How to set up your own business

Where the nature of the business requires any significant amount of finance we hit a problem. Whilst there is assistance drawing up a business plan and plenty of advisers, it is the banks who decide whether to depart with their precious capital or not.

In a climate where solid businesses with a strong profitable trading history are being turned down for loans even where the amount is fully securitised, what hope do graduates or indeed others have in securing funding.

As a former manager of an enterprise agency, and having dealt with many graduates considering self-employment, the danger is often that they do think a little too far 'outside the box' !! Getting graduates to accept harsh reality of self-employment without completely quashing their enthusiasm is a fine balancing act, and a real challenge for advisers.

One aspect that is often overlooked is the fact that whatever product or service they may offer, and however good it may be, without a market it is worthless!! So advice on focusing on skills, hobbies or interests as a basis for a business is one thing but finding a niche in a market place, or to use the old chestnut, having an unique selling point is fundamental.

I thought business link was going to be axed?

good luck to any graduate who goes out and has a go. the only piece of advice I would give apart from taking with a pinch of salt advice given by enterprise advisors who mostly have never done it so dont really know what its about. keep in mind this simple fact. if someone will pay you for your service/ideas enough to exceed the dole its worth a shot . just generate cash all of the other bollocks will follow.let the pen pushers worry about the red tape. just focus on generating income . if you do that everything else is very secondary.good luck

Make sure you have thought through a viable business model. Most importantly know who is your potential customer, what they want (not what they they need!) and how you reach them. If you have clear answers to these questions 'screw it, let's do it' as per Richard Branson !

Work out a business plan. Put down some markets where you might have some skills and services. Do research on companies - small and large. Find out who the decision makers are and the buyers of goods and services. A website is not vital but good communications are and that means email and a phone that is not always on answerphone. It can be unnerving getting that first job but after that you're on your way. (PS that first job must be done well - referrals are important).

Lets come down to Earth and be real! To start a business, apart fro brilliant ideas and COURAGE, you need experience(or at least the know-how of a business) and a DECENT CAPITAL. How many fresh graduates are in this position? ...Sadly, the government is not taking any practical steps to help these desperate young university graduates!!

On the verge of launching out on my own, second time round; last venture not as successful as first envisioned. This then is a timely appreciated article with interesting comments so far. I look forward to following it closely and exploring new ideas & links.

Writing a business plan and securing HSBC finance nearly 15 years ago, remains one of my more satisfying and confidence boosting achievements, fundamental to my ability to grow what I believed then to be a worthwhile business in a crowded sector.

On that occasion I bought into a new UK franchise, but when hungrier fish took over, I found myself on the wrong side of the bowl & headed back to the safety of employment. Only now, redundancy in my late 40's reminds me there's no such thing as SAFE!

Time to be brave, measured and confidently lean on knowledge & experience of others. Thank you.