Starting a business is a dream for millions of people but many are deterred from starting up on their own for a number of reasons but mainly the financial uncertainty. The problem with many business start ups is that they are just too ambitious and likely to fall at the first hurdle because people fail to stay within their means. This doesn’t mean that you shouldn’t think big – there is nothing wrong with having the aspirations that will guide you to success, but you should be wary and be realistic in your plans.
One of the best ways to start up a new business is to rent a market stall – particularly if you want to go into fashion. Wholesale fashion jewellery and clothing are relatively inexpensive when bought in bulk, and so long as you take the time to do your research and make sure what is already available in your area and where gaps in the market lie, there is no reason why you shouldn’t be able to turn a profit within a relatively short period of time.
By starting out as a market trader, you don’t leave yourself vulnerable to costly shop rentals, and you can start as soon as you get your stock without the need for expensive renovations and decorations as well as overheads like electricity and heating bills. Moreover, according to research by the Retail Markets Alliance, market stalls have consistently outperformed high street shops in turns of turnover during the recession and all statistics point to the fact that market stalls are a safer investment opportunity.
Once you have decided on what you are going to sell, and where you want to sell it from, you will need to approach your favoured bank or other financial institution to look for financial support. For this, as with all dealings with banks, you will need a solid business plan and a coherent idea of projected earnings. Once you have done this you will need to think about how you are going to trade. There is no reason why you can’t start your business as a sole trader, but you should be aware that you will be vulnerable to any debts that you incur. Although starting up as a limited company may initially cost you a little more money, you will not have the same personal financial liability and you can also benefit from company tax breaks.
You should also ensure that you get the appropriate liability insurance to make sure that you are fully covered should any accidents happen, and that you are fully aware of taxation regulations. For this, it may be a good idea to consult a lawyer or accountant who will be able to guide you through the processes more fully.