Small Business Saturday Blog
Starting a new business: financial tips for start ups
Tuesday, December 17, 2019 at 00:30
Starting a business is an exciting prospect. It gives you freedom, a sense of purpose and the chance to follow your passion. You might even make some money along the way. But giving up the safety and security of a 9 to 5 job isn’t always easy and there will be many challenges to overcome.
As Managing Director of Start Up Loans, I have the privilege of meeting entrepreneurs up and down the country who have taken the plunge and used the funding and mentoring we provide to set up their own business. While they’re all unique, they’re united in their determination, self-belief and ambition.
Here are my top tips for success:
A solid business plan
This may seem obvious, but it’s important to have a clear, realistic and sensible business plan that provides all the relevant information that a potential lender needs to gauge the prospects of the business. The plan should include business objectives, a strategy for reaching these objectives, potential roadblocks and market opportunities.
Through our network of Delivery Partners, Start Up Loans provides support with your loan application to help you to get your business plan and cash-flow forecasts into good shape. If you’re unsure how to structure your plan, Start Up Loans can help. You’ll find downloadable business plan templates and other helpful documents on our website.
Affordable funding
Raising or sourcing affordable finance is often a challenge when starting a business. Commercial lenders generally consider start-ups to be too risky and, as a result, don’t serve this part of the market well. Aspiring business owners often use their own resources and savings – or those of family, friends or close associates – in order to get their business up and running.
But don’t be deterred. There are alternative sources of funding specifically designed for people wanting to start their own business – such as Start Up Loans, which is part of the British Business Bank. The Government-backed programme exists to support and empower small business owners across the UK, by providing fixed-interest loans of £500 to £25,000. Since 2012, it has lent over £542 million through 67,862 loans.
Mentoring: getting the right advice
A mentor is key, whether it’s a family friend who has started a business, or a professional adviser introduced through a third party. Mentors can provide insight and perspective that a business owner may not be able to see themselves. Start Up Loans places great emphasis on mentoring and support, and once an applicant has received a Start Up Loan, they have access to a free expert business mentor for 12 months. More than seven in 10 of our loan recipients have told us that the mentoring they have received from Start Up Loans had a positive impact on their business.
Richard Bearman is Managing Director of Start Up Loans.
Categories:
- Inspire Series (1)
- Monday Seller Success With Ebay (8)
- Small Biz 100 (1)
- Small Business Saturday Uk Champion (2)
- Smallbiz100 (8)
Latest Posts:
- Saying cheese in Prestatyn6 Days Ago
- Hitting the sweet spot in Bucks and Oxon2 Weeks Ago
- Telford’s Lean Green Eco Machine2 Weeks Ago
- We all scream for ice cream2 Weeks Ago
- #SmallBiz100 Joco returns to its roots3 Weeks Ago
- Coming in from the cold in central London4 Weeks Ago
- Bitten by the bug in East Sussex4 Weeks Ago
- Still rocking in Southend on Sea5 Weeks Ago
- Nobody's fool5 Weeks Ago
- 16 years of love in Ipswich6 Weeks Ago
- Small businesses celebrated at the Blue Tie Ball6 Weeks Ago
- Why apply to be a #SmallBiz100 2023?7 Months Ago
- Zero to hero in Nottingham13 Months Ago
- Monday Seller Success with eBay: That Vintage Football Shirt13 Months Ago
- Rock on in Southend on Sea13 Months Ago
- Monday Seller Success with eBay: Purrfect Cat Gifts13 Months Ago
- One love, one heart on Ipswich’s high street13 Months Ago
- Monday Seller Success with eBay: Hampers by Lauren13 Months Ago
- Good graces in Bristol and Bath13 Months Ago
- Monday Seller Success with eBay: Top Dog13 Months Ago
- Weigh to go in Northwich13 Months Ago
- Monday Seller Success with eBay: Handpicked Penrith14 Months Ago
- Holy cow in Westmorland14 Months Ago
- Monday Seller Success with eBay: The game is afoot14 Months Ago
- All fired up and ready to go in Gerrards Cross14 Months Ago
- Monday Seller Success with eBay: Meteorite Man14 Months Ago
- Dorset's Ice Cream Appreciation Society14 Months Ago
- Monday Seller Success Story with eBay: Giddy Goats Toys14 Months Ago
- SmallBiz100 celebrated at the Blue Tie Event14 Months Ago
- Why apply to be a #SmallBiz100 2022?19 Months Ago
- From field to fork – making the most of Cheshire’s local produce2 Years Ago
- Sustainable living with BLANC2 Years Ago
- Pizza power2 Years Ago
- In the good books2 Years Ago
- From babygrows to beer kits2 Years Ago
- Smile and say cheese2 Years Ago
- The perfect planner for when you didn’t plan for this2 Years Ago
- Why apply to be a #SmallBiz100 2021?2 Years Ago
- Feeling lighter than air at The Float Spa3 Years Ago
- At the cutting edge of local community3 Years Ago
- Sewing the seeds of success in Scotland3 Years Ago
- Joco's leap of faith pays off3 Years Ago
