BBC News – Money Box Live: Small businesses

BBC Radio 4's Money Box Live Wednesday, 4 April 2012 at 1502 BST On Radio 4 and Online

Are you an independent contractor or a manager in a small business or perhaps you are involved in a business start-up? If so, you will be interested in today’s edition of BBC Radio 4’s Money Box Live

You can find the BBC Podcast at this link

Despite the challenging economic conditions, the number of small businesses in the UK continues to grow.

A number of Government initiatives were launched earlier last month aimed at helping small firms.

The National Loan Guarantee Scheme will aid businesses with cheaper finance by reducing the cost of bank loans under the scheme by 1%.

Key announcements for business in last month’s Budget include:

  • A cut in the main rate of Corporation Tax from 26% to 24% next month;
  • The Enterprise Management Incentive scheme will provide additional help to start-ups;
  •  The Government is consulting on how to make it easier for sole traders and small businesses to calculate their taxable income.

Topics considered include;

  • Are you starting a small business and want advice on the best way of going about it?
  • Do you run a small business and want help on calculating your tax?
  • If you are approaching your bank for a loan what must you bear in mind?
  • What are the biggest issues facing your business?
  • Are you struggling with unsecured or secured debt?
  • Is the Government doing enough to support small business?

Vincent Duggleby was joined by:

Iestyn Davies, Federation of Small Businesses

Mike Warburton, Grant Thorton

James Henry, Business Debtline

Peter Ibbotson, Natwest/RBS

Presenter: Vincent Duggleby

RELATED INTERNET LINKS

HMRC

HMRC Budget 2012

DWP

Federation of Small Businesses

Business Debtline

National Loan Guarantee Scheme

Businesslink

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via BBC News – Money Box Live: Small businesses

3 ways you can develop the confidence you need to become self-employed

confidence

Today we have a guest post from Antoinette Oglethorpe.  Antoinette  specialises in helping business leaders and professionals take control of their careers and realise their ambitions. Her special report on “How to become self-employed confidently & successfully” is available at www.takingtheplungeseries.com

3 ways you can develop the confidence you need to become self-employed

To move successfully into self-employment you need to believe in yourself, your capability and your ability to make things happen.  In essence, you need to know you can make it a success whatever happens.

No-one is going to be totally self-confident all the time.  As a very successful business man once said “If things are going really well you can’t get over-excited because you’re not a genius; but if things get difficult you can’t get too downhearted because you’re not a fool either”

Sometimes the biggest risk is doing nothing and without risk there is likely to be no reward.

Here are 3 ways you can use a simple 1 to 10 scale to develop the confidence you will need to become self-employed.

  1. Personal reflection.  Thinking about a scale of 1 to 10 where 10 is that you have total confidence you can make a success of self-employment and 1 is no confidence at all, where would you put yourself today?  Now the typical inclination of most people is to then focus on all the reasons they’re not at 10.  Instead of that, I’m going to suggest that you think about all the things that put you as high as you are – however high that is – and not lower.  What knowledge do you have that will help?  What skills do you have that will help?  What experience do you have that will help?  What aspects of your personality will help?  What other transitions have you made in your life in the past?  What helped in those cases?
  1. Feedback from others.  Think about all the feedback you have had from others – friends, family, colleagues, and previous bosses.  What do other people know and say about you that gives you confidence?  Ask them for their honest answers to the above questions.
  1. Focus on small steps.  Focussing on trying to get to 10 can have the opposite effect to the one you’re trying to achieve.  It can seem such a far way off that it paralyses and demotivates you.  So don’t worry about 10 for now.  Instead, think about what would be different if you were just one point higher up the scale.  Would you have developed a particular skill? Would you have obtained feedback from other self-employed individuals?  Would you have researched your business idea or something else?   What needs to happen to increase your confidence by one point?  What small first steps could you take to move towards that?

By thinking about what’s already giving you confidence, getting feedback from others and focussing on small steps you can break it down to some immediate, manageable actions that you can take to make progress.

Antoinette Oglethorpe specialises in helping business leaders and professionals take control of their careers and realise their ambitions. Her special report on “How to become self-employed confidently & successfully” is available at www.takingtheplungeseries.com.