Moorgate is a popular part of London with a thriving business scene. Many entrepreneurs from within Moorgate and the surrounding area are drawn to become part of this scene and start trading. However, many people setting up a business for the first time find it hard to know where to start. If you have a great idea or enough experience in your field to go solo, the next step is to find out how to put your business into practice.
Planning
A number of issues must be addressed in the planning stage. Firstly, you must familiarise yourself with any relevant legislation within the industry you intend to operate in. You may need to ensure you comply with certain legislation, or obtain certain forms of certification in order to legally trade.
When forming your initial plans for the business, it can be useful to draw up a formal business plan. A business adviser will be able to help you with this. It will outline your objectives and how your business will be made profitable. This will be useful as an aid for yourself, as well as for presenting to bank managers if seeking a loan.
Funding
Most businesses will require some form of initial funding in order to set up. This is required for purposes such as buying equipment, hiring premises, covering the initial wages of any staff and advertising your products or services. You may also require initial capital for paying yourself a living wage until your business has started producing a steady income.
There are many several potential sources of initial funding. Many people choose to fund business ventures from their own savings, or with loans from friends and family. This carries the obvious disadvantage of risking your own savings or that of people you know. However, loans from friends will be low-interest or interest free, and your own savings will not incur interest at all.
Alternatively, you may wish to seek out a bank loan. For this, you will need to convince your bank that your business will be a secure investment. Look around for the best rates, and enter into discussions with the relevant banks.
It may also be possible to secure grants or low-interest loans from funds that are specifically designed for supporting new enterprise. There are a number of such funds operating on local and national levels, as well as within specific industries. Search around for funds that may be relevant to your business.
Premises
As well as money to cover set-up and initial running costs, your business will need a physical site from which to operate. For many businesses, this will be an office. Offices will usually be hired rather than purchased, and with the office space Moorgate has to offer, there are a wide range of sites of various sizes, types and costs.
Some businesses will need different kinds of premises. These might be simply shops, or more specialist solutions such as workshops, food production sites or restaurant premises. Once again, these types of premises are widely available for rent in a range of sizes and shapes. However, some more specialist solutions such as restaurants or cafes may require a considerable amount of refitting to make the premises suitable, and this must be considered when working out initial costs.
