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Millennial Entrepreneurs turning to Bank of Mum and Dad

When I read this headline in a news article, I was immediately interested in finding out more about what the author had to say on the subject. Parents and grandparents who are financially secure are often open to the idea supporting younger family members to help launch a new business, in fact would prefer them to turn to the bank of Mum and Dad rather than approach other lending institutions.

It can be a great idea; however, caution is needed, let me explain why.

There is a good reason why High Street banks are reluctant to lend to new businesses. When they do lend it’s because they have been presented with enough evidence to satisfy them that they will get their money back plus interest. Going through the system can be a lengthy process including lots of form filling and often ‘the computer says no’. New businesses are generally high risk, there is no track record and no guarantee of success.

If you find yourself in the situation and you want to help my advice is to approach the situation as if you are a traditional bank.

The first step would be to ask for a business plan. This shows that you are prepared to listen and are taking them seriously. A business plan is a document which will set out their ideas about the product or service they want to offer. It will tell you what research they have carried out, how they will get customers, who else is involved and what the start-up and on-going costs will be. business start up

Many people struggle to write a business plan, and this could be because they are impatient to get started or they may not have thought their ideas through making it impossible to commit in writing. Proceed with caution and hold firm until they present you with something solid.

Research shows 20% of UK entrepreneurs are dyslexic and would certainly find writing a business plan challenging. What I have found is that those who are dyslexic are very good orally and so if writing is a stumbling blog ask them to talk you through their idea, ask for details, not a two-minute pitch. Be ready to ask questions about anything you are not clear about.

The most important consideration are the terms of the loan, when it will be repaid and if you will charge interest. This should have been included in the plan showing serious thought has been given to making sure the business is profitable.

If the business is not a success and they are unable to repay you, what then? Take time to think the situation through and look at the ‘what if’s’. Whatever you agree, put it in writing so that it is clear the money is a loan not a gift (unless you choose to gift it to them).

On a more positive note, your support of a business venture may result in those who are dear to you living their dream, building a dynamic business and enjoying a lifestyle that others only dream of.

If you want to find out more about the questions you should be asking or how a business plan should be written, information can be found on the Engage with Business website. To help safeguard your money, I recommend that you insist on them having a mentor or at the very least a strategy meeting with a professional Business Adviser.

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Published on 19-Jun-2019 09:04 with

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Business Strategy

There is constant talk about the need to have a business strategy – strategy for growth, strategy for success, but what does that really mean to busy entrepreneurs who are new to business?

It means lining up your thoughts, having a plan, taking control, looking at all aspects of the business and deciding which route to take towards achieving your vision for the future.

But what if you don’t have a vision, what if you don’t have that level of clarity? Many people start a business not daring to think too far ahead, constantly trying new ideas, seizing opportunities as they are presented, overcoming daily challenges and constantly learning.

As the business grows, confidence grows. Demand for the services increases and each step forward is fulfilling an immediate need. The pressure is on. There may be times when you feel like a hamster on a wheel, you just keep running.

This is the point when sitting down with someone who is not part of your business can be incredibly useful. The experience can be like holding a mirror in front of you, forcing you to step outside your world, to view it with fresh eyes. What are you likely to see? If you try to do this alone the chances are you will see exactly what you want to see, however, what you really need to see are the gaps.

Here are a few areas where change may be happening: getting ahead with business coaching

Evolving culture – seen in the development of a team, the working environment and the impact of your personal values and beliefs.
Changes to your competition – new market entrants, drop outs, new product or service range,
Investment in equipment and technology.
Change in target market – a shift in the customer profiles that you are attracting.
Your USP and marketing message don’t portray where you are now
Are you leading the team or are you caught up in the day to day activities?

Some entrepreneurs think that having a Business Coach or Mentor is a sign of weakness, or an unnecessary expense, others recognise the value they bring as measured on the bottom line.

If you would like to discuss how I can help you grow your business, get in touch 01603 406794 or e-mail kate@engagewithbusiness.co.uk

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Published on 20-Mar-2019 02:18 with

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Small Business Strategy

When new businesses are launched it is usually with a great idea and lots of enthusiasm. This is enough to drive them for a while but there comes a point in time when a business strategy is required to provide a framework upon which to grow.

