I'm Thinking Of Starting My Own Business But I'm Worried About Finances. Exactly How Much Money Would I Need To Be Able To Start Up On My Own?

Basically it all depends upon the type of business that you want to do. Generally all businesses need some amount of money in order to set them up. Even an online business needs some tools including a faster computer maybe, more memory, or accounting software too. All businesses need equipment which needs buying and also there is the cost of finding the right premises for your business. Are customers required to go to your shop? If so can they easily reach you? Generally you will need at least a couple of thousand pounds in order to start up properly, but again it completely depends upon the nature of your business. For more information it is advisable to research your chosen business and see how other companies run similar to yours and how much they cost to start out etc. It is all about doing your research and shopping around for the best deals!

The first thing you need to do is work on a business plan. This involves a good deal of research into markets, material and follow-up costs. You can do this with an accountant, but the bulk of the work you have to do yourself.

Once you have a business plan with financial costing, you need to work out whether you can live from what you are probably going to make in profit, and still have enough to plough back into the business to keep it going. For this the accountant is perfect, along with a bank manager or personal advisor.

The cost of repaying the money and taxes need to be taken into account, as well as advertising.

It is impossible to put an exact sum on how much you will need to start a business, it all depends on the nature of the business, the competition and your personal acumen. Always seek professional advice before signing for any loans.