- No messing around! How Tom Foolery Coffee Company pivoted during the pandemic3 Years Ago
- How Mandira’s Kitchen has its eye on spicing up your freezer3 Years Ago
- Wild about keeping it local and healthy in Bristol3 Years Ago
- Award winning small business announced at Blue Tie celebration3 Years Ago
- Free leadership training for SME leaders delivered by leading Business Schools3 Years Ago
- Six things you can do in your business right now3 Years Ago
- How can my employees return to work safely and legally after Covid-19?3 Years Ago
- What is it really like being a #SmallBiz100? – Stamptastic spill the beans3 Years Ago
- Why apply to be a #SmallBiz100 2020?3 Years Ago
- Why embracing technology should be your New Year resolution3 Years Ago
- Starting a new business: financial tips for start ups4 Years Ago
- A helpful guide to data protection for small businesses4 Years Ago
- From architect to artisan at the Dumfries Larder4 Years Ago
- Putting down new Roots in Abergele4 Years Ago
- How Amazon is helping one woman tackle taboos and period poverty4 Years Ago
- Creating a community: What it means to be a small business4 Years Ago
- Building an enabling bridge, brick by brick4 Years Ago
- Get ready to rock with Rockit4 Years Ago
- How to create an event for Small Business Saturday UK4 Years Ago
- Jampacked with passion: the local cinema that’s giving back4 Years Ago
- Celebrating the North East’s cycle stars4 Years Ago
- Don’t know what to write about? 9 ideas for your next business newsletter, blog or social media post4 Years Ago
- Take a butcher’s at the first of the #SmallBiz100 20194 Years Ago
- 7 essential growth tips that small businesses need to know4 Years Ago
- Making a great first impression: photography & small business4 Years Ago
- Strength in numbers4 Years Ago
- How to choose the right pricing strategy for your business4 Years Ago
- How taking matters into her own hands led to huge success for Revival Retro4 Years Ago
- 5 content ideas every small business needs4 Years Ago
- The Flour Pot Bakery's secret to success4 Years Ago
- How to harness the power of Instagram and drive your business forward - the GB Labels way4 Years Ago
- Making Tax Digital is here! What does it mean for your business?4 Years Ago
- How we should champion success for International Women's Day4 Years Ago
- Step aside Mystery Shopper scheme - hello new Public Procurement Review Service!4 Years Ago
- The top three causes of entrepreneur burnout and how to avoid it4 Years Ago
- Get a great digital ad for your business for just £50, and help tomorrow’s entrepreneurs learn with iDEA!4 Years Ago
- Badge Your Brilliance with iDEA4 Years Ago
- How to make your Christmas the most successful yet!5 Years Ago
- Life in the fast Laine5 Years Ago
- Small businesses shine at launch of Silver iDEA Award St James's Palace5 Years Ago
- Local and sustainable is winning formula for SmallBiz100 Hays Hampers5 Years Ago
- Red Herring Games – Case Study5 Years Ago
- Keeping Up With The Tylers: How To Move With The Times5 Years Ago
- Making our own kind of music at the Blue Tie Ball5 Years Ago
- How to guest blog (and look like you know what you’re doing)5 Years Ago
- How to market your small business on a budget5 Years Ago
- Top summer marketing tips!5 Years Ago
- Purposely: embedding purpose into the heart of your small business5 Years Ago
- A ‘Dog Day Afternoon’ for Britain’s small businesses5 Years Ago
- Five ways to make your business successful in five years!5 Years Ago
- SmallBiz100 Mooch revive the local high street5 Years Ago
- Why apply to be a SmallBiz100 2018?5 Years Ago
- SmallBiz100 Julu on design, manufacturing, and building an online business with friends5 Years Ago
- Small Business Champion Series From Rich Brady ... Setting Business Goals5 Years Ago
- SmallBiz100 Techsixtyfour on how to successfully build an online business5 Years Ago
- SmallBiz100 Frequently Asked Questions5 Years Ago
- Small Business Champion Series from Rich Brady...Putting the Family into Family Business5 Years Ago
- Exporting - not just for the big!5 Years Ago
- Can Giving Really Be Good for a Small Business? Spoiler: Yes!5 Years Ago
- Let's get organised....5 Years Ago
- Is your business leaking money?5 Years Ago
- Podcasting - The Ultimate How-To Guide - Part 25 Years Ago
- Setting BIG goals – why do it and how to go about it5 Years Ago
- International Women's Day 20185 Years Ago
- 9 tips for Business Success - it's all about love.5 Years Ago
- Demystifying LinkedIn for Small Businesses5 Years Ago
- 10 Top Money Tips for Small Businesses5 Years Ago
- Organising a Small Business Event - Tips from the Experts5 Years Ago
- 12 Top Tips for Micro-businesses5 Years Ago
- ACCA on board the Small Business Saturday Bus Tour6 Years Ago
- Is Britain Becoming a Cashless Society?6 Years Ago
- Small Business Spotlight - How Technology Can Help Small Businesses6 Years Ago
- Taking Your Business Beyond the High Street6 Years Ago
- 5 Ideas to Improve your Time Management6 Years Ago
- The Small Business Saturday Bus Tour launches across the UK for its fifth year!6 Years Ago
- Making the most of Small Business Saturday7 Years Ago
- Why I applied to Small Biz 100: Crafty Revolution tells all8 Years Ago