‘Apprentice’ fever - Entrepreneurs urged to take the plunge

With ‘Apprentice’ fever sweeping across offices throughout the UK as the nation watches twelve budding entrepreneurs compete for a chance to become part of self-made businessman Alan Sugar’s empire, Bibby Financial Services is encouraging would-be entrepreneurs to seize the opportunity to start their own businesses and realise their ambitions.

“The next Alan Sugar, Richard Branson or Anita Roddick could be sat behind their desk right now wishing their time away while dreaming of starting their own venture. However, it’s only a few people that actually have the motivation to follow through with their idea by starting a business and become their own boss,” said David Robertson, chief executive of Bibby Financial Services.

While many fear being too young or inexperienced may hold them back, in fact, research shows that the optimum time for starting a company is under thirty, with nearly a third (30%) of owners and managers taking the plunge at this time.

In order to help those budding entrepreneurs make their own business plans a success, Bibby Financial Services has developed the following tips:

Follow your passion - start by exploring your dreams and passions in life. If you start a business in an area you’re interested in, you’re more likely to make a success of it. Write down the skills you already use in your day-to-day life and think about how you can use these assets to benefit your business

Know the market – make sure the demand for your product or service exists before investing time and money in your new venture. Once you know the market you’re entering, you are armed with the vital knowledge you need to make informed business decisions

Get stuck in - running your own business involves hard work and particularly in the early stages, may require burning the candle at both ends to get off to a good start. Make sure you fully understand the extent of what you’re embarking on and have the full support of your partner and family

Financial Foundations – explore all types of financing available to you. There are many alternatives to the traditional bank loan or overdraft facility, such as invoice finance that can help get your new venture off the ground while also providing an ongoing supply of working capital. Invoice finance can provide a flexible, cost effective cash flow solution that grows with your business, by releasing up to 85% of the funds tied up in sales invoices as they are raised.

Customers are king – customers are key to your business and feedback should be positively encouraged. To gain a better understanding of your customers and the issues they face, phone key customers regularly and employ feedback mechanisms such as a customer hotline or online feedback form

Exceed expectations – always strive to exceed your customers’ expectations such as promising delivery within five working days, but actually delivering in three. However, a word of caution, never promise what you can’t deliver

Network your way to the top – networking is an excellent way to meet like-minded business professionals, customers and potential business partners. To get started, check out your local Business Link and advisory groups for details of networking events in your area

Nurture talent – build an enthusiastic team that share both your vision and commitment to the business, this is essential to your success, particularly in the early stages

Don’t be afraid to take risks – don’t be afraid to take risks now and then. Being too cautious means you may miss out on excellent opportunities and the chance to grow your business

“With careful planning and the determination and will to succeed, there’s no reason why anyone should put their dreams on hold. There are a number of business support services and resources open to those interested in building their own success story and by starting your own business, you’ll be one of the four million small to medium-sized businesses, which make a significant contribution to the UK’s economy.” said David Robertson, chief executive of Bibby Financial Services.