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New business property owners 'have loan options available'
Britons looking for business properties to launch a new organisation should be aware of the credit options available to them.
According to Kathleen Hall of SmallBusiness.co.uk, there are a range of choices when it comes to funding new businesses.
She said start-up firms seeking finance are unlikely to obtain the money without putting their house "on the line".
"However, there are alternative routes such as credit unions or Community Development Finance Institutions," she stated.
Furthermore, entrepreneurs may consider looking for commercial property in the near future because "now appears to be a great time to start a business", according to Ms Hall.
She cited examples such as Microsoft and Burger King - both of which were established during difficult economic circumstances.
"It can create good opportunities for businesses able to spot new gaps in the market," Ms Hall added.
Her comments follow a survey from PayPoint, which found one Briton in two is "a frustrated entrepreneur" who would like to start their own business.
The online payments provider revealed just over 50 per cent of office workers in the UK have thought about doing this, but have been dissuaded by costs and administration, as well as other issues.
If setting up a business were easier, 62 per cent of people quizzed said they would make the move.
Commercial property may be useful for the seven per cent of participants who said they would like to own a retail company.
Ms Hall advises those considering launching a new firm to ensure they have enough funds to finance the challenge, particularly during the "pre-profit period".
Market research is a good way to know whether the service or product the entrepreneur plans to offer will be popular, she says.
Accessing finance may well be a problem, but there are plenty of options available, aside from traditional lending from banks.
Ms Hall adds another important consideration is to ensure everybody involved with the new business is supportive, which includes partners, because the decision can result in many changes.
Posted by Darren Purse
According to Kathleen Hall of SmallBusiness.co.uk, there are a range of choices when it comes to funding new businesses.
She said start-up firms seeking finance are unlikely to obtain the money without putting their house "on the line".
"However, there are alternative routes such as credit unions or Community Development Finance Institutions," she stated.
Furthermore, entrepreneurs may consider looking for commercial property in the near future because "now appears to be a great time to start a business", according to Ms Hall.
She cited examples such as Microsoft and Burger King - both of which were established during difficult economic circumstances.
"It can create good opportunities for businesses able to spot new gaps in the market," Ms Hall added.
Her comments follow a survey from PayPoint, which found one Briton in two is "a frustrated entrepreneur" who would like to start their own business.
The online payments provider revealed just over 50 per cent of office workers in the UK have thought about doing this, but have been dissuaded by costs and administration, as well as other issues.
If setting up a business were easier, 62 per cent of people quizzed said they would make the move.
Commercial property may be useful for the seven per cent of participants who said they would like to own a retail company.
Ms Hall advises those considering launching a new firm to ensure they have enough funds to finance the challenge, particularly during the "pre-profit period".
Market research is a good way to know whether the service or product the entrepreneur plans to offer will be popular, she says.
Accessing finance may well be a problem, but there are plenty of options available, aside from traditional lending from banks.
Ms Hall adds another important consideration is to ensure everybody involved with the new business is supportive, which includes partners, because the decision can result in many changes.
Posted by Darren Purse
Mon, 19th Jul 2010