“We resort too often to the unhelpful practice of trying to solve a problem with larger doses of capital.”

H. Ross Perot (b. 1930) US entrepreneur & politician 

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“Do not wait; the time will never be just right.”

Napolean Hill (1883-1970) US motivational author 

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• Starting a High-Technology Startup – An account written by a successful young entrepreneur
• Windows XP SP3 sends PCs into endless reboot - The automatic Windows XP update to Service Pack 3 began a few hours ago and has caused havoc by breaking a lot of computers
• Tech’s top 10 workspaces – See if you are inspired by these photographs taken inside some of the biggest companies in technology
• 100 e-mail bouncebacks? You’ve been backscattered - Spammers are using ‘bouncebacked’ e-mails to fool filters
• Malware vs. anti-malware, 20 years into the fray - An article examining how both sides in this eternal war have adapted to try and triumph
• Make Your Own Fonts, In a Web Browser - FontStruct is a fun tool that allows you to design your own font
• Apple’s games strategy looks beyond consoles and the iMac – Apple can do no wrong at the moment, so will their next move be an entry into the lucrative gaming market?
• O2 confirms iPhone is no longer available in UK - The recent price slash has meant they are now all gone and there will be no more available until the 3G model debuts
• BT launches iPhone-style mobile device - The new gadget is an attempt to combat both the iPhone and 3G dongles
• The future of social networking: mobile phones - The transfer of social networking to mobile devices will have many useful business applications
• CCTV boom has failed to slash crime, say police – The proliferation of cameras throughout the UK is having very little impact on stopping crime
• Web firm sounds alert on criminal data trove - A huge cache of stolen personal data has been discovered by a Web security firm
• US court orders online advertiser to use ‘negative keywords’ - In a landmark US ruling, a company is instructed to direct certain web traffic away
• ‘Quickies’: Intelligent Sticky Notes - A look at a new technology that could make ‘Post-It’ notes a lot more useful
• Lastminute prepared to sue Google - A proposed change to the way Google displays search results could result in lawsuits
• Amazon Sues New York State to Void Sales Tax Rules - In response to last weeks tax ruling Amazon have quickly sued the law-makers
• Bournemouth broadband goes down the drain – Bournemouth is to be the first town in the UK to receive 100Mbps broadband - and it is via sewer-based cables
• Microsoft walks away from Yahoo - The saga of the merger between the two tech giants finally ended this week as Microsoft gave up. The post-mortem suggests Google was largely responsible for scuppering the deal, whilst rumour and speculation has grown amongst bloggers that the failure of Microsoft CEO Steve Ballmer to complete the merger will cost him his job. Microsoft also apparently politely asked Facebook this week how much they would sell for
• Tech tools bring big success for small businesses - An article show-casing how SMEs have been successful through the use of tech tools. Don’t forget that OnlineOffice is the perfect tech tool for any small business

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“Apple has always been, and I hope it will always be, one of the premier bridges between mere mortals and this very difficult technology.”

Steve Jobs (b.1955) US entrepreneur, Apple CEO, Time (18 October 1999) 

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• SMEs Encouraged To Register For Public Sector Contracts: The government enterprise department will allow SMEs greater access to public contracts by registering their business withwww.supply2.gov.uk Under the latest scheme small businesses will have access to public contracts around the UK with a value of £100,000 or less.
• SME Groups Angry Over Competition Commission Outcome: Small business groups FSB and ACS are among many expressing disappointment at the outcome of the Competition Commissions inquiry into the grocery sector. The two year inquiry resulted in the Commission concluding that consumers are enjoying the benefits of competition, while totally ignoring the impact on independent retailing.
• Small business profile: An artistic way of living off scraps: Many people dream about developing a business around their hobby, although few realise that dream. Of those who do, fewer still make a go of it. But Christina Doré, 50, has done just that with her craft centre business, A Maze of Memories.
• Roger Trapp: In an ailing economy, good timing is crucial: Britain’s small business and banking communities have never had the best of relationships. Recent events will have done little to improve things.
• Go on line to boost your chances of winning public contracts: The FPB is advising small businesses to register online to improve their chances of procuring public contracts. Business-owners have been granted free access to the Government websitewww.supply2.gov.uk, but only until 31 July. The FPB believes that, if the incentive paves the way for more small businesses competing for tenders, it should be made available to them indefinitely.
• Restore postal service for small businesses, insists FPB: Following a report on the shake-up of the UK’s postal service, the FPB is urging the Government to restore the essential services that have been lost for many small businesses.
• MBA courses: An ethical dilemma for students: Several years ago, a combination of the Enron scandal and global warming shook up the business environment. Business schools started to introduce modules onto their MBA courses that looked beyond the profit motive - or, at least, recognized fresh dangers to the bottom line. Ethics began to be taken seriously.
• Adventures In Micro-Business: Unsecured loans and Saturday staff: Q. Are there any circumstances in which my business can get a bank loan without me having to guarantee the loan personally?

As always this list is not exhaustive, but I hope it will give you a little overview. — ST.

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Your income will come from referral fees from the rental office once the client signs a lease. There is a potential to make extra income by allowing classified advertising on your site as well. This could even take the form of a searchable database that would allow site visitors to sort through the advertisements. 

Skills needed: If you have a background in real estate this business would be ideal for you as a lot of liaising will need to take place with estate agents and property letters in your local area. Good communication skills are essential and you would benefit from some basic knowledge of Web publishing so that you can easily keep the website updated.  

