Sources of Financial Advice and Guidance for New Business Start-Up

Topics: Business, Small business, Finance Pages: 5 (1909 words) Published: April 17, 2012
Unit 3 – Task 1 – Advice and Guidance
I have been thinking of setting up my own business and I need to research the financial resources available to me. My business idea is a sports shop. My vision of my business is to start off small and once I start making a profit I can then open more shops and gradually grow in to a new business. The theme of the business is totally sports and based on football. I will sell branded football wear and for the first 2 weeks customer will get the chance to get free tickets to a match of their choice if they spend £70 or more in store. Customer will be automatically entered in to the draw. I plan on my shop being located in Kirkby town centre and I will advertise locally. I will look at other local sports shops to compare my prices to make sure I am competitive. Because I have no experience in setting up and running my business I will need help and guidance to help set up my business and to sort out the financial side of the business. I will investigate the best 10 place to get advice and guidance from to set up my business and what sorts of advice and guidance each place will get me. I will need advice to help me decide on the best legal structure, business planning and financial planning, how to set up my business and the sector that I am working in and what is going on in the sector. These are the main places that could help me to get advice and guidance before I set up my business.

Small Business Service (SBS). This is a government agency that supports businesses like mine that have just set up or people that are thinking about setting up in businesss. You can get information from their website The webite ends in .org which means that that it has been created by the government so it is a trusted source of information. This agency and the website gives you lots of helpful information about different things like: * Developing your business once you have set it up

* Business planning
* Sustaining your business and trying to keep it going especially in difficult economic times like at the moment * Direct contact with business advisors so you can talk about your own situation and get tailored advice * Business Directory so you can advertise your business and get more business and customers to help grow your business * Help and advice to increase sales

* Help to get in to new markets
* Help with diversification
* Experts in social enterprises
You can contact the agency via email, telephone or via the website and they will give you special help which is called consultancy about your own business needs. I could use this agency to help me set up my business and get 1-2-1 support on how to set up my business and carry out the business planning. They could give me extra help with the financial side of my business like costing, pricing, cash flow, keeping accounts and how to make a profit.

Confederation of British Industry (CBI). The CBI is the UK’s top business lobbying organisation. They make sure that they can get the best deal for businesses in the UK and abroad. They make sure that they can get the best business conditions for all businesses no matter their size in the UK. They are always campaigning for better business conditions to help businesses improve and grow. You need to become a member of the CBI then you can get information from them like how laws will affect your business and how you can take advantage of this. They also offer special events for members to help them get more information and knowledge so they can improve their business and let their business grow. It keeps its members up to date with things going on in their business sector and in the business world so that you know what you are doing. You have to pay an annual membership fee to get the advice and guidance that they give but by joining the CBI I could understand the retail sector better and understand what laws and changes in the laws in the UK...
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