The different stages of setting up a business
BUSINESS IDEA
Your idea! Speak to people, get feedback, get new ideas, find out how other people have set up their businesses. Let your idea evolve until it has no faults!
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FEASIBILITY STUDY
Study of the target market at the location where the business is to be set up, investigation of different possibilities for supply, production and marketing, investigation of set up costs and profits in the business. You also need to evaluate your own skills and talents and those of the people you plan on working with.
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BUSINESS or SPECIALISED TRANING
You need to make sure that you will have the right skills to use in your future business. Some of these skills you will learn while you are working, other skills you will need to learn before you set up your business. It will be very difficult if you are doing everything all at the same time: plan in advance and acquire the right skills now, then start setting up the business.
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BUSINESS PLANNING
When you have the training then you will be better able to plan how your business will work, how it will be organised, how to market it and how it will evolve.
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FINANCE
Of course you will need money for your business! This is often the most difficult part, but if you've got a well thought out and innovative plan, finding financial help will be much easier. Before you apply for funding from anyone, make sure you have very clear your business plan and cash flows (these are excel sheets that show your set up costs, your monthly expenses and your future income, they help you to see how much you need to sell or how many clients you need to have to recover your costs and make your business successful). Have a look at sources of funding.
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STARTUP
When you have the funding you will then be able to begin setting up your business. It will take some time to get your business running smoothly, make sure you have somebody who can act as a mentor, as an advisor at the beginning. This will be of great help when you face unavoidable difficulties and dilemmas during the first few months.
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FINANCE FOR GROWTH
When your business is set up and beginning to run smoothly, you may need further financial help to increase your growth and make the enterprise really successful.
So what is YOTA doing to help?
Lack of start-up finance means many young people with the potential to generate wealth and opportunities for themselves, remain UNEMPLOYED.
1. Help to prepare young people for self-employment & business:
YOTA helps young people to decide whether to work for themselves through counselling, advice, and special help in putting together a credible business plans.
2. Easy access to finance: YOTA helps young entrepreneurs by providing a grant for the set-up cost of the enterprise and offers an interest free loan for the running costs of the business during the first few months. For more information, you can read the YOTA advice and guidelines. There are also other organisations that can provide help in setting up your business.
3. Support when your business is running: YOTA helps the budding entrepreneurs through online advice and by finding mentors or guides for them in running their business.
