If we want to build a small business for our family we need to get started with an investment of around £4,000 to £5,000. If we want to go further, the cost could be up to £15,000.
What are the steps I should take?
You need to think very carefully about whether the money you are putting in will make a difference for your child. If it does and it makes a difference then there is always a good chance their education or their work will improve.
One of the major problems with starting a small business is that there is no certainty if it will grow, because it is all possible to get started with little guidance.
Getting an education or starting a new job is not an automatic process. It’s a very hard process as the process needs to be organised early, before the child reaches a certain stage of development, so it can then be managed and it can have good effects. If it doesn’t then the child gets frustrated. It can be very difficult to know what is possible and what doesn’t make sense, and so we need to think very carefully about whether the money we provide is worth it to us or others.
Getting on the right track
A lot of advice for starting any business is often very broad so it can be rather daunting.
We’ve put together this list of very basic items to ensure that you are going in the right direction.
1. Know what you are going to do for the money
The key question is: Is the money going in the right direction for you and the family, and will it help raise our income?
This is a difficult question to answer. We have been fortunate that we have been able to build a business and we have had a lot of help from our friends and family – to help us raise the money to go ahead we have taken a loan which has helped us pay the bills.
If you are looking to raise money then you need to think carefully about how you will use the money you give and how it might help.
For example, we wanted to keep our property. The family was able to use the money we used to pay the mortgage to start building a garden on the garden. This garden grew over time.
A lot of different factors can help make up if a business is successful:
time
investment
finance
guts and determination of the founders
It is also
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