Going through with starting a new business is both exciting and rewarding as well as being full of challenges. It requires your full commitment, drive and perseverance. All of these qualities will go a long way to transforming your business idea into a reality, which is especially important during the early days of your business.
There are certain qualities that are commonly found in successful business people such as self confidence; you must have belief in yourself and passion about what your business is about as well as what it offers. You also need enthusiasm, which will win people over with your ideas.
Self determination is another quality that is essential with business. You need to have a belief that the outcome of events are down to your own actions. The success of your business will partly depend on your skills and attitude. This involves being honest about a range of issues, including your knowledge, your financial status and the personal qualities that you can bring to your new business.
Two other examples of personal qualities that are essential to new business owners are commitment, which includes the willingness to make personal sacrifices through long hours, which leads to a loss of leisure time. As well as commitment you also need perseverance, which in business is the ability to continue despite suffering setbacks, financial insecurity and exposure to risk.
When you are setting up a new business there are several aspects that need to be taken into account such as the sales and marketing of your business. This is crucial to the success of your business. You need a marketing strategy, which will help you identify potential customers and target them.
It is essential that you have the right reasons for wanting to start and run your own business as there are no secret tricks to making a business successful; it comes down to pure hard work. Most businesses also emerge from a hobby, which is fine as long as it can make you money.
Once you have got your business idea together and you have decided on your business name you need to identify your target market. You need to ensure that you fully understand who your customers are and why they would consider spending their hard earned cash with you. You need to understand what unique qualities you and your business provide are better than those of your competition. This is commonly referred in general business terms as your USP or Unique Selling Point.
One aspect of business that many people often overlook is any aspects of law that may affect their business. There are actually four definite acts of law that will affect any business hoping to make a trade; these acts of law are as follows:
• Consumer Protection Act 1987
• Trade Description Acts 1968 and 1972
• Sale of Goods Act 1979
• Health and Safety at Work Act 1974
Some points that these various acts make are that the products and goods that your business sells must be fit for their purpose and if they are faulty customers are entitled to a full refund or a full repair of the product. The goods or products that you sell must also live up to any claims that you make about them as it is a criminal offence to make a false claim. As well as this the goods or products must meet certain safety standards because if a product is faulty and causes injury then a claim can be made against you.
As long as you thoroughly research and plan the start up of your business I’m sure you will do fine and if at any point you do get stuck there is help available; on the Internet there are countless sites offering you help and advice so remember you are never alone in this.
Helen is the web master of Angel Start-Ups, specialists in all aspects of Business Start-up.
Showing posts with label business plan. Show all posts
Showing posts with label business plan. Show all posts
Wednesday, 20 August 2008
Monday, 14 January 2008
Struggling to find Finance for your New Business Venture?
Are you struggling to find finance for your new business, but you can’t see a way of getting the finance well then you haven’t heard of Business Angels and Venture Capitalists have you!
You may have looked into bank loans, asked friends and family for a loan or looked into getting a few credit cards to pay for you to set your business up. If these have all come up unsuccessful or not possible then why not look into private investors like Business Angels or Venture Capitalists.
Business Angels are usually from an entrepreneurial background who knows what you’re going through and therefore can offer invaluable advice and the finance you require if your business catches their eye and you have a well planned and thorough business plan in place for them to see. A business plan will show them what your goals and objectives are for now and in a few years, what will your business do offer a service or sell a product, who your target audience will be children, adults, teenagers or the elderly or a mixture. It will also show the prices and how much money you require to start the business up and also the finance you require for things such as a property, computers, rent, other equipment and also staff wages if necessary.
Business Angels usually offer around £10,000 to £75,000 in finance, depending on what you require as well as how well they think your business will do. If they think your business is a success from the start there more likely to offer you more in the way of finance, as whatever they put into your business they will get back and more. The more successful your business is the more money they are likely to get back. Business Angels may work in an Angel Network or Angel Syndicate, this means angels will group together and this way they can offer you more in the way of finance, from £75,000 to £150,000.
