Founding a start-up is a big undertaking, and one that also necessitates a lot of risk. Unfortunately, in the competitive world in which we live, and particularly in the sometimes perilous economic state of the world at the moment, many start-ups fail within their first year. It is often asserted that 80% of businesses ultimately liquidate, and this can discourage people from getting into business themselves.
But if you have a good idea, acquire the knowledge you need to make it work, and have the passion to work hard and make it a success, then there is no reason that your start-up should end up this way. It is always worth remembering that pretty much all of the largest corporations on the planet today began as small businesses.
I’ve been working very closely with startups and budding entrepreneurs over the last few years, and realised that while most founders have passion for what they do, they sometimes struggle with economics and even the simplest financial issues. Some may not be aware of the financial benefits offered by the government, companies, and accelerators and may lose out on some low-hanging fruit due to a lack of sufficient knowledge in finance.
One startup that I worked with weren’t aware of the R&D tax credits provided by HMRC, and once I made them aware of this, they were able to claim tens of thousands of pounds in credit. I provided another startup with the legal documents that I had created for CityFALCON, and they managed to save thousands of pounds in legal fees.
Every new entrepreneur faces very similar issues when it comes to starting up, fund-raising, scaling up and exiting their businesses, yet startup entrepreneurs seem to be reinventing the wheel each time. Finance for Founders aspires to build a network of entrepreneurs who can help each other, especially on finance-related matters, thus enabling entrepreneurs to focus on what they do best – innovate and build disruptive products.
If you, as a founder or a service provider, would like to help us out with this initiative, ping me at LinkedIn.