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Most small business directors tend to believe that the best way to generate their business is to find help from the Government. It is true that this structure should be responsible for finding innovative and effective ways of making small businesses in the UK competitive and able to live among large enterprises with good and stable financing from different sources. It is quite possible to think so unless you know how to make business perfect with personal initiatives for better financing.

According to different sources and statistical data, entrepreneurs spent from 40 to 70 thousand dollars for starting up a new business in the USA. In the UK the situation is a bit different due to factors of possible recession and a vital role of small businesses, according to “With over 35% of the UK economy reliant on the more than 4.7 million small businesses operating in the UK, their success is as vital as any of the large publically quoted businesses” (Pernille Bruun-Jensen). This report comprises the methods of two business consultants and analytics, namely Anne Field and Nina Ham, with their 7-ways plans for achieving positive results in building new business.

Bootstrapping

With regard to this approach, one should count on the financial abilities which are at his/her disposal. This helps people to reckon on chances, which can make them grow to the next level (CNN Money 2007). One of the easiest ways to find “first” money for such initiative is by means of credit card, but one should remember that debts can be even harder.

Elaborate what can be helpful as well

It is useful, according to Nina Ham, to find one more source of income for a would-be entrepreneur. This may be additional work after the basic one. It may also concern in this era of Internet opportunities a sort of e-commerce or e-work. Moreover, it is vital to use skills and habits which a person has while working on the net, for example, translation of texts or designing landscapes, etc.

Shorten expenses

It is rather understandable that when you need money for something significant, you automatically should reduce all other expenses.

Additional ways for financing

Anne Fields provides for those being involved in the technological sphere or in other closely related fields of activities a chance for trying opportunities in grant obtaining.

Sphere to be perceived

Look for a specific for your activity, which can be useful and favorite for your desires in life. One should write down all goals to be achieved in the future development of business.

Make up your Plan for Marketing and Management

One should point out the mechanisms for making money answering on the most significant question: “How is my business going to make money?” (Business Know-How 2009).

Schedule of income and outcome strategies

The net of suppliers and the ways of goods or services representation to customers are the final motives that can make a business successful. One should draw the optimal routes for suppliers and suchlike schedule for customers.

Reference List

Startups. Small business owners control own fate (2009).

CNNMoney. FORTUNE Small Business: The Ultimate Small-Business Resource Guide (2007).

Business Know-How. Business Start-Up. (2009). 7 Financial Strategies for Transitioning from Salaried to Solo.