- 29 Aug
Free Business Startup Guide
This is a free business startup guide that gives general advice about starting your own business. It's not comprehensive, and professional advice should always be sought from an accountant and/or solicitor.
Free Business Startup Guide
This guide takes you through a number of areas that you need to think about if you are starting your own business. It is based on our own experience of launching our own venture.
Your Business Idea
You have to have a great business idea. Lots of sites will give you advice about solving problems and this is always a good place to start. You have to have an idea that you really think is going to allow you to stand out from your competitors, otherwise why won't customers just buy from them.
Unique Selling Points or USPs
Unique Selling Points (or USPs) are frequently mentioned, and that is what differentiates you from everyone else - what makes you different. It could be that you have:
- A unique idea or solution to a problem.
- A unique application of an existing idea or technology to a new situation or problem.
- A unique delivery mechanism e.g. you may have a pre-existing network of potential customer introducers, or you may be the only cafe based in a certain area.
- A unique operational strength e.g. existing surplus capacity in a factory.
Don't Launch A "Me Too" And Expect Better Results
If you launch a "me too" business, for instance another recruitment agency operating in the same arena as everyone else, you may do OK, you may make a living, or you may find that your existing established competitors ultimately retain control of the market and you go out of business. Good advice is to have something unique about your business - this should be an acid test of any idea that you come up with. Ask yourself, what's different about it?
Using FundInvoice as an example, in our case, we are invoice finance brokers and there are plenty of others operating within the same niche. Our uniqueness comes from having a research function to constantly check prices, service quality ratings and other market information. Many of our competitors (not just brokers but other advisers e.g. accountants) don't operate in such an objective way, hence customers can see the benefits of using our independent service.
Our second strength is that we are pretty good at marketing. One of our partners has a background in financial services marketing so that gives us an edge in getting our service in front of prospective customers.
There is a lot more advice about how entrepreneurs come up with great business ideas in my recent presentation to a group of local students.
Navigate to any of the other sections of this free business startup guide:
- 14 Mar
New Start Recruitment Funding RPO Debtors
We have mentioned many times before how we have been able to help recruitment companies that need funding against RPO debtors.The issue with securing invoice finance against our PO debtors, is often that the finance companies can struggle to get the required credit limits, in order to facilitate the funding. This makes it a “shopping around exercise“ to find the providers that are able to...
- 07 Feb
Early Stage Funding For UK Startups Drops
Early stage funding for UK startups dropped by 15% in 2018, according to data published in Yahoo Finance by Beauhurst, a consultancy that track equity funding. Overall equity funding in the UK reduced to £7Bn in 2018, down from £8.6Bn in 2017 and there was a 10% decline in the number of deals completed. This is a concerning drop that may create a need for alternative forms of startup...
- 21 Dec
Which Factoring Companies Will Fund Startups?
There is plenty of miscommunication going on around the industry. We were recently contacted by a newly formed startup company that had spoken to a few factoring companies and had been told that they needed around half a year's trading behind them in order to secure invoice finance.This may be the case for some factoring companies, but there are others that will happily accept new startup...
- 14 Nov
Factoring For A New Start Haulage Company
This is an interesting case that demonstrates just how flexible some UK factoring companies can be. We have just arranged a recourse factoring facility for a new startup haulage company handling frozen food. The company is operated by a foreign national, ex-driver, that was NOT a homeowner. These aspects may have posed a problem for some invoice finance companies.SEE THE PRICE OF...
- 31 Oct
Further Help For Startup Businesses
As an conclusion to our free business startup guide, below are some useful further resources and sources of further information, help and advice for new startup businesses:FundInvoice are able to help you find a range of different business finance services from business loans, to receivables financing, export finance and trade (or import) finance.Please call Sean on 03330 113622 or request a call...
- 30 Oct
New Startup Business Checklist
The following business startup checklist is a high level list of the issues and items you need to think about when starting a new business.It is not in any order of importance and some of the items on the list are at a very high level, so there may be a number of subsidiary issues that you have to address under any of the following points.However, it should give anyone starting a new business...
- 12 Oct
Business Startup Guide To Funding
A critical aspect of starting a new business is ensuring that you have sufficient money to trade. This could be to cover the initial startup costs e.g. purchasing equipment, and to cover ongoing costs e.g. staff wages and buying stock.DISCUSS YOUR FUNDING NEEDSA cash flow forecast is an essential part of the business plan for any new start company, it may be produced by your accountant with your...
- 09 Oct
How To Set Up Your Business Startup
The first thing to say is that you will likely need the help of an accountant, and perhaps a solicitor to help with setting up your business. This article gives some general information based on our own experience, but your situation may vary.As I mentioned in the first part of this business startup guide, the key to a successful venture is having a product or service that is in sufficient...
- 05 Oct
Marketing A Startup Business
The production of a marketing plan is at the core of any new startup business, it is likely to be a standalone sub-plan within your overall business plan.How you are going to promote and market your products, or services, will determine the volume of sales that you achieve, and most likely the financial success of your business. You don’t have to do the marketing planning and delivery...
- 07 Sep
Producing A Business Plan For Your Startup
Writing a business plan is critical to launching a startup business. It allows you to clearly set out your business idea, set goals and measure progress against those goals.You might be interested in the top 3 pieces of advice for new startups that we heard from fellow entrepreneurs.A business plan is a written document that sets out the objectives and strategy for your business venture,...
- 30 Aug
Validating Your New Business Idea
In the last post in this series the Free Business Startup Guide, I covered developing a unique business idea. This post concerns validating that business idea. This means how to check that it is likely to be successful with demand from customers.This is one small step in setting up your own business, but it is critical to its future success, hence it has this post dedicated to it.GET ADVICE ABOUT...
- 12 Apr
Business Loans For New Start-Up Companies
Business loans can be provided to new start-up companies. There is an appetite for lending to startup companies, whether or not the Directors are homeowners.This may be good news if you are thinking of starting a company and need some capital to get you up and running.It is not the case that all lenders will provide loans to startups. Funding Circle for instance, state in their investors guide,...
- 05 Apr
Interest Only Loans For Start-Ups
Finding finance for new start-up company can be difficult, but there are funders within the market that can help.We have just received notification from Nucleus Commercial Finance, one of our funding panel, that they have launched “Start-Up Finance”, a specialist interest only loan product for new start companies.The new company can borrow between £25,000 and £20 million, secured against...