Venture Capitalists are slightly different in the way there are usually from an entrepreneurial background like business angels and can offer around the same finance from £10,000 to £75,000, but instead of mainly taking a backseat on day to day decisions and management decisions venture capitalists like to have a director’s role within the company or be part of the management. Some venture capitalists like to take a hands on approach with their investment and be apart of the day to day running and management decisions, and they usually take a percentage share of the business to begin with.
If you’re looking to raise finance for your new business venture whatever it may be and you don’t want to pay high interest rates from banks and other sources of finance and your family and friends don’t have the financial backing you’re looking for, Business Angels and Venture Capitalists might be your answer. They will be able to offer you the finance you require at the time you require it if you present them with a thorough business plan and shows your drive and enthusiasm for your business to take off.
Jene Pedder is the Webmaster of Angelstartups who can help you find a Business Angel or Venture Capitalist.
You may have looked into bank loans, asked friends and family for a loan or looked into getting a few credit cards to pay for you to set your business up. If these have all come up unsuccessful or not possible then why not look into private investors like Business Angels or Venture Capitalists.
Business Angels are usually from an entrepreneurial background who knows what you’re going through and therefore can offer invaluable advice and the finance you require if your business catches their eye and you have a well planned and thorough business plan in place for them to see. A business plan will show them what your goals and objectives are for now and in a few years, what will your business do offer a service or sell a product, who your target audience will be children, adults, teenagers or the elderly or a mixture. It will also show the prices and how much money you require to start the business up and also the finance you require for things such as a property, computers, rent, other equipment and also staff wages if necessary.
Business Angels usually offer around £10,000 to £75,000 in finance, depending on what you require as well as how well they think your business will do. If they think your business is a success from the start there more likely to offer you more in the way of finance, as whatever they put into your business they will get back and more. The more successful your business is the more money they are likely to get back. Business Angels may work in an Angel Network or Angel Syndicate, this means angels will group together and this way they can offer you more in the way of finance, from £75,000 to £150,000.
Venture Capitalists are slightly different in the way there are usually from an entrepreneurial background like business angels and can offer around the same finance from £10,000 to £75,000, but instead of mainly taking a backseat on day to day decisions and management decisions venture capitalists like to have a director’s role within the company or be part of the management. Some venture capitalists like to take a hands on approach with their investment and be apart of the day to day running and management decisions, and they usually take a percentage share of the business to begin with.
If you’re looking to raise finance for your new business venture whatever it may be and you don’t want to pay high interest rates from banks and other sources of finance and your family and friends don’t have the financial backing you’re looking for, Business Angels and Venture Capitalists might be your answer. They will be able to offer you the finance you require at the time you require it if you present them with a thorough business plan and shows your drive and enthusiasm for your business to take off.
Jene Pedder is the Webmaster of Angelstartups who can help you find a Business Angel or Venture Capitalist.
Monday, 7 January 2008
Business Finance
If you have this great idea you think has the ability to make money but also make you a successful business person then why not make it a reality. Well one of the biggest problems with making it a reality is usually financial backing. Not everyone has the finance available there and then to make their dream a reality and many give up on their dream because they think they have no chance of getting the finance they require. If you’re thinking that’s me then I think you need to continue reading this article!
You will need finance for purchasing equipment whatever it may be from computers to ovens, a place of work if necessary if you intend to employ staff you will need an office, factory or warehouse to hold stock if there is any. Once your business is up and running you will need money to pay staff, pay bills and keep the business running as well as promoting the business to your targeted audience.
Finding the finance you require can be one of the most difficult aspects of setting your business up but it can be made simpler if you plan your new business set-up and future using a Business Plan. A business plan will allow you to record all your ideas; you plan for the future all the goals you intend to set yourself and your business. The business plan will set out your businesses objectives clearly and thoroughly, allowing you to go and back and remember them as well as showing potential finance partners to understand fully what your business is about and how you want it to succeed.
The financial options available to new businesses are that of:
• Family and Friends
• Your Savings
• Credit Cards
• Bank Loans
• Business Angels
• Venture Capitalists
• Government Support and Grants
If you don’t have savings like many people don’t and your family and friends can’t help, you have the option of using your credit card but this can be dangerous and most credit cards have a limit of £5,000.
