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From structure to cash flow to IT, the art of getting a new business off the ground is a hard one to master, but new entrepreneurs will benefit from these 10 start-up steps.
No matter how good the product or service being offered, the success of a?business often comes down to its structure, cash flow, funds, staff and marketing. Here’s a checklist of things you need to do once you have decided to take the plunge to join Britain’s burgeoning ranks of entrepreneurs.
1 Seek help
Even well established businesses find it helps to have a sounding board for new ideas so don’t be afraid to seek out advice or support or to find out how others have solved or are managing similar challenges. The Business Growth Service is just one such organisation with a wealth of information and guidance for those starting out.
2 The structure
The options to choose from are a limited company, a limited liability partnership (LLP), a traditional partnership or a sole trader. The first two offer greater personal protection but there is no right option – it will depend on your circumstances and particular needs, so do some research in order to see what will work best for you.
3 Image
First get the right name. Companies House will show which ones have been taken. There are websites that will generate suggestions based on keywords and which also show which URLs are free. The URL is important, because it will be used throughout your marketing, including online, on email and in social media. In tandem you need to explore the logo and brand. But for that you’ll need some creative inspiration.
4 The market
Image is an important part of any marketing activity, but you first need to establish your market. Test the idea and test the market. You first need to define your boundaries and start to write the business plan. This will be essential if you are seeking funding and to keep you on track with your plans for growth.
5 Money
This all costs money and there are many issues to consider when it comes to funding, such as how much equity you want, and whether you will offer your own personal assets as security. There are funding options such as grants, loans,Kicksokok.com,http://videos.tomhardybrasil.com/members/of4iyhrh1lcheapjordanshoesfreeshipping.com/bolg, banks, investors and crowdfunding. Consider which is right for your business in its current stage of growth.
6 Cash flow
Key for every small business is cash flow. That’s where good credit lines come in. If you are buying in goods or services before selling on, it’s helpful if you can delay paying your suppliers until you have been paid.
7 Money management
You will need to find an accountant or at the very least a bookkeeper (which is often cheaper) and open a business bank account. But don’t abdicate responsibility. You will need to keep a firm handle on the finances and have a pretty good idea of what your revenues,cheap jordans free shipping, margins and gross profits should be, especially if you are looking for investment.
8 Premises
Working from the spare room is limiting. Should you buy or lease? What about insurance and business rates? Think about what works for you now, but also what premises you may need in the short and longer term as you grow.
9 The IT
Hardware, software and security… yes, security. Don’t scrimp on keeping your data secure or it could turn out to be a very costly error.
10 Other bureaucratic hurdles
Will you be employing staff (then there will be NI and pension issues to consider)? Do you need to protect your IP or designs with patents? Are export/import licences required? Use your business plan to help scrutinise all areas that may be exposed to legal,cheap jordans, regulatory,http://forum.tag-knowledge.com/default.aspx?g=posts&t=4362486cheapjordanshoesfreeshipping.com/bolg, tax or other requirements.
To hear from some inspiring small businesses, visit?tgr.ph/amex
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Arguing with farmers about the price of renting the corner of a field is not a scene that brings to mind the City’s private equity firms. But 3i has decided to get its boots muddy by investing in a company that buys and builds mobile phone masts across Britain.
Almost a decade after it launched a fund to invest in infrastructure, 3i is branching out. With growing global competition for Britain’s airports, railways and water firm pushing up the price of such trophy assets, it has instead turned to new frontiers offering less regulation and faster growth.
Private equity firms across the board have had to become more inventive in their search for steady infrastructure income. When the wind farms have already been bought,cheap retro jordans, they are now acquiring the boat companies used to maintain the offshore sites.
Train carriages have long since become hot property for investment institutions, but the telecoms masts that beam mobile internet to the customers in the trains - now there’s an idea.
3i has just paid ?75m for a minority stake in Wireless Infrastructure Group, a Scottish firm that buys and builds mobile phone masts across the country. It is attempting to fill in the gaps left by the mobile operators’ own masts to create a network of bulkier, independent towers that will be used to rent out the airwaves to the phone companies.
About half of its sites are in rural areas, where a hotch-potch of public and private sector spending on mobile infrastructure over the years has left about 10pc of the country in “not-spots” that have proved stubbornly difficult to remedy.
To those who suppose the public sector would be a better builder of phone towers,cheap jordan shoes, perhaps a more organised and co-ordinated force, the Mobile Infrastructure Project has shown that’s probably an even worse option.
The Government scheme launched in 2013 with a plan to fund ?150m-worth of masts in poorly-covered areas.? The project has so far built about 60 of the proposed 600 masts so far, at a cost of about ?10m.
Identifying the exact sites of “not-spots” proved to be pretty difficult, as this grand scheme came “smack in the middle” of the 4G rollout that was transforming coverage anyway, the responsible minister Ed Vaizey has since admitted.
Equally tough was the job of finding suitable sites for the 30-metre masts to be built. Recent protests about plans for a tower in Yorkshire reflected unease in many national parks and areas of natural beauty about the structures.
Today, less than a third of Britain’s mobile masts are owned by someone other than the network operator, compared to about 80pc in the United States, but the balance is shifting. WIG is set to play a part in huge consolidation across the UK and Europe, which will also see rivals Arqiva and the French firm FPS search for new investment this year.
The UK operators are more than happy to move masts out their hands, raising them money while providing the benefits of easily accessible shared space on the independent network. Hutchison Whampoa is considering selling off more of its towers when the 3i operator takes over O2 in a deal set to close later this year.
Which takes us back to the arguing farmers. Owners of all stripes are facing “ransom rents” demanded by landowners who allow masts to be built. For the farmers whose agricultural income is being tightly squeezed by a global slump in commodity prices, this is an easy way to raise more money.
The telecoms giants, meanwhile,http://www.mixi.co.th/forum/newtopiccheapjordanshoesfreeshipping.com/bolg, are lobbying the Government to cap charges in the long-awaited Electronic Communications Code.
Still,cheap real jordans, compared to the brouhaha about a new Heathrow runway or the logistical nightmare that is HS2, these problems seem fairly minor to the country’s biggest infrastructure backers. With demand for mobile signal only increasing, the extra funding that these investors bring can only help.
Local authorities hedge their bets
On the subject of new frontiers, the hedge fund Man Group is hoping to convince more local authority pension funds to make the jump into its alternative schemes as a way to help plug their worrying deficits.
Man Group, perhaps best known for the ups and downs of its computer-driven fund AHL, has already brought the Cornish and Clwyd pensioners into its FRM fund-of-funds unit and are offering discounted fees if others join in. The more funds sign up, the lower the fees will be.
The hedge fund is trying to get out in front of George Osborne’s latest wheeze for the UK’s 89 local government pension funds,cheap jordans for sale, which involves forcing them to pool their resources into collective wealth funds that could then commit large sums to infrastructure or other investments not open to small schemes.
While these pension funds are badly in need of stronger investment returns to fill their deficits, getting them to agree on which investment to back is a bit like herding cats, as the slow start for the five-year-old Pension Infrastructure Platform has demonstrated.
Man Group is offering another incentive to schemes to sign up: unlike the traditional lock-ups and gated exits of hedge fund investing, “we’ve made it as easy as possible for them to fire us”, according to FRM manager Luke Ellis.?