Business environment and set-up cost:  If your business is successful there is potential for you to widen beyond the range of your local area. The only real international potential comes from people moving to your local area from abroad, so this is not likely to be lucrative. Aside from web design, there are very few costs associated with starting this type of business. The cost will rise based on the complexity of the website – for example, implementing a database will cost more but you could generate extra revenue. The overall cost will range from £500 to £3,000 (600- 4,000 EUR, 1,000-6,000 AUD / USD).  

Marketing Techniques:  

• Participate in the pay-per-click schemes of the popular search engines
• Place online links to your business at websites and directories relating to your geographic area
• Become actively involved in participating on message boards and mailing lists appropriate to your local area. Design an eye-catching signature linking to your website that can be attached to the end of your contribution
• Pay for banner advertisements on websites that someone moving to the area might be looking at - such as a site dedicated to the local nightlife
• Use OnlineOffice to set up web-site, blog and online shop to promote your business online

Complimentary business ideas: You may wish to form partnerships with or allow advertising from local businesses that can provide services for someone who has just moved into a new apartment, ranging from handymen to furniture stores. Local restaurants and bars may also be interested in attracting the custom of people who are new to the area.  

Notes: Your website must be kept updated constantly and once an apartment is let it should be removed immediately. It is important that rental offices do not just use your website as free advertising. Do not allow the exact address of an apartment or any contact details appear on your site unless some fee has been paid. If some of your business will be conducted through referrals with estate agents then you must have contracts in place to make sure you are reimbursed for your work.  

Online examples & resources:  

• Leasing Luxury – An example of this type of business
• Apartment Guide – A very large US apartment database

For previous SME start-up ideas, look through the archive here 

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• KCCI discusses pilgrim tourism with SASB: Srinagar, May 6: Valley’s apex business chamber, the Kashmir Chamber of Commerce and Industry today discussed several issues relating to the pilgrim tourism with principal secretary to governor and chief executive officer, Amarnath Shrine Board, Dr Arun Kumar. andnbsp; A high level delegation of the KCCI led by its president Dr Mubeen Shah presented a memorandum to the CEO raising issues connected with the yatra vis-à-vis local businessmen and the people, ecology and environment
• Want to know where your competitors are advertising? Try (!) Yureekah: Yureekah claims to be the worlds first search engine that enables online media professionals to freely search where other brands are running their online advertising campaigns. Their mission is to organize world’s online advertising information to enable this search.
• The good side of US recession: I had earlier voiced my opinion that US recession may be a boon for Indian offshore software companies. Infact, even as America is moving into recession, Indian offshore companies are getting more business than ever before. The impact of recession is undoubtedly higher to small and medium sized enterprises whose bottom lines get squeezed due to lack of spending by consumers. These thousands of small and medium enterprises are increasingly waking up to cash in on the outsourcing wave, a market opportunity explored by their big daddies for a couple of decades now.
• Asset reconstruction arm to operate in 6 months: New Delhi: SME financing institution Small Industries Development Bank of India (SIDBI) today…
• Vodafone to bring Apples iPhone to India: New Delhi: Indias mobile phone users will be able to switch to Apples eagerly awaited iPhon…

As always this list is not exhaustive, but I hope it will give you a little overview. — ST.

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“I used to do a hell of a lot of cross selling. Before they knew it, they had spent a fortune.”

Vijay Patel (b. 1950) Kenyan entrepreneur, Sunday Times (September 2000) 

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These are the most common methods of financing a start-up:  

• Personal Savings – The majority of entrepreneurs finance the bulk of the cost from their own savings. This has the benefit of needing no repayment but also could leave them without any further money to inject into the business
• Banks – Nearly half of all start-ups take some form of loan from a bank. In recent years, banks have been handing out money very easily but this looks set to change in the current economic climate. Borrowing money is probably best avoided at this time, but if you decide to then think carefully about which bank to choose. A bank will probably expect you to risk some of your own funds before they give you anything. A strong business plan will be crucial in securing a loan
• Friends and Relatives – Almost a third of start-ups have some contribution from family and friends. This group of people are - for some entrepreneurs – the only people who will have enough faith in you succeeding to actually invest. Their contribution may come in the form of a loan or possibly for some share of ownership. The main disadvantage to this sort of arrangement is that if your business fails it could also damage your personal relationships
• Individual Investors – There are people who are willing to take a gamble and invest in promising start-ups. About a tenth of new businesses have had contributions from outside investors, usually in exchange for some percentage of ownership. These agreements can sometimes be very flexible depending on the individual and may need only last for a fixed term i.e. until the money is repaid
• Government Loans – Although hard to get in the UK , it is common practice in many countries for Government’s to provide small business loans and grants to start-ups. This helps nurture the development of industries or can help re-vitalise one that is flagging
• Venture Capitalist Firms – A very small amount of new start-ups opt to receive financing from venture capitalists. They are unlikely to invest unless they are guaranteed a big return and will be extremely demanding

If you are still unable to generate capital through any of these methods it can be helpful to attend a business school. At the school you will get to know like-minded people and they may be interested in going into business with you. In addition, most schools run business plan competitions that award funding to the best entries. 

For the previous stages of this checklist look here 

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“Recession isn’t the fault of the workers. If management takes the risk of hiring them, we have to take the responsibility for them.”

Akio Morita (1921-99), Japanese business executive, Daily Telegraph (24 February 1982) 

To find previous Quotes of the Day look here 

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