Bank loans can offer a certain amount of money as well as using your account overdraft if available but you have to remember you will pay interest back and if you can’t show the bank a credible business plan, that you’re good at working in business and have evidence for this, that you yourself can invest some money into the business as well as offering security on the money lent to you using your personal assets as a guarantee.
If the bank turns you down, you may have the option of a loan for small businesses called ‘Small Firms Loan Guarantee (SFLG)’. This provides lenders with a government guarantee against default in some circumstances. This is ventured by the Department for Business, the Enterprise and Regulatory Reform (BERR) and other lenders.
Business Angels and Venture Capitalists are similar in many ways they both offer finance to new or struggling businesses which they think will succeed with their financial help, they both take a share of the business and they usually offer around £10,000 to a business. This figure can be a lot more if angels or capitalists group together and become a network or syndicate. Business Angels usually give you the finance you require and let you run the business on a day-to-day basis and watch their money financial investment increase gradually whereas Venture Capitalists usually like to take an active role in decisions being made and like to become a director or part of management of the business.
Whatever finance you require to set your business up, make sure you have a well planned and thorough business plan in hand when you make any financial decisions as well as approaching potential financial investors from family to friends to the bank to business angels.
Jene Pedder is the Webmaster of Angel Start-Ups who specialise in offering help finding appropriate Business Finance.
You will need finance for purchasing equipment whatever it may be from computers to ovens, a place of work if necessary if you intend to employ staff you will need an office, factory or warehouse to hold stock if there is any. Once your business is up and running you will need money to pay staff, pay bills and keep the business running as well as promoting the business to your targeted audience.
Finding the finance you require can be one of the most difficult aspects of setting your business up but it can be made simpler if you plan your new business set-up and future using a Business Plan. A business plan will allow you to record all your ideas; you plan for the future all the goals you intend to set yourself and your business. The business plan will set out your businesses objectives clearly and thoroughly, allowing you to go and back and remember them as well as showing potential finance partners to understand fully what your business is about and how you want it to succeed.
The financial options available to new businesses are that of:
• Family and Friends
• Your Savings
• Credit Cards
• Bank Loans
• Business Angels
• Venture Capitalists
• Government Support and Grants
If you don’t have savings like many people don’t and your family and friends can’t help, you have the option of using your credit card but this can be dangerous and most credit cards have a limit of £5,000.
Bank loans can offer a certain amount of money as well as using your account overdraft if available but you have to remember you will pay interest back and if you can’t show the bank a credible business plan, that you’re good at working in business and have evidence for this, that you yourself can invest some money into the business as well as offering security on the money lent to you using your personal assets as a guarantee.
If the bank turns you down, you may have the option of a loan for small businesses called ‘Small Firms Loan Guarantee (SFLG)’. This provides lenders with a government guarantee against default in some circumstances. This is ventured by the Department for Business, the Enterprise and Regulatory Reform (BERR) and other lenders.
Business Angels and Venture Capitalists are similar in many ways they both offer finance to new or struggling businesses which they think will succeed with their financial help, they both take a share of the business and they usually offer around £10,000 to a business. This figure can be a lot more if angels or capitalists group together and become a network or syndicate. Business Angels usually give you the finance you require and let you run the business on a day-to-day basis and watch their money financial investment increase gradually whereas Venture Capitalists usually like to take an active role in decisions being made and like to become a director or part of management of the business.
Whatever finance you require to set your business up, make sure you have a well planned and thorough business plan in hand when you make any financial decisions as well as approaching potential financial investors from family to friends to the bank to business angels.
Jene Pedder is the Webmaster of Angel Start-Ups who specialise in offering help finding appropriate Business Finance.
Thursday, 3 January 2008
Who are Venture Capitalists?
Venture Capitalists are wealthy private investors who can help finance your business either it being a business in trouble financially or a new business venture.
There is usually a five year lock up on Venture Capital investments, this means the Venture Capitalist or the business they are helping to fund cannot get out of the deal until the five years is up, sometimes this may be longer depending on the agreed business plan. They also charge management fees and incentive fees as well as taking a good sized share of your business. Unlike Business Angels, Venture Capitalists like to have a director or management role within the company to discuss the running of the business as well as keeping a close eye on their investment making sure the business succeeds. But there are a few Venture Capitalists who like to give the company the finance they require then take a back seat and let the company who know the trade etc. and let them run the business on a day to day basis.
