When you’ve decided to start a business, the next step is to create a business plan.
A business plan sets out your targets and how the business will achieve them. It will describe how the business runs, identify markets, outline the business strategy and include some financial projections.
A business plan will give you an overview of your business direction, what the business is to achieve and how it will do it. Your business plan will help you get funding. You will need it to apply for most sources of finance, such as bank loans.
The UK Government website is also a useful resource for business start-up information.
It’s vital to make sure that you have enough money to start your business and support you during the start up phase. Often new businesses can take time reach the point where they can provide an income, so you will need money in the bank to see you through this period. If you don’t have enough money to cover costs and living expenses until the business makes money, then you’re not ready to start up.
It’s often much better to delay the start-up than to try to keep the business afloat when you’ve got cashflow problems. Take a cautious view of when a new business will make you a decent income. Advice on this and all aspects of starting a business (including business planning and finance) is available from Business Wales
Aside from your own savings, other sources of funding for starting a business in Powys include grants, such as The Prince's Trust, bank loans and overdrafts.
J4B Grant Finder contains a searchable database of other grant funds available.