What are your plans for your business? Some people start an enterprise purely to provide a little bit of extra income, but many have big plans. In this article you can find out some of the challenges you come across when you aim high, and how to deal with them.
Do you know you want to grow?
You may have a great idea for a business, a unique product, or a service you think everyone needs. Your business may be up and running already. But how do you know you want your business to grow? It may happen organically, and as your children get older and you have more time, you find the business expanding. Alternatively, you may be carefully planning each year’s growth over five or ten years.
What do you need to grow?
Developing a business that will support the family needs a lot of input. Have you considered important issues such as pricing, insurance, premises, stock, vehicles, staff and promotion? It is vitally important to get a few things in place if you are serious about business. Protect your trademarks and designs. It can be costly to contest copycats, and trademarking will make it easier. The bigger you get, the more sense it makes to register as a company, especially if you are borrowing to fund your business. If the business has difficulty paying its creditors, your personal property is not at risk.
Insurance is also important. Depending on your business, you may need product liability insurance or public liability insurance.
Working out how to finance the growth of your business can be a headache. There are a number of ways to get finance. Ask your local enterprise agency about sources of grants. These often require match funding, where you provide an amount to equal the grant. Some people use personal savings, which they loan to the business. In the early stages banks may encourage you to take out a small personal loan or extend the mortgage on your house. This makes you personally responsible for the debt.
Leasing for growth
Many businesses can benefit from having a business vehicle, but costs can seem prohibitive. Leasing a vehicle can be a solution. If you are looking for an economic option, for vehicle leasing, try Leasing4Business. You sign up to a fixed monthly amount and have limits on the mileage you can do with the vehicle. Paying a fixed monthly cost allows you to budget more effectively. Business Contract Hire can be VAT-efficient for most companies, and a maintenance option gives you worry-free vehicle management. Business Contract Hire could free up your bank credit facility so you can use it elsewhere in your business too.
Find out more: Leasing4Business
This post is in association with Leasing4Business