Getting the fundamentals right
Before starting any business, there are some key decisions to make such as the business form, ownership structure and capitalisation. This short article covers the basics and includes links for further reading.
Start
So, you’re starting a business.
Firstly, congratulations! Welcome to entrepreneurship.
This is an exciting time and as you start your business, you’re probably wondering where to begin. But don’t worry, we’re here to break it down for you – from setting up, to financing.
Let’s get started!
How to start your business
In this section you’ll find everything you need to know to make sure that the business you set up, is set up for success.
Writing a business plan
A business plan is important to know where your business is going and how it’s going to get there. The plan describes the destination (your vision) and also sets out a roadmap for your business, helping you decide which path to take when you come across unexpected obstacles and opportunities.
Financing your business
When it comes to financing your business, you have a number of options. These range from equity, to self-starting, grants and loans. Remember, it isn’t one size fits all.
Explore all the options and find the one that might best fit you as you start your business.
Finance for start-up businesses
How do start-up businesses raise finance with no sales or track record? While most start-ups are self-funded, there are some options for external finance even at this early stage. As the business establishes a track record, more options open up.
Start Up Loans
Start Up Loans, from the British Business Bank, aim to help aspiring entrepreneurs realise their ambitions of starting and/or growing their business. Since the start of the programme in 2012, over 100,000 loans have been issued of which 40% have been to women.
Grant funding
Awarded by government, local authorities and private sector bodies, grants ensure you remain in control of your business – in other words the finance provided doesn’t dilute your ownership stake. However, each grant is different and so it is key you check the specific grant for which you are applying is the right fit for your business.
Inspiration
Everyone has different experiences when they start a business.
Get inspired by the stories of some incredible women who have made the leap into entrepreneurship with their businesses.
Your Spin: Turning an idea into a business
Eilidh Mutch is the founder of Your Spin Limited, an in-venue activation game for the hospitality sector. As a young entrepreneur Eilidh shares more about her journey as well as the importance of networking.
Barefoot Tech: Tackling waste
23-year-old Ffion McCormick Edwards founded Barefoot Tech with the support of Big Ideas Wales in a bid to tackle the volume of old, unused wetsuits that are adding to the environmental impact caused by landfill. Ffion built her business around her love for the sea and places sustainability at the core of her business ethos...
Brownie and the Bean
Being part of the NatWest Accelerator has helped to accelerate growth within 6 months of being on the Accelerator, sales revenue was up by 82% in 2021 and set to be up another 22% in 2022.
The Recruitment Duo
From a standing start in 2021, Holly Vaughan and Louise Dunn, cofounders of independent recruitment agency The Recruitment Duo have built a substantial and successful business.
Hair Raising Growth
Foxy Hair Extensions may have started small in 2006 as a one woman band, but today, the company has both a thriving online and salon business. Foxy Hair Extensions is one of the UK’s leading suppliers of 100% human hair extension products and training designed for both professional hair salons and extensionists. The company was...