Many business owners will know what they want to achieve but become so busy with the day to day challenges they don’t have time to plan, to set goals and objectives, more importantly they don’t have time to communicate their ideas to their team. They often get stuck in a rut, any plans they have made get put off and suddenly six months have passed, a year has flown by and no progress has been made.

It’s time to do things differently, break the cycle. The first step in preparing a small business strategy is to think about what you want to achieve, what is your personal definition of success and what is your purpose, what was the reason for setting up the business? For many this might be about achieving a work/life balance, ensuring the business is able to support a lifestyle that allows you to spend time with family and friends. This may have been the initial aim but, if you’ve found a niche market, demand for your product or service may change that.

Others may be driven by working independently, to gain recognition as an influencer in a specialist field, or growing a business employing staff and achieving high levels of financial success.

There needs to be a plan in place with clear objectives. What do you want to achieve in the next year, two years, three etc……. Make sure each statement you make to support this is measurable, you have already given a time frame, now add numbers. Money is the easiest measure e.g. turnover, profit and the amount you can pay yourself from the business.

At what point do you take on staff? What are the indicators that the time is right to introduce new people, and will they contribute to generating income or become an overhead?

Many people start a new business working from home, this becomes more difficult when you have staff to consider. At what point do you move into business premises? A clear idea of how your business will develop will help you choose the right location, size etc.

Central to a small business strategy is a marketing plan to help you attract new customers, without this you will lose many potential customers, waste time and money. If you have been trading for a while you will have accumulated useful data. Your records will show who is buying from you, how much they are spending and whether you are building customer loyalty with repeated purchasing habits forming. This information will help you build a profile of your customers so that your marketing can be more targeted with this group in mind.

Having a clear business strategy to give structure to your thinking can be the difference between business success or business failure. With so much to think about it’s no wonder many business owners feel overwhelmed.

I have worked with many people who recognised they were not making the progress they had intended and invited me to work with them to design a strategy resulting in a feeling of being back in control. Having experienced the benefits of shared thoughts themselves, they are regularly keen to refer me to friends.

Working with a Business Mentor or Business Coach can really make a difference. If you would like to discuss how I can help you, please e-mail kate@engagewithbusiness.co.uk or telephone 01603 406794.

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Published on 01-Mar-2019 10:53 with

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Are you Missing an Opportunity?

It’s hard to believe that Christmas is only a few weeks away, time to start planning for the festive season if you’ve not done so already. Will you be sending cards this year?

Many people have chosen to switch to digital cards, often sending a donation to charity equivalent to what they would have spent on the cards and postage, not to mention the time it takes to write them. This sounds like a good idea but when a Christmas greeting drops in the inbox with a link to a snow scene and a jolly tune, the chances are that they will be either put it aside and forgotten or deleted in an effort to clear the inbox.

Are you missing an opportunity? For many years I sent my customers, suppliers and colleagues, hand-made cards. For the past two years this has not happened because my dear Friend John Cator who made the cards for me became ill, he sadly passed away a few months ago. At this time of year I would contact him and ask him to set his creative genius to work. He never disappointed me.

My cards were always well received, people would phone or e-mail me to say how much they enjoyed opening them, that it had made them smile or gave them the excuse to pause for a moment from a busy schedule. The cards became an effective marketing tool, a great way to stay connected and to people who matter in the Wilde World.

Give your Christmas cards some thought, be creative, have fun.

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Published on 13-Nov-2017 04:16 with

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Millennial Entrepreneurs turning to Bank of Mum and Dad

The Economy

Starting a Business

planning

Mentoring

marketing

Funding

Financial management

Finance

family business

business relationships

Business coaching

suffolk

Norwich

Norfolk

Market research

Funding for new Businesses

family business

Doing Good Business

cashflow

Business Planning

Business Strategy

Training

Starting a Business

planning

Mentoring

marketing

Leadership

Growing your business

business relationships

Business coaching

suffolk

Norwich

Norfolk

Marketing

Market research

Doing Good Business

Business Planning

Small Business Strategy

Starting a Business

retirement planning

planning

Mentoring

marketing

Leadership

Growing your business

Comminication

Business coaching

Norwich

Norfolk

Marketing

Market research

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Doing Good Business

Business Planning

Are you Missing an Opportunity?

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