1. The Challenges Faced When Starting A New Business Venture Drafting a business plan. Choosing the right financial option. Taking appropriate action.

2. Drafting a business plan Explains how the business intends to operate. Lays out financial forecasts. Attracts potential investors.

3. Financing options Borrowing from a bank. Using funds from your personal account. Borrowing from friends and family. Government grants. Outside investors.

4. Outside Investment Its is essential to have an idea of your financial needs. Investors suite promising businesses that do not expect to produce a lot of spare cash in the short term, but offer the potential of great returns over the long term. Businesslink.gov.uk

5. Taking Action Finding appropriate space, equipment, and suppliers. Running a small business on a day-to-day basis is comprised on many different small decisions. While none of these decisions will make or break the business, they can make a tremendous difference in how much time you will have to get “real” work done.