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Monday, 25 May 2015

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Enjoy your own company

 Electrician Richard Scurr watched by Paul Hendy and Johanna Johnstone STUART WALKER
Could you set up on your own in your trade?

You could be considering becoming your own boss for a variety of reasons.

It could stem among other things from a change in personal circumstances, a good business idea or a specific business opportunity coming your way.

Whatever the reason the prospect can be exciting and supply a new challenge.

Some people find themselves in the position to start their own business when previously they couldn’t.

This can result from being made redundant, coming into money or a change in family circumstances. The advantage of this is the greater degree of flexibility in work pattern than working for someone else as well as the draw of following your dream.

You might come across a good business idea – a new invention, a gap in the market or converting one of your hobbies into a business venture. With any new business venture it is important to ensure there is a true market for your business and that you have the right skills to make it a success.

An existing business may come on the market which you could see yourself successfully running. This may be because you have been employed by this business for a period of time or it may be a family business which you would want to see continue. One of the benefits of buying an existing business is that it will have an existing customer base which gives you a head start. However an existing business may also require a greater amount of financial investment.

You may know what you want to do but be unsure of how to push the venture forward with regards to finance. You may have the option of using your own resources to finance the project or getting investment from family or friends.

Most businesses use a combination of the above sources along with assistance from a financial institution. When approaching your bank or building society it is important to have thoroughly researched and prepared well beforehand.

Part of this involves writing a solid business plan describing the business, the objectives and strategies of the business, the financial forecasts and details of the target market and how you have researched it.

A thorough risk analysis of the business would also be well received.

Cumbria Chamber of Commerce offer start up advice and support to those thinking of setting up their own business and can assist with developing your business plan.

By providing a detailed CV you can show how successful you have been in the past and what skills you have that are transferable to the new business.

Your new business venture may be eligible for a grant for developing the business. The grants are available from a variety of organisations. They usually only provide a proportion of the finance required but if you keep within the guidelines stipulated you may not need to repay the money.

More information on the availability of grants as well as all aspects of starting your own business is available from Business Link. Visit www.businesslink.gov.uk for information.

  • The Cumberland Building Society has an experienced business team who offer commercial mortgages, business current accounts and business savings accounts. Visit the website www.cumberlandbusiness.co.uk for more information.



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