Research on how to start your own business and money available for start ups According to Ashton (2009), the first step of starting up a new business is developing an idea. Generating a business idea involves thinking about what product the already existing market is missing out. The entrepreneur will then be required to consider several factors in order to develop good business ideas. People can use information from magazines, newspapers and other sources to come up with good business ideas. Other people may develop the ideas based on what they always enjoy doing.
This involves the generation of business idea from an individuals’ hobbies. When one is certain about their business ideas, a market research should be conducted to equip the entrepreneur with adequate information on potential threats of the business and opportunities for the potential business. A market research enables an entrepreneur to determine whether the business will be in a position to stand competition and earn profits or not. Once the market research provides the possibility of the business to prosper then the entrepreneur is in a position to carry on with the plan. An entrepreneurs can then seek funding from various financial institutions which include Barclays bank government schemes to raise the required the capital (Lesonsky and Entrepreneur Media, 2004).
Entrepreneurs have an opportunity to get bank loans to start their business. However, the process of getting a bank loan involves a lot of formalities. On may need to present the forecasts of their expected cash flows and provide security to guarantee the payback of the loan and the interest. This process may discourage many potential entrepreneurs because of the formalities.
Hirst (2013) suggests that this process calls for a more supportive bank which is likely to provide financial guide and useful advice to the entrepreneurs alongside generous loans. This is what prompted Barclays bank to assist entrepreneurs get funding. Barclays aside from giving loans provide guide for business start-ups for free to They also assist the small business get information on credit control business profitability and marketing. This then will provide the start ups on necessary information on how to manage their businesses and issues concerning credit facilities available for business.
Barclays bank does this through seminars, where they engage their customers with new businesses. Entrepreneurs who are members of the Barclays bank also have benefits and opportunity of their financial reports and statements being reviewed by mangers from Barclays for free. This therefore is very important in keeping the entrepreneurs informed about the financial position of their businesses and getting advice on how to manage their financial statements. This has therefore seen Barclays empower small businesses to grow and successful stand stiff competition n the market with great advantages over their competitors.
According to Hirst (2013), new entrepreneurs who decide to bank with Barclays are given free banking services for a period of two years financial review on their businesses for free. Alongside this offer, Barclays provides transactions which are automated through their accounts for business start ups when the period for free banking comes to an end. This therefore provides friendly and convenient banking services for business start ups and minimizes problems that may face the business start ups on their banking transactions. After getting funds one can then develop a plan on how the start up is going to run.
(Walsh, 2011). This will then bring the entrepreneur on the point of finding potential partners and the suppliers of the products to be traded. The entrepreneur can also start to look for a premises on which the business will be based. References list Ashton, R. 2009. How to start your own business: For entrepreneurs. Harlow, England: Pearson Prentice Hall Business Hirst, E. 2013. Step-up, start-up & stay-up in business: A guide to the financial & legal aspects of becoming self-employed or starting a business.
Bloomington, IN: AuthorHouse. Lesonsky, R., and Entrepreneur Media, Inc. 2004. Start your own business. Irvine, CA: Entrepreneur Press. Walsh, R. 2011. The start your own business bible: Establish your new career-- for as little as $500. Avon, Mass: Adams Business. .