Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16. Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.
In fact, Government statistics revealed that more than half of businesses founded in 2011 had folded within five years, so the lesson here is to think before you decide.
If you have a bright idea and have spotted a gap in the market, you’ll need to test, prepare and assess the risks and opportunities to give your new business the best chance of survival.
Our November newsletter brings information on the success of small businesses looking for finance, the lack of preparedness by SME’s for a no -deal Brexit, the apprenticeship levy reforms and a roundup from the Budget.
As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.
Funding your business using your pension pot may be an overlooked option compared to these. It can be well worth considering if you want more control over the way you finance your business.
Rather than relying on a traditional lender to buy into your business and provide continued support, using your pension lets you take on the responsibility yourself.
This report looks in depth at how the Budget affects you with sections including Business, Personal, Duties, VAT and other announcements.
At a glance, the headlines are:
- Small retail businesses in England will see business rates reduced by a third.
- The annual investment allowance is to rise five-fold from £200,000 to £1 million for two years.
- Reforms to individuals working under IR35 are to be extended to the private sector from April 2020.
- The personal allowance is to rise to £12,500, higher-rate threshold up to £50,000.
- A 4.9% increase will see the national living wage set at £8.21 an hour for over-25s.
- Stamp duty land tax abolished for first-time buyers of shared-ownership homes worth up to £500,000.
People run businesses for a variety of reasons from passion to pride, but making a living is high up the list for most people.
How do you go about drawing profit from your business, and doing so efficiently?