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Trial and error? I know it involves taking loans but I wanna open up a fashion boutique. If say I had 100,000 pounds how would I know that’s how much I need and how would I know if the business iS going to be successful by forecasting, not just by doing a fashion forecast but by doing financial forecast. how can I trust banks on loans too. This has to be done before doing a business plan right? that’s another problem I have with business plan. I just can’t seem to do it. I looked in businesslink.gov.uk but just gives me steps on what to do. I need examples on how to write one, not just on step by step guides. Thanks in advance.

  1. Eddy T
    Go to Barclays bank Homepage-Business banking.And tell them what you want and how to open up a small business.
  2. Rosemary P
    Rather than visiting the Business Link website, contact your local Business Link offices. They'll assign an advisor to you who will go through the business plan format with you and make sure that you've everything in there that you need for applying for finance. The first half of your question about forecasting finances should be based on research that you do about what it's going to cost to set up - premises, fitting out, stock - and what similar businesses are charging for their products. Are you going to charge the same, a lower amount, or a higher figure? Why are you going to charge that and who is your target market? How are you going to reach them and why should they come to you rather than your competitors. Banks are only interested in selling their products, whether it's loans or any other services. Before you approach them, you need to be really clear in your mind what part they will play in your business. Business Link is very good on advising about sources of finance and can help you access other providers if the banks won't support you. It does mean speaking to an advisor rather than looking at their website but it's worth it. Good luck!
  3. Jay
    One - have a very clear grasp of what you want to do and achieve and try and distill it down into one or two sentences. Two - justify that decision by doing some research the market and writing a SWOT analysis. This is a list of all the things that can be termed Strengths, Weaknesses, Opportunities and Threats. You must include in this personal strengths and weaknesses as well as competitive weaknesses, have you run a business before, especially in this field, how much competition do you have, what if a highstreet chain opened up nearby and undercut your prices etc. Ask friends, partners etc and anyone who knows you who has business experience for advice. Three - financial planning - what will renting a store, hiring staff, buying stock and fitting the store cost you? Bear in mind that a lot of these will be one-off upfront costs. The lease on a shop unit might have to be paid for the entire duration of the lease regardless of whether the shop is a roaring success or dismal failure. Also the suppliers of stock will likely want cash up front until they get to know and trust you. And the shop fitter/supplier of shelves and fittings etc will need to be paid before the shop opens. All this means laying out a lot of money even before the first customer walks in through the door. Four - trusting the banks, they won't lend you any money unless you have sufficient collateral to cover the entire loan, and even then they will want more in case you go into an overdraft and have to borrow more off them. If you want to borrow £100k, do you have that in collateral to set against a loan and are you ultimately prepared to lose the lot and therefore say your house with it? Five - have a look at what is not in your area and supply that. Take into consideration demographic trends and whether an ageing population or a very young - i.e. mothers and babies, type business would work. Six - watch all these programmes like Dragon's Den and read about successful businessmen and women. You'll pick up hints, tips and advice on how to deal with practical everyday business situations and terminology. I don't mean to be negative or to thwart your entrepreneurial desire but there are a lot of good businesses that fail because the owners fail to do their groundwork properly or do not understand the difference between gross and net profit, or screw up on cash flow. I'd recommend going to a site like businessesforsale.com and see what businesses are up for sale in your area. Ultimately it might prove cheaper to invest in a business that is already up and running with a customer base and developing that rather than starting from scratch, plus you might get to work with the old owner for a short while in transition. There are also franchises you can buy - there are pros and cons to a franchise, on the negative side you have to supply and buy their stock at their prices, but they will give you marketing support, a dedicated sales area to work in and a brand name to trade with.
  4. Tier
    Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business. http://www.worldbestloans.com/businessloans.htm Since market is crowded with various business loan schemes, every small business owner can manage to get the desired amount without any problem. Therefore if you own a new and small business organization and financial shortfall is bothering you, then these loans can prove to be the best help for you.

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