Finding the right Venture Capitalist for you may be a scary prospect but there many Venture Capitalist firms now available which have Venture Capitalists waiting to invest in a new and upcoming business with good prospects. Making a proposition to a Venture Capitalist can be a scary thought, you need to remember they will want to know exactly what your plans are for coming years, the market you will be promoting your product, service in as well who your target audience are for this as well as how much it will cost to make if necessary and the cost you will sell it for, showing the profit you will make on each product, item or service. One thing to remember is that Venture Capitalists don’t care about the dreams you have about this venture, all they want is a good return on their investment in your business.
Before going to see a possible Venture Capitalist the best thing to do is to get advice from other business people in the same area you want to go into to get their advice on your product and or service and their honest opinion of the idea.
You will need a well detailed business plan when you meet up with the Venture Capitalist and if you are turned away by them don’t give up keep trying, if show people you’re serious about your venture and wont fall at the first hurdle your more likely to win people over with their own weaknesses.
Some points to consider are:
• Put all your thoughts on your new venture on paper, brainstorm everything
• Research your proposed market or industry
• Get someone to argue against you to see if you have a water tight solution
• If you have little knowledge on a certain area ask for help from people who know
• Create a budget, showing every detail you can think of
• Read thoroughly your business plan to ensure there’s no errors
• Know who your competitors are
• Present yourself well – the more presentable you are the more likely you are to be respected by the Venture Capitalist make a good impression
• Make sure you know your speech, your business plan back to front so you come across confident as you only have one chance
Jene Pedder is the Webmaster of Angelstartups who specialise in helping you find a suitable Venture Capitalist for your business venture.
There is usually a five year lock up on Venture Capital investments, this means the Venture Capitalist or the business they are helping to fund cannot get out of the deal until the five years is up, sometimes this may be longer depending on the agreed business plan. They also charge management fees and incentive fees as well as taking a good sized share of your business. Unlike Business Angels, Venture Capitalists like to have a director or management role within the company to discuss the running of the business as well as keeping a close eye on their investment making sure the business succeeds. But there are a few Venture Capitalists who like to give the company the finance they require then take a back seat and let the company who know the trade etc. and let them run the business on a day to day basis.
Finding the right Venture Capitalist for you may be a scary prospect but there many Venture Capitalist firms now available which have Venture Capitalists waiting to invest in a new and upcoming business with good prospects. Making a proposition to a Venture Capitalist can be a scary thought, you need to remember they will want to know exactly what your plans are for coming years, the market you will be promoting your product, service in as well who your target audience are for this as well as how much it will cost to make if necessary and the cost you will sell it for, showing the profit you will make on each product, item or service. One thing to remember is that Venture Capitalists don’t care about the dreams you have about this venture, all they want is a good return on their investment in your business.
Before going to see a possible Venture Capitalist the best thing to do is to get advice from other business people in the same area you want to go into to get their advice on your product and or service and their honest opinion of the idea.
You will need a well detailed business plan when you meet up with the Venture Capitalist and if you are turned away by them don’t give up keep trying, if show people you’re serious about your venture and wont fall at the first hurdle your more likely to win people over with their own weaknesses.
Some points to consider are:
• Put all your thoughts on your new venture on paper, brainstorm everything
• Research your proposed market or industry
• Get someone to argue against you to see if you have a water tight solution
• If you have little knowledge on a certain area ask for help from people who know
• Create a budget, showing every detail you can think of
• Read thoroughly your business plan to ensure there’s no errors
• Know who your competitors are
• Present yourself well – the more presentable you are the more likely you are to be respected by the Venture Capitalist make a good impression
• Make sure you know your speech, your business plan back to front so you come across confident as you only have one chance
Jene Pedder is the Webmaster of Angelstartups who specialise in helping you find a suitable Venture Capitalist for your business venture.
Monday, 17 December 2007
Who are Business Angels?
