5 Top Tips for Starting Your Own Business

 So, you want to start your own business, but you are not sure where to begin, correct? Starting your own business can be a challenge but with a few of my simple tips and trick I hope I make this process a little easier for you. So, without wasting any more precious time let us get started!

The Idea

This must be the foundations of your future business. Without it I highly doubt you will be here reading this post. You need to make sure your idea is realistic. Is it something you will be able to achieve? Is there a market out there for your product or service? There are so many questions you could ask yourself but one of the main ones would be could you make a profit to continue production? If the answer is not then this future business idea might not be so good after all!

Funding

Do you have the funds? If the answer is not then this is not the end. Hang on in there and try a few things. Look for partners, investors or even sponsors. Contact the bank and see if they are willing to give you a business loan. Just make sure what you borrow you can pay back, even if your business fails. As I mentioned with your idea… be realistic. You need to show people your business is worth their money, and it is going to bring them something in return!

The Market

This is the biggest one right here. If there is a market for your idea then that is fantastic news! If not then is there any way for you to create a potential market? If no-one needs it then they more than likely will not buy it. With today’s economy things must be of use before people part with their hard earned cash. More importantly you should ask yourself if you would buy your own product, really think about it before you answer as you can be surprised.

Business Plan

I am not talking about your final document to explain your business but something that you can look back and relate too when planning. You need to know all the ins and outs with this. You need to work out costs, employee’s wages and how much you predict to make in the upcoming year. This will give you a good overview to how your business could potentially perform. If it works out you would be running at a loss then try to find ways to work around this.

Second Opinion

It is easy to get tunnel vision when you are working on something you love and are passionate about, but it is always best to get a second opinion. Pitch your business idea to a friend and see whether they like it. Choose people you know will be honest and will not just agree because they are worried about hurting your feelings. You could even hold a group discussion and have people vote.

Just a few simple but effective tips for you to think about and take into consideration. Starting your own business can be a huge challenge and is not something you should take on lightly. Hard work and sleepless night may just pay of if you put the effort in!

What is the CBILS Scheme?

The CBILS Scheme is a government backed initiative known as the Coronavirus Business Interruption Loan Scheme. The scheme was created to help businesses who have been impacted negatively by the coronavirus pandemic. The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.

The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.

The maximum length of the facility depends on the type of finance you apply for and will be:

·         up to 3 years for overdrafts and invoice finance facilities

·         up to 6 years, for loans and asset finance facilities

Who is eligible to apply for the CBILS Scheme?

You can apply for the CBILS Scheme if your government falls under the following the conditions:

·         The organisation is based in the UK.

·         The organisation has a turn of less than £45 million.

·         The organisation would be viable without the pandemic’s adverse effects.

·         The organisation has been adversely impacted by the coronavirus.

·         To borrow £30,000 or more, you will also need to confirm that the business was not classed as a business in difficulty on 31 December 2019.

If you meet all these criteria then you are eligible to apply for the CBILS Scheme.

CBILS Scheme News

The CBILS Scheme has officially been withdraw as of the 31^{st of} March 2021. This means no new applications will be accepted for the scheme and the government has officially withdrawn their support. For more information on additional support offered from the government during this time visit the government website.

References

https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme

 

Completely Free Financial Tools for Small Businesses 2021

Management information software (MIS) plays an increasing important role in businesses of all sizes. Chief Data Officers is becoming a standard position on most board of directors though just because your business does not have a board just yet that does not mean you cannot take advantage of the sheer amount of software available to you. Many financial opportunities and tools on the market are free and provide a stellar service that can become a key component of your organisation. This list will be continually updated as we find more great free software for you to take advantage of.

Bokio

Bokio is the complete package to address the administrative problems that bookkeeping and accounting cause for young entrepreneurs and small businesses. It comes with a host of functionality that allow small business owners to keep track of all financials considering the organisation. You can even track all incoming financials such as from asset financing on the dashboard.  It has an incredibly intuitive interface combined with a complex AI that manages invoices, bank feeds, transactions, and financial reporting. As well as being available for established companies, (where it can automatically pull data from company’s house) it also has a version for sole traders.

The best part, this software is completely free. No upsells or added features, you get absolutely everything when you sign up.

Sumopayroll

Sumopayroll is the all-in-one solution for payroll in small to medium businesses. The software itself provides an easy way to manage all your employees from one place. You can add employee information, update the information as required and terminate employees with an astonishingly easy to use interface. Payroll can also be done manually in a few clicks and this is all done with calculating TDS, EPF, ESI and other statutory numbers automatically to be fully compliant with government regulations.

The software itself is completely free provided your organisation has 10 or fewer employees. Its pricing is also very affordable if you happen to exceed this number.

inflow

inflow is an inventory management tool that let you easily track orders, manage inventory, and, most importantly, save time. As well as forgoing the need to create a constantly updating spreadsheet, the inflow system is also hosted on the windows platform that it is run on. This means it can run entirely offline helping you manage your inventory wherever you are.

The first 100 products are free, which should hopefully be enough for a small business to run on. After that users must upgrade to a regular or premium account to add more. These additional memberships are a one off payment rather than a subscription, so you do own the licence indefinitely if you purchase.