The supply of business information is a bewilding issue for the newly started entrepreneur. How to get top up finances should the savings and other home sourced capital prove to be insufficient – where is a good place to start, without strings at first and impartial advice can be sought. There is an alarming number of advertisers of short to medium term loans and not all will have the business start up’s best interests at heart. There are many sharks out there in the big pool. Learning how to avoid them and what to do and where to seek help when you’ve taken a mistep can be time consuming without the right type of guidance.
There are agencies specifically geared to assisting and advising new start ups and they will want to be involved from the start – sometimes they have conditions and criteria that may seem a bit stringent, but the guidelines are there to help all parties stay on the straight and narrow. Going back to banks – they will give financial advice on how to manage money coming in and out of the business. A recognised bank will be more secure than just financial agents. Accountants are another source of information and assistance. They need paying, of course, but the time they save the small businessman/woman when it comes to filing the end of year accounts will prove to be invaluable. They will advise on how much tax your business will need to pay over to the government – and on how to start setting aside a regular amount, ring fencing it so a sufficient amount is available as soon as they say it will need to be paid.
Lawyers and legal advice – this can be a minefield but it is essential to know that the business is not breaking any current laws and of course, will be able to give legal assistance should something untoward occur in the future. For the youger entrepreneur between ages of 18 and 30, the charity known as the prince’s trust offer training, mentoring services and sometimes funding to help a young person get that business going strongly and with long term goals.