Going from wanting to start up your own small business to actually doing it can be a huge step and more often than not a lot of people don’t take that leap. There are a number of factors that can prevent people from turning a business idea into reality. Lack of business support or business knowledge, funding or giving up the day job and losing that safety net of a permanent salaried position which provides a regular monthly wage.
All of the above can be dealt with in different ways and leave the road clear to make that commitment. Obtaining a small business loan can sometimes be tricky, dependent on what amount you’re looking for and how you have set out your business model to present to potential investors (bank or private.) If you have a good business plan that creates profit you will find an investor to help kick start your small business plan into action. Here is a really good guide from smallbusiness.co.uk on finding funding for your new small business: Securing funding for a new business
If you’re uncertain about your ability to run a business or your lack of experience, don’t worry. Many successful small businesses were started by people who had never had success in the past or ran a small business previously. One of the biggest steps you will have to make if you’re currently employed is cutting the strings to that security, once you have done that you know you are fully committed to the course and there is no turning back! If you know anyone who is currently running their own business, chat to them. Get a few tips and ask if they would have done anything different when starting their business, learn from their mistakes.
Another thing to notice when chatting to a small business owner is their drive and passion for what they do, yes they have more pressure to make things work but that responsibility can bring a much bigger job satisfaction.
Keep your business accounting in order
Another key component to the success of your small business is the accounting. Knowing exactly what your expenditures are and what profit you are making, plus keeping a record of it all is important. You will have to deal with HMRC when doing your returns, so everything needs to be in order. Starting out is a busy time and more often than not bookkeeping can be put on the back burner whilst a new small business owner concentrates on the growth of the business. It makes perfect sense to bring on board an accountant to handle your business accounting.