The Recssion-Act Now

The Recession – Now is the time to act!
This article is the third in the series, and follows on from The recession- a great opportunity? The recession-what an opportunity

The first article was an attempt to put you in the right frame of mind to succeed. If you don’t believe you can succeed, you won’t. The first article showed how easy it is to set up a small business, with little or no capital. With the current climate you have very little chance of borrowing from you bank, but it always worth a try. There are other ways of raising capital if you have to. There are grants available from many organisations. A search of the internet will reveal some of these, in additions some local authorities will help with premises, and business rate reductions. Your local Business Link and local Chamber of Commerce will help by pointing you in the right direction, and information can also be obtained from your local library. If everything else fails try friends and family, you never know, you might even end up with a partner.
Your bank is still the first place to try, even though they may not lend you any money, they do provide some support, and a lot of literature which can be helpful. You will need a business plan and a profit and loss forecast as well as a cash flow forecast, and a projection on turnover. Your research will give you some indication of what these figures should be. The second article dealt with forecasting your turnover and cash flow.
Read the full article.....
Vic Farron staff writer for RFT Express