Business121 Small Business Newsletter #54

In this week's Business121:

1. Start-Up Survival Guide - 10 Tips
2. An Overview of Small Business Loans
3. Business Banking – Unauthorised borrowing costs rocket
4. Choosing Business Names and Intellectual Property Law
5. IT Contractor Umbrella Companies - The Pros and Cons
6. Top 10 Internet Products for Starting a New Business
7. One third of the UK set to become self employed
8. Business Learning Conference - NEC Birmingham
9. Increased market demand fuels robust SME growth
10. Entrepreneurial mums generate over £5k / year working from home
11. Huge demand down under for British firms
12. Taxman admits defeat on tips

Start Up Survival Guide

It's a daunting fact that fewer than one in three of business start-ups will survive the first three years. So, merely surviving those first years in business is an achievement itself!

'The Start-Up Survival Guide - What you need to know to make it through the first three years' which has been a recent addition to my reading list, deals head-on with this very issue.

Many cases of business failure come down to a handful of common, but fatal errors and these are the pitfalls that we must avoid if we are to survive the early years, let alone thrive.

'The Start-Up Survival Guide' focuses on these critical issues and offers good, sensible advice on dealing with them. There are scores of survival tips throughout the book, and here are the top ten...

Top 10 Survival Tips

1. Any idea for a business is only any good if there are customers who want to buy your product or service now (or in the near future). Without this you do not have a viable business proposition. It sounds obvious, but be very sure there is a big enough market.
2. Only start if you are totally convinced of the financial viability of your product/service and are prepared to commit yourself totally to making it a success.
3. Only enter a market where you, or your team, have some experience and knowledge of the key market issues, e.g. how to obtain customers, pricing strategy, typical costs etc.
4. Always watch the cash, always have a contingency fund, always plan ahead and know how you could raise additional funds quickly if necessary.
5. Never forget your customers - continually check to ensure your product/service meets, if not surpasses, customer requirements, and is differentiated from the competition. Ask yourself every day: who are the customers, what do they want, and why will they buy from me? Never be over-reliant on a single customer or supplier.
6. Consider using a mentor, or appointing one or more non-executive directors, who can provide impartial advice together with industry knowledge and contacts.
7. Plan for delays, e.g. in supplies, customer orders, recruiting staff, obtaining a loan, etc. by incorporating a contingency.
8. If you plan to grow rapidly get the right team together as soon as appropriate. Note also that thew top team will change with time, so do not assume any senior position is necessarily a job for life, especially if you are using other people's money!
9. Seek professional advice (i.e. legal, financial etc.) whenever necessary and appropriate.
10. When preparing your business plan recognise that entrepreneurs tend to be overly optimistic - so ensure your figures are realistic, and incorporate a sensitivity analysis.

Link: The Start-Up Survival Guide
Voucher code: QM008E

************************** Advertisement ************************
FREE BUSINESS BANKING
.................................................................
Alliance & Leicester's Free Business Current Account gives you;

* FREE and UNLIMITED cheques issued and deposited
* FREE and UNLIMITED Direct Debits and standing orders
* FREE and UNLIMITED ATM withdrawals and BACS transfers
* FREE cash deposits up to £1,000 a month

For more information, and to download an application pack, visit
http://snipurl.com/Free_Banking
*****************************************************************

An Overview of Small Business Loans
Whether you're starting a new business, or have been in business for some time, there may well be occasions when additional funding is required to fund the business.

Small Business Loans come in various forms and can provide a flexible solution to any type of funding requirement. This article gives you a quick overview of the small business loan market.

Business Banking – Unauthorised borrowing costs rocket
Addressing unauthorised borrowing charges and the issue of late payment as it represents an increasingly expensive, but in many cases, an unnecessary overhead for small businesses.

Choosing Business Names and Intellectual Property Law
When selecting a potential business or domain name, you should consider using a trademark to protect your company's identity.

IT Contractor Umbrella Companies - The Pros and Cons
An overview of IT Contractor Umbrella Companies - the alternative to setting up your own limited company, for freelancers and contractors. Includes a summary of the main advantages and disadvantages of this option.

Top 10 Internet Products for Starting a New Business
Ten web-based products and services that can help you set your business on the right path from Day One.

************************** Advertisement ************************
BETTER BUSINESS - TIPS, ADVICE, KNOW-HOW AND INSPIRATION!
.................................................................
The October issue of Better Business reveals the incredible story
of Rosie Hayward who transformed herself from a crippling arthritis
sufferer into a self-made business owner by developing a home-made
cure for her arthritis. Her cure is now sold by many retailers and
supermarkets. Find out how she did it in this month's issue.

This month's issue also tells you; The Lazy Way to Innovate,
How to Avoid Failure, A Practical Guide to the New Employment Laws,
A Review of Payment Options for Your Website and much, much more.

Business121 and Bytestart readers can save £12 here:
http://snipurl.com/_Better_Business
*****************************************************************

===================
SMALL BUSINESS NEWS
===================

One third of the UK set to become self employed
New research shows that up to one-third of the UK population are looking to ditch the 9 to 5 and start their own business.

Business Learning Conference - NEC Birmingham
World of Learning 2006, the UK’s key conference and exhibition for business learning, takes place at the NEC, Birmingham on 14 & 15 November 2006.

Increased market demand fuels robust SME growth
UK SME's continued to perform well during the third quarter with levels of business output and new business orders increasing at the sharpest rates since the middle of 2004

Entrepreneurial mums generate over £5k per year working from home
Britain’s new mums have emerged as an entrepreneurial force to be reckoned with, as a new report reveals that one-in-three of these ‘mumtrepreneurs’ are looking at starting their own business from home, enabling them to combine child care with developing a steady income stream.

Huge demand down under for British firms
A leading British based emigration specialist says the CBI is right to highlight the increasing number of UK business owners moving overseas to avoid high tax rates.

Taxman admits defeat on tips
In a humiliating climbdown, HM Revenue & Customs accepted that it incorrectly charged the restaurant industry millions in the past three years. The about-turn is laid out in its latest guidelines and has implications for hairdressers, hotel staff and other employees that receive tips, the Telegraph reports

===========
CLASSIFIEDS
===========

SAVE AT LEAST 10% ON YOUR BUSINESS INSURANCE
In fact, you could save even more by switching, as our customers
save an average of 30% on their insurance. For a free, fast quote
click here: http://snipurl.com/_quote

30-DAY FREE TRIAL FRANKING MACHINES
With £20 Free Postage, plus a free personalised logo so you can
advertise your business on every piece of mail you post. All
details here; http://snipurl.com/_Free_No_Ties_Trial

SMALL BUSINESSES CLUBBING TOGETHER TO GET BETTER DEALS
Through LogBuy small businesses can club together to get better
deals from suppliers. It costs nothing to join and is a simple way
for you, and every other small business in the country to save
money. Sign up today to start saving right away:
http://snipurl.com/_LogBuy_Home

DISCOVER THE STEP-BY-STEP PROCESS FOR TURNING YOUR DREAMS INTO REALITY
Learn how to transform stress into drive and fulfilment and create
a life you’ve directed and shaped rather than one of reaction. Follow
the link below to request your free CD of the Time Of Your Life now;
http://snipurl.com/Time_of_Your_Life

SEE YOUR AD HERE
Business121 is read by over 12,000 small business owners every
week. Advertise in our newsletter from just £60+vat per issue.
Please email Classified@Business121.co.uk for details

(c) Business121.co.uk 2006