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Small business opportunity |
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There are thousand of people on this earth who have idea of business and even the potential to accelerate their idea into lucrative small Business. The only thing they need a good business plan to make their dream come true. Commitment and dedication towards your idea is the Guru Mantra for success. For those who want to implement their innovative Business idea, every time is good time and they should come forward to fulfill their dream. A small business opportunity can be a limited small company or a non-limited company that has a sole-trader or partner as the proprietors. With sole traders and partners the total profits and wages earned by the business are taxed on a personal basis, if there are two sole traders in a business who have 50% ownership each, they will each have to pay 50% of the tax burden. An individual have many questions in mind while thinking of initiating his business. For them dedication, commitment and determination and last but not the least is believe in yourself. Books and history had various examples of top business people who also faced the similar problem but never give up. In relation to complex issues in which you are not good, you need a good advisor. Every small business needs a good administration and deep study of the sustainable growth. Hence you have to spend some time on these proceedings also. Advice is to hire professional to look into the matters like finance, tax and others critical issue. It is true that the entire successful businessmen are not good in these issue but they have some professional behind their success. There are several organization and Internet web site help in solving your infinite questions. Business Link, the Federation of Small Business, Business gateway, www.bizhelp24.com and www.uksmallbusinessdirectory.co.uk are some to solve your queries. Planning is the keen for every small business opportunity initiator because it acts as the search light towards achieving your goal. Points to be kept in mind are your innovative strategy, aims and objective, USP of your Business and demand of the market. The plan needs to be reasonably comprehensive. If you're funding your business yourself, it is there mainly as a reference document for you, so you can check back and ensure youre achieving what you set out to do. Relying on bank, then business plan will have to be much more detailed and will need to include financial forecasts so that you can predict how the business is likely to do and when your backers can expect to see a return on the money they have invested with you. Sample business plans can be obtained from Business Links, the Federation of Small Business and most High Street banks. Consulting your own small business opportunity adviser or accountant will be the best option. Always keep in mind that Banks make a lot of money out of small businesses and search for the bank where you comfortable with and who is going to help you not hinder you. It is usual to have a little extra help at times in businesses. Its your responsibility to understand the financial need of your business because maturing businesses requires more resources, or because situation is in crisis and the operation is running out of money. There are various sources of finance, choosing the correct and comprehensive source is the real test of businessman or businesswomen. If you are setting up a business, finding backers can be a struggle. And it is the real test of your potential. There are people in your surrounding who are interested in investing their money in small and new venture. These people are ready not only to hear your project but also to invest in it. They are often entrepreneurs or retired executives who are ready to back new winner. Here, we outline how to find such backers and what to expect if they pump cash into your venture. These investors use their own resources and invest in small lump sums. They tend to differ from other major investors, who are interested in having high minimum investment levels and are not usually interested in the levels of funding that small firms need. Businesses operating in almost any sector are eligible for this kind of funding. A potential investor will want to back a firm with serious growth potential, rather than the so-called lifestyle small business opportunity designed to provide a comfortable living for the owner. Your planning will decide you marketing strategy and salesmanship. Researching market you are targeting. Listing your competitors and rivals. Customers reach and how can you assess your opulence customers. There are various forms of market research you can use, such as free Government statistics and business reports, professional paid-for research carried out on your behalf and research done yourself in the form of surveys and fieldwork. If you are testing a new product, ask as many people as possible, from as many different age ranges and walks of life as possible to try it. Try not to use only family and friends as your investors they are more likely to give you good feedback, even if they don't like the product. Protecting your idea is one of the important, which every small business opportunity should adopt. As I mention earlier believe in yourself and your idea. Like famous Vacuum cleaner tycoon James Dyson famously spent thousands of pounds on patents long before any of his products came to market, but had he not done so rival manufacturers could have appropriated his unique cyclone technology. Write down clearly what your invention is, how it works, how it could be made in bulk and at what cost, and what its advantages are, including a simple drawing if it is mechanical or electrical. Then take out a patent either yourself (very difficult) or via a patent agent. If you apply yourself, Patent Office fees will cost 200 from initial filing to a patent being granted. The process takes about 33 months (the fast track system can take under a year for the same price). Drawing up patent documents is a skilled job, so it is usually better to use a patent agent like the Chartered Institute of Patent Agents can put you in touch with one. For a simple invention an agent may charge between 600 and 1,000. Your initial application protects your invention for a year, and although protection can be extended it becomes more expensive, especially for international patents. Try to find a company to buy or license your invention in the first year to save money. Government's initiative of Small Business Rate Relief Scheme (SBRR) was developed in recognition that smaller businesses operating out of single premises needed more assistance. The scheme was introduced on 1 April 2005 and is available to businesses that meet the qualifying criteria. Ratepayers who do not meet the criteria fund the scheme. You can know more about it from Business Link and the Federation of Small Business.
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