!

[BillyStubbsTears]

I agree with everything pib says.

I'd add that a very good accountant will be able to advise you on the availability of grants and sensible (and legal) tax management which can help no end.

Also, a tip from me. Give your early customers a gold plated service. It's worth putting in the extra hours and effort to build your reputation. Hard work and it probably means making less money initially, but my experience was that it pays dividends in the long run.

Good luck! And stay positive when things don't go well. It'll be a rollercoaster.

[BiargeBob]

Hi DaretoDream

I started a retail business over 30 years ago, with a partner. My bank manager at the time said to me " Every ship has the potential to sink". My partnership lasted 2 years, some 30 years later I am still going strong.

Believe in yourself, the old sayings still are true today "look after the pennies & the pounds will look after themselves.

Before I started in my current business, I looked at purchasing a pet shop business & asked a "friend" who was also in the same type of business what he thought, as the village already had a pet shop. He said it doesn't matter how many pet shops there were as long as you have the best one. He then went & purchased the said pet shop.

Even in the internet world always make sure you have the best site & never take your eye off of the business as somebody will take advantage.

Good luck in all you do.