December 12 2013 Latest news:
Thursday, September 19, 2013
When is the best time for me to start a business? This is a question that I am often asked but to which there is no simple answer.
As with most major decisions in life there are a number of factors to take into account. So if you are thinking of self-employment what do you need to consider?
1. Know what you want and how to achieve it. You need a strategy so that your goals are articulated and then you must define the tactics to help you reach it. In business this means having a robust business plan to act as your “route map” towards your destination.
2. Beware of paralysis by analysis. The difference between those who do and those who don’t is down to action. Preparation is important but you cannot prepare for everything. At some point you have to take the initiative and embark upon your new venture.
3. Take independent advice. Family and friends are often too polite and are unlikely to point out pitfalls in your ideas. Seeking out independent support to refine your thoughts is the best way to achieving success.
Research shows that obtaining help from NWES means that you are 20pc more likely to survive and grow than the average business – a huge advantage so make sure that you utilise it.
4. Working for yourself has many rewards but you will work harder than in a normal job! Be prepared for the sacrifice and remember that success is 99pc perspiration and 1pc inspiration. You need a support network around you in both your personal and business life to help you in those times when nothing seems to work. They will help you see a path through the gloom.
Having considered these points and concluding that being an entrepreneur is for you, is now a good time to take the next step? I would argue that it is a GREAT time to start in business. A combination of factors means that if you live in the EDP circulation area then fortune favours you:
n You have access to free 1-1 business support and training from the country’s leading enterprise agency – NWES.
n Access to finance is often difficult but NWES can supply you with Start Up Loans and access to further funding via arrangements with banks.
n Equity funding enjoying a boom locally thanks to New Anglia Capital so watch out for a chance to pitch at their investor events.
n Grant funding is rare but thanks to New Anglia LEP and NWES there are some grants available to start and grow your business
n If you have a business with potential then the EDP Future50 is a fantastic opportunity to network with like-minded entrepreneurs.
n If your business needs a home then NWES has a number of enterprise centres offering “easy in, easy out” terms with access to free business support too.
Starting a business is always exciting but knowing that there is help along the way makes it easier.
With an economy that is showing real growth signs and a “full house” of support, now really is a great time to start your business.
Kevin Horne is chief executive of NWES, lead sponsor of the EDP Future50.
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