Start a business

So you want to start a business?

This article is aimed at someone under twenty-five who feels they have an idea which will make them more money than presently working for a company.

Before you even consider starting a business, get out of debt. Get rid of the balance on your credit card(s) first. This is the most expensive way of borrowing money other than the fast loan people. I have four credit cards and pay everyone off at the due date each month. I have a Santander current account which pays me 1.5% interest. Thisi isn’t bad for a current account and, using credit cards in this instance, earns me a small interest between monthly payoffs, even after their small fee.

Debt and poor management is what bankrupts most small business. Large ones as well if you think about it.

Don’t waste time whilst you are paying off your debts. Borrow half a dozen books on negotiating from your local library and, when you find the best one for you, go out and buy it. Read and study it, from cover to cover! This will be your bible for a few years.

So finally, you are debt free. Now what to do.

Before giving in your notice, get all your ducks in a line whilst you are still earning a salary. Work out how you are going to market your business, get your printing done and paid for – and anything else you may need. Then, if you are going to advertise, place your advertising so the adverts come out the day you hand your notice in. You now have a month whilst you are still working to follow up your leads – you must have built up a holiday allowance to enable you to take days off to see potential customers?

On day one, everything should be been paid for. You should have no debt, but a warning, that will come later,! Hopefully, you will have your first customer by then.

Remember the old saying: “If you build a better mousetrap, the world will not beat a path to your door”. Customers will not come to you, you have to go out and get them, no matter how good your product or service is!