Are you ready to start up?

The financial commitment check

Securing the right financing for your new business is crucial, as there is no guarantee that your business will make money for you straight away.

You should aim to have sufficient reserves to last you for several months without an income from your business. For tips on how to keep afloat during the early months of your new business, see our guide: how do I survive until my business is off the ground?

You need to be honest about your start-up capital reserves. If there is not enough money to see you through until your business begins to make money, then you are not ready to start up. Being realistic at this stage is likely to save a lot of pain. If you decide to launch your new business without enough funding behind it, keeping it afloat will prove extremely difficult. For more information, see our guide on how to choose the right finance when starting up.

There are many different sources of potential start-up funding, including bank loans, overdrafts and private loans. Use our interactive tool to identify the right finance options for your business.

For expert help, contact an accountant, small business adviser or your bank manager. For more information, see our guides on how to choose and work with an accountant.

Subjects covered in this guide

• Introduction
• The day-to-day reality check
• The entrepreneurial quality check
• The business skills check
• The market research check
• The financial commitment check
• Find out if you have got what it takes
• Here's how I decided I was ready to start up my business

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