Business Angels are people who like to invest in struggling businesses which they think have a good chance of making it in the business with some financial backing as well as businesses that are just starting up. These businesses will need help financially to start-up with the purchase of stock and equipment.
Business Angels usually come from an entrepreneurial background and therefore know the troubles you may go through and that finance is one of the most important factors in any start-up business and especially in a business that is struggling financially. A Business Angel will usually only offer financial backing if they think your business stands a good chance of succeeding.
The amount of finance they offer you depends on the business plan you put forward. They will need to see every little detail of your business from who your suppliers are and how much they charge to how much you offer a product or service at. They will want to see all your ingoing’s and outgoings for the last year if your business is struggling. If it’s a new business venture you’re trying to gain finance for, you will need a good plan showing the revenue of the business over the next few years as you see it.
A Business Angel can offer from £10,000 to £75,000 to help regenerate your business or get your business off the ground. Some Business Angels may be willing to work as an Angel Syndicate and can then offer from £100,000 to £250,000. The average amount a Business Angels invests in a company is around £75,000. All Business Angels want a good return on their investment and this is often done by their high percentage share of your business which they get back at a much higher price in a few years.
There is a difference between Business Angels and Venture Capitalists this is that Business Angels take less control of your business they don’t usually want the bother of a director’s or management job and would rather invest in your business and give you some advice if you need it. Due to this, their investment decisions are usually a lot quicker than Venture Capitalists.
Whoever you get investment from whether it be a bank, a loan company or a business angel you will need a well planned and thorough business plan. Your business plan will show what your intended goals are and any ideas you have for the future as well as the planned income of the business for the first few years. Every business plan should be regularly updated to keep up to date any changes with the business internally or externally and also any new pointers you’ve put in place.
Not only will you use your business plan to help secure business finance from a Business Angels but also it will help you run your business more effectively and efficiently. So why wait if you’re looking to raise finance for your start-up or struggling business contact a Business Angel today for financial help and advice.
Jene Pedder is the Webmaster of Angelstartups who are here to help you find a Business Angel.
Business Angels usually come from an entrepreneurial background and therefore know the troubles you may go through and that finance is one of the most important factors in any start-up business and especially in a business that is struggling financially. A Business Angel will usually only offer financial backing if they think your business stands a good chance of succeeding.
The amount of finance they offer you depends on the business plan you put forward. They will need to see every little detail of your business from who your suppliers are and how much they charge to how much you offer a product or service at. They will want to see all your ingoing’s and outgoings for the last year if your business is struggling. If it’s a new business venture you’re trying to gain finance for, you will need a good plan showing the revenue of the business over the next few years as you see it.
A Business Angel can offer from £10,000 to £75,000 to help regenerate your business or get your business off the ground. Some Business Angels may be willing to work as an Angel Syndicate and can then offer from £100,000 to £250,000. The average amount a Business Angels invests in a company is around £75,000. All Business Angels want a good return on their investment and this is often done by their high percentage share of your business which they get back at a much higher price in a few years.
There is a difference between Business Angels and Venture Capitalists this is that Business Angels take less control of your business they don’t usually want the bother of a director’s or management job and would rather invest in your business and give you some advice if you need it. Due to this, their investment decisions are usually a lot quicker than Venture Capitalists.
Whoever you get investment from whether it be a bank, a loan company or a business angel you will need a well planned and thorough business plan. Your business plan will show what your intended goals are and any ideas you have for the future as well as the planned income of the business for the first few years. Every business plan should be regularly updated to keep up to date any changes with the business internally or externally and also any new pointers you’ve put in place.
Not only will you use your business plan to help secure business finance from a Business Angels but also it will help you run your business more effectively and efficiently. So why wait if you’re looking to raise finance for your start-up or struggling business contact a Business Angel today for financial help and advice.
Jene Pedder is the Webmaster of Angelstartups who are here to help you find a Business Angel.
Business Angels Vs Venture Capitalists
Have you these amazing ideas which you’re sure you can put into practise and make a living out of your ideas. If so you’re more than likely looking into financial help to put these ideas into practise. You may think bank loans, credit cards and loans off family and friends are the only options but Business Angels and Venture Capitalists are also a good option to consider.
