Supporting new business

Dec 14 2007 By The Journal

FOR those with a budding entrepreneurial spirit and an itch to work for themselves, Business Link can help find the right information, advice, guidance and support to help North-East entrepreneurs get their business ideas off the ground.

Here, Business Link’s Colin Grimston gives his top tips for people thinking about starting a business.

First of all, explore your options

Starting out in business doesn’t necessarily mean starting from scratch, some self-starters buy an existing business or the rights to a franchise which can carry fewer risks than going it alone.

An opportunity may arise to buy out your employer, take on a family business or a major life change could spur you on to set up a business – for example unemployment, redundancy or a windfall.

Plan your time

Starting full-time means you can devote all your time and enthusiasm to your business, but you may have to manage without an income while the business gets off the ground.

Alternatively, if your business allows, you start off part-time, fitting it in with your current job or responsibilities.

Talk to the right people

Support from family and friends can make a big difference in helping you to manage the impact on your life, and a valuable way of finding out about the day-to-day realities is to talk to people who have already experienced them.

Advice on specific areas relating to your personal development needs or business related issues from a network of professional experts could help you achieve even greater success.

From finding and managing finances, naming the business, organising taxes to employing people and finding premises, we can work with the region’s entrepreneurs to turn their business ideas into a reality.

Be confident

The success of your business will partly depend on your attitude and skills.

This means being honest about a range of issues – your knowledge, your financial status, the risks involved and the personal qualities that you can bring to your new business.

Focus on your strengths

Very few entrepreneurs can claim to be strong in all aspects of running a business, but the key is to make the most of your assets and take action to address any gaps whether it is through training, delegating, recruiting or outsourcing.

Do some research

This doesn’t mean you have to commission a major piece of market research at a large cost. But, you do need some understanding of your opportunities and how to make them work for you.

Will you have any competitors? How much do other people charge for similar products or services? The internet is a great way to start looking at competitor web sites, statistics and other information that is very often free and easily available.

Have a plan

It might sound obvious, but a business plan is essential.

Don’t be put off by thinking that this is a complicated or unnecessary piece of work. Business Link can work alongside you to help you to develop this.

Get the finances right

There are lots of options for finding finance if you need it, but good business planning will make sure that you don’t overstretch yourself and always work within limits that suit your circumstances.

If additional finance is needed, we’ll help you source the most relevant finance for your needs.

Focus on your strengths

Starting a business can be incredibly exciting and rewarding.

You will need to learn new skills as you go, but you should always start by looking at what you’re good at.

The right help will make sure that you’ve every chance of making it a success.

Business Link offers a free and confidential service for anyone who wants to start a business in the North-East.

For further information visit www.businesslinknortheast.co.uk or call on 0845 600-9006.

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Case study

A PAIR of entrepreneurs are motoring thanks to business support.

Motor enthusiasts Graham Hedley and Graeme Bowling are two prime examples of Business Link customers who have followed their dream to establish their own business.

The pair launched Team Valley Land Rover Service Centre in June this year, and with customers driving in from across the region, the business is already off to a flying start.

Having worked for a number of dealerships, including Volkswagen, Mercedes, Bentley, Audi and Land Rover, Graham and Graeme have vast experience in car manufacture and retail and spotted a gap in the market to offer a high quality, specialist car service for the region’s Land Rover owners.

With support from Business Link, the company’s staff have undergone thorough specialist training, they have launched a new website and set up financial systems.

Graham Hedley said: “Business Link has been a great help to us.

“We already had clear business ideas but Business Link ensured we were on the right path and really bridged the gap between what we wanted to do and how we could achieve it.”