Starting a business?
Finding the right finance: businesslink.gov.uk helps businesses assess their finance options and attract investors
Businesslink.gov.uk has launched a new online tool available at www.businesslink.gov.uk/financeoptions to help businesses assess their finance options. As well as guiding owners and managers through what finance is available to them, it provides advice on how they can attract investment.
For small businesses, choosing the right type of finance is essential. The ‘finance options’ tool - which is free to use – helps businesses do this by evaluating types of finance against the circumstances for which it is needed, such as starting up, acquiring an asset or funding growth.
The businesslink.gov.uk tool takes users through a series of questions before producing a tailored list of options the business may want to consider, including bank loans, borrowing from friends and family, or private equity investment.
Jonathan Hollow of businesslink.gov.uk commented: “Before making any commitment, businesses need to explore the finance options available to them – then have a plan of attack to secure the most attractive forms of finance.
“The new tool addresses the lack of understanding within many SMEs about how to prepare different applications for the various finance options available - such as venture capitalists, business angels, loans and grants. There’s no ‘one-size fits all’. By offering advice on what they need to consider for each application, the tool ensures they’ll be in the best position to secure finance, whichever option they choose.”
The tool is just one of the features which forms part of the website’s newly enhanced finance and grant section, which also includes other tools, advice and guides across a broad range of areas. For further information, visit wwww.businesslink.gov.uk.
A helping hand to get things started
Most people have never started their own business, and with so many things to think about, you are bound to feel a little daunted as well as excited. However to help get started, why not visit businesslink.gov.uk, the government’s national website that provides practical guidance for small and medium-sized enterprises. The site has a number of free tools and guides which offer advice and help to get your business off the ground.
On the website, a good place to start is The Business Start Up Organiser, an interactive tool designed to manage your personal list of starting up tasks. This online tool will ultimately get your business off to a smooth start, helping you to avoid the most common mistakes often made at starting-up time. Spend a few minutes answering a series of questions about your business and upon completion, you will receive a tailored list of step-by-step tasks to save and complete at your own pace:
www.businesslink.gov.uk/startuporganiser
A business plan
A realistic working business plan is essential. It is a written document that describes the business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success. On businesslink.gov.uk you will find an easy to follow guide that shows you how to prepare a high-quality plan: http://www.businesslink.gov.uk/businessplan
The right name
Choosing a name for your business is a creative and enjoyable process but is one that you need to get right. While it may be tempting to try to stamp your individual personality on your business name, there are many other issues to consider, such as avoiding long names that are difficult to recall, spell or pronounce. Being objective and choosing a name which reflects your business strategy can be more valuable, especially as your business develops.
On businesslink.gov.uk you can learn how to create the right impression with your name, how to display your business name and how to get your name on the web. The free online guide also outlines the specific rules that you must follow when choosing limited company names, and sole trader and partnership names. The ‘Choose the right name for your business’ advice can be found at www.businesslink.gov.uk/choosename
Premises
Finding the right premises for your business is crucial if it is to be run effectively and make a profit. Decide whether you want to buy or rent property. Renting can be useful, especially in the beginning as it ties up less capital, which can be invested in the business instead. It can also give you flexibility to relocate easily if required. Visit the premises pages on businesslink.gov.uk to find out more about renting and buying:
www.businesslink.gov.uk/premises
Grants and support directory
The National Grants and Support Directory allows you to search for potential sources of help when starting up or developing your business. The database contains schemes from central and local government as well as private organisations. Some of the schemes offer financial assistance, while some offer free or subsidised services ranging from advice through to practical involvement with projects. While many schemes are available nationally, some are targeted locally. Depending on your location, type of business and what you need the funds for, you may be eligible for a number of schemes in the directory. Visit http://www.businesslink.gov.uk/grants to find out more.
Although there is much to consider when starting up a business, it is also a lot of fun! However, be sure you are prepared for the hard work involved, and by doing your research, you will be well prepared. You will find a wealth of information available for free at businesslink.gov.uk helping you and your business get off the ground to a smooth start.
Business Link helps businesses choose the right basic IT system
Businesslink.gov.uk is aiming to simplify the process of choosing a new basic IT system with the launch of a new interactive online tool: ‘Setting up an IT System’ available at www.businesslink.gov.uk/ITbasics. It provides businesses with impartial advice to help them select the most appropriate and value-for money IT system their organisation.
Understanding specifications for internet connections, hardware components and network requirements, as well as getting to grips with the right equipment such as laptops and monitors, can be a complex and confusing process. With so many conflicting sales messages in the market, it’s important that businesses understand exactly what is needed to optimise their business performance.
The interactive tool uses a short questionnaire to identify the main use for IT within the business, who within the company will be using it, and then assesses whether a simple or more sophisticated system is required. The resulting step-by-step guide recommends the type of IT system that will demonstrate long-term value for money, but does not recommend specific brands.
Jonathan Hollow of busineslink.gov.uk comments:
“Setting up IT systems can be quite daunting, particularly for start-ups who may never have had any IT experience, yet cannot afford to hire an IT specialist for their business. This new tool from Business Link provides impartial advice to businesses, highlighting the best options available. This in turn enables the business owner to be confident when speaking to IT suppliers and vendors.”
Business Link has a wide range of IT and E-commerce advice including web development, IT risks, data protection, online filing and how to create an online shop. For more information visit www.businesslink.gov.uk or call 0845 600 9 006 to find your local Business Link.
