The best time to start a Business

[TJC1 10]

Its not all doom and gloom I've had advice and consutancy subsidised that would have cost thousands and I'm grateful. What other country offers this? apparently in Spain it cost you 6k just to begin to start-up.

[steveroberts 10]

Grants / loans and other business funding is never as good as it might first sound.

 

In most instances the terms and conditions make it very difficult to obtain the funding and if you do there are usually lots of conditions attached as to how and when you can spend the money.

 

As with any business really if you have a good idea, have found a gap in the market and have your own funding in place then that is the best time to start a business.

 

If any other funding comes your way then treat that as a bonus.

 

I would never advise anyone to set up a business just to obtain funding.

 

I have seen too many people set up businesses or move location on the promise or hope of funding only to be left on the verge of bankruptcy when the funding doesn't arrive.

 

Sound advice. Our view is that Grant funding should be viewed as a catalyst for you to get things done (and a way of reducing some of the risk too). I do believe there has been some element of dependency created through some of the schemes from the past...however we are living proof that intervention works. We started Fripp Design and Research back in 2005 through High Growth Start Up. We then received IFG2 funding to buy a 3D printer and my wife and I had to put a major investment into Fripp at the same time. This allowed us to bring in more people which expanded our skills which then allowed us to secure, with Sheffield University, £500k of grant funding to get one of our products developed for commercialisation.

Without the IFG2 grant we would never have made the investment and would not be in the position we find ourselves in today...ultimately though, businesses have to be sustainable.

It is said that, in recession, it is a good time to start a business as the cost of everything is cheaper as businesses scramble for whatever trade they can get. I don't know the answer as we started 4 years ago; but as Chris says, if you have a cracking idea that fulfils a market need, there is never a good/bad time to get started.

[indizine 10]

You will have met the criteria for HGSU/IFG2 which isn't for your typical lifestyle businesses. Sectors for technology, environmental, manufacturing....several more, will get this high level of support because for a start, creating jobs is a biggie, and a rocking business plan will seal some nice deals where funding is to be had. But your average start up won't get anything remotely like that level of support, and it never did.

 

Lifestyle businesses, typically sole traders and business with a low number of employees, don't make much of a dent in the improvement of the economy, though you might argue that they do collectively.

 

Funding is not, and never has been, to help you. It is there solely to improve the economy of the local area, region and ultimately, the UK.

[L3GAN 10]

Hey, I have it from a very reliable source that advise and funding will be drying up within 2 years as the government make cuts. Now really is the best time to start a Business!

 

 

There's never a Good time to start any business in my opinion just the sooner the better & start making money for a

better future rather than sitting there thinking about what would have happened if you did it?

Edited October 21, 2009 by indizine
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[scooterben 10]

Yes I’d agree don’t rely on funding to make a successful business, but that said it can help in the early days and if you are looking to expand.

 

There are lots of different schemes out there for Yorkshire Businesses. I'd suggest you look to either Business Link or Yorkshire Forward. They are currently trying to push rural funding to rural Yorkshire businesses, you can see if you are eligible to apply by putting your postcode in the Yorkshire Forward rural grant checker.

[TJC1 10]

Yes I’d agree don’t rely on funding to make a successful business, but that said it can help in the early days and if you are looking to expand.

 

There are lots of different schemes out there for Yorkshire Businesses. I'd suggest you look to either Business Link or Yorkshire Forward. They are currently trying to push rural funding to rural Yorkshire businesses, you can see if you are eligible to apply by putting your postcode in the Yorkshire Forward rural grant checker.

 

Who uses all their own money to start a Business? most people have to rely on funding unless your independantly wealthy. Funding availablity is going to be a factor in the decision to start a Business or not. It would be silly not to consider it.

[scooterben 10]

Yes agree, however its increasingly difficult to get start up funding. Easier if you are already established, its catch 22.

[TJC1 10]

Yep, but there is a little out there. You have to get a client base and a track-record first before anyone will touch you, however if your serious about starting a Business this shouldnt be an obstacle. Just pull in a few favours and get what you need!

[indizine 10]

Who uses all their own money to start a Business? most people have to rely on funding unless your independantly wealthy. Funding availablity is going to be a factor in the decision to start a Business or not. It would be silly not to consider it.

 

Apart from those who get a loan, the majority of start ups do use their own personal money to get started and do not rely on funding.

 

There is so much myth floating round, no wonder pepole are confused!

[Elite A 10]

I've used my redundancy pay off - sometimes I think it is good to know that every penny you spend is coming out of your back pocket, it makes you question if you really do need to buy something!

When I was working for a large company, I'd think nothing of doing a mail shot to 500 customers. I don't think like that now!

[TJC1 10]

I've used perhaps 10% of my money and the rest external sources. Dont forget your time is money too.

[Elite A 10]

I dread to think of the cost of the amount of time I have spent starting up. I have a good friend who has recently started a photography business and we were laughing the other day as he added up what he'd made in the last 6 months and it came to about £3!

I think you have to keep your head and for me, a sense of humour and hope that I'll reap the rewards in time. I can't put a price on being my own boss - but it really is working for me!

Thats not to say that I haven't been looking at this -

http://www.businesslink.gov.uk/bdotg/action/layer?site=220&r.s=m&r.lc=en&topicId=1073858790