I ran a successful business, which I sold. The lifeline for start-ups then was the free Business Link service that was shut down during the short-sighted Coalition Government austerity programme.
I’m starting up again but wonder what avenues I can explore for similar useful, free business advice – apart from your good self of course.
Where can small businesses go for useful, free advice? Dave Fishwick replies
Dave Fishwick, This Is Money’s business doctor replies: The business link service was a great idea and a good resource for small businesses.
Started by Michael Heseltine in 1992 to bring together several separate advisory services designed to encourage small businesses to invest in training and enable them to navigate the maze of business regulation. It only operated in England. However, the other regions of the UK still have similar regional services.
Although the service was axed in 2011, there are various places you can still get advice and support today.
You can also access free support and advice through your local growth hub. There are 38 Regional Growth Hubs on the Local Enterprise Partnerships (LEP) website. They provide funding and guidance intended to help grow their local economy.
You can also contact the government’s Business Support Helpline for free about tax advice, exporting and how to write a business plan. You can find the contact numbers and email contacts and various links and information about it on the gov.uk website.
I wasn’t aware that so much help existed when I started in business, and it is still possible to build a business without it. However, when I started up, I had some extra income from working nights and weekends, and this allowed me some breathing space be able to make some trial-and-error mistakes at the beginning.
You can access advice and make valuable connections by joining trade associations. Most individual industries and trades have their own trade bodies, but there are also organisations which support businesses of all types.
Take a close look at your competitors in the sectors you are interested in. If you had to go away for ten years, which one of your competitors’ stock would you invest all your money into and why?. The answer to this question should give you some great tips and ideas for when you start up the same business.
The British Chambers of Commerce are a network of 53 regional sections representing tens of thousands of businesses.
They aim to: “Support and connect companies, bringing together firms to build new relationships, share best practices, foster new opportunities and provide practical support to help member businesses trade locally, nationally and globally.”
I suggest you join the Federation of Small Businesses (FSB). They offer members a range of business services, including advice and financial expertise, an online library, support with debt recovery and more. Their stated mission is to “help smaller businesses achieve their ambitions”.
The FSB also have an outstanding legal service that can help you, and this is all included in the membership.
Dave’s tips
Invest in yourself, and learn to communicate better. Communication skills are fundamental in writing and in person, and these skills will increase your net worth in business by a least 50 per cent.
A Dale Carnegie course is a beneficial tool to have in your toolbox; you have to be able to put forward your ideas to your team, your clients and your customers. If you invest in yourself, nobody can take this away. Excellent communication skills will help you start up your business in a very positive way.
The most important thing to remember is that you need to make a profit.
Stay focused on your core objectives, ensure the money keeps coming in, and the rest should fall into place. You don’t need to be brilliant to be in business; you just need to avoid the big mistakes!
You mentioned that you had run a successful business in the past, which puts you in a great place to start another business.
Remember, many advisors and business teachers in schools and colleges have never run a business. This is a bit like getting into an aeroplane with a pilot that has read all the books and watched all the DVDs but has never actually taken off! You, on the other hand, have run a successful business, so you will be miles in front of many.
Try and stick to a business or trade you understand, and you will not need too much advice to build a profitable business. If you do well enough, you may also find that other people and competitors ask you for advice.
Good luck!
