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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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So you think you have a Great Idea for a Business?

Having a great idea for a business is one thing but before launching full steam ahead it makes sense to have some evidence to support this, find out if other people think it is a good idea too. People often think they need in depth analysis with lots of tables and charts, sector reports, customer demographics etc. etc. In some cases this might be necessary but generally there are some basic common sense questions that we need to find the answers to.

By carrying out market research we provide evidence that our business idea is viable; there are things that we need to know rather than taking a guess at, making assumptions is a dangerous thing to do. We need to understand the market place, and our customers

Seek unbiased opinions and feedback. Family and friends will offer you feedback but this can go one of two ways. Often they will be keen to support you and tell you all the things they think you want to hear, or, they may feel the need to protect you from disappointment and be quite negative as a result of them not being able to see how the business will work. More to the point, they can’t see or believe that they could make it work, and if they can’t, surely you can’t either? Recognise that these are their self-limiting beliefs.

The internet and use of search engines has made a huge difference to the way in which we are able to carry out research. In the past it would have taken months if not years to collect, in fact it’s hard to imagine life without Google. In addition to desk research it is also important to carry out some field research – talk to people, surveys, questionnaires, interviews, observations and test marketing are important too.

Based on the information that you collect you can see patterns forming, you will identify trends and begin to collect statistics which will help you to make predictions about the future. Although we can make sensible and often pretty accurate predictions this research is based on historical information which comes with no guarantees for the future. It is still down to you to make it all happen.

Your research is important; a business that understands the market, its customers and competitors and uses this information effectively will sell more.

Starting a new business can be quite scary, but having a Mentor or Business Coach to help support your thinking, challenge your ideas and act as a sound board will make a difference. Book a Coaching session to talk through your ideas, clear your mind and keep focused on what you can achieve.

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Published on 18-Aug-2015 07:35 with

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Millennial Entrepreneurs turning to Bank of Mum and Dad

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family business

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