Business Angels what are they you may ask, they often work as individuals who themselves are entrepreneurs and have made their dream come true in whatever business sector they chose. They have now have the experience and financial backing to help other entrepreneurs to start their own business just like themselves years ago.
Venture Capitalists are very similar to Business Angels they are often from an entrepreneur background have made a successful business and now would like to give back to other entrepreneurs and help them with finance for their new start-up business.
So you’re asking what is the difference between them both, they are:
Business Angels – Give you the financial help you need when you need it, and invest their own money in your business. If a business angel works within an angel network the angels will pool together with their investment as well as sharing research they each do. Angels understand the needs of a new business as they have been there themselves and therefore they not only offer financial help but they can offer good advice when no one else will.
Venture Capitalists – Give you the financial help you require when you need it but uses pooled money the venture capitalist and others have in a professionally managed fund. Venture Capitalists like to take an active role in the business they are investing usually being a director or on the management board of the business.
So if you’re looking for some financial help for your new start-up business or even your struggling business you don’t just have the options of:
• Family
• Friends
• Banks
• Loans
• Credit Cards
You have the option of using a Business Angel or a Venture Capitalist. Which ever one you decide to use the only way you’re going to show your serious in wanting their help is to have a well planned and thorough business plan.
A business plan will not only be used to show your investor what you planned ideas are and your predicted returns in the next few years will be it will also be used for you to run your business well. Your business plan will show others what your initial goals were and if you succeeded in these as well as any risks you planned for and if any of these actually occurred and if they did, did you cope ok with rectifying the risk.
Your business plan shouldn’t just be placed in a drawer and forgotten about it should be regularly updated. Your business will continue to change and usually out of your control and you should reflect on these changes within your business plan. You should have contingency plans to deal with any external influences that would affect your business and the way in which you run it.
You should now be a little wiser of the facts of the difference between Business Angels and Venture Capitalists and how they can help you.
Jene Pedder is the Webmaster of Angelstartups who specialise in helping you find a Business Angel or Venture Capitalist.
Business Angels what are they you may ask, they often work as individuals who themselves are entrepreneurs and have made their dream come true in whatever business sector they chose. They have now have the experience and financial backing to help other entrepreneurs to start their own business just like themselves years ago.
Venture Capitalists are very similar to Business Angels they are often from an entrepreneur background have made a successful business and now would like to give back to other entrepreneurs and help them with finance for their new start-up business.
So you’re asking what is the difference between them both, they are:
Business Angels – Give you the financial help you need when you need it, and invest their own money in your business. If a business angel works within an angel network the angels will pool together with their investment as well as sharing research they each do. Angels understand the needs of a new business as they have been there themselves and therefore they not only offer financial help but they can offer good advice when no one else will.
Venture Capitalists – Give you the financial help you require when you need it but uses pooled money the venture capitalist and others have in a professionally managed fund. Venture Capitalists like to take an active role in the business they are investing usually being a director or on the management board of the business.
So if you’re looking for some financial help for your new start-up business or even your struggling business you don’t just have the options of:
• Family
• Friends
• Banks
• Loans
• Credit Cards
You have the option of using a Business Angel or a Venture Capitalist. Which ever one you decide to use the only way you’re going to show your serious in wanting their help is to have a well planned and thorough business plan.
A business plan will not only be used to show your investor what you planned ideas are and your predicted returns in the next few years will be it will also be used for you to run your business well. Your business plan will show others what your initial goals were and if you succeeded in these as well as any risks you planned for and if any of these actually occurred and if they did, did you cope ok with rectifying the risk.
Your business plan shouldn’t just be placed in a drawer and forgotten about it should be regularly updated. Your business will continue to change and usually out of your control and you should reflect on these changes within your business plan. You should have contingency plans to deal with any external influences that would affect your business and the way in which you run it.
You should now be a little wiser of the facts of the difference between Business Angels and Venture Capitalists and how they can help you.
Jene Pedder is the Webmaster of Angelstartups who specialise in helping you find a Business Angel or Venture